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Commodity Market Integration  

Giovanni Federico

The literature on market integration explores the development of the commodity market with data on prices, which is a useful complement to analysis of trade and the only feasible approach when data on trade are not available. Data on prices and quantity can help in understanding when markets developed, why, and the degree to which their development increased welfare and economic growth. Integration progressed slowly throughout the early modern period, with significant acceleration in the first half of the 19th century. Causes of integration include development of transportation infrastructure, changes in barriers to trade, and short-term shocks, such as wars. Literature on the effects of market integration is limited and strategies for estimating the effects of market integration are must be developed.