Assessing Market (Dis)Integration in Early Modern China and Europe

Arbeitspapier

This paper challenges established claims of comparable degrees of market integration in Europe and China on the eve of industrialization. Our empirical strategy focuses on the dynamics of price convergence and accounts for general equilibrium effects arising from common shocks and network effects. Using monthly grain prices for 1740-1820 our analysis uncovers a secular process of market disintegration in 221 prefectures of Qing China. Comparing our results with those for grain price panels from Western Europe we conclude that in terms of market integration the Great Divergence was well under way decades before the start of the 19th century.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 5580

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Economic Integration ; Economic History: Transport, Trade, Energy, Technology, and Other Services: Asia including Middle East ; Production, Pricing, and Market Structure; Size Distribution of Firms ; Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models ; Economic Development: General
• Thema: comparison of Chinese and western European market integration ; price convergence ; common factor model ; cross-section dependence

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bernhofen, Daniel M. ; Eberhardt, Markus ; Li, Jianan ; Morgan, Stephen
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2015

Weitere Informationen

• Handle: http://hdl.handle.net/10419/123224
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ