scholarly journals European Goods Market Integration in the Very Long Run: From the Black Death to the First World War

2021 ◽  
pp. 1-33
Author(s):  
Giovanni Federico ◽  
Max-Stephan Schulze ◽  
Oliver Volckart
Keyword(s):  
Fifteenth Century ◽  
Market Integration ◽  
Western Europe ◽  
Napoleonic Wars ◽  
Price Convergence ◽  
Data Set ◽  
Long Run ◽  
The First World War ◽  
Goods Market ◽  
Late Fifteenth

This paper examines price convergence and changes in the efficiency of wheat markets, covering the period from the mid-fourteenth to the early twentieth century and most of Europe. The analysis is based on a new data set of prices from almost 600 markets. Unlike previous research, we find that convergence was a predominantly pre-modern phenomenon. It started in the late fifteenth century, advanced rapidly until the beginning of the seventeenth century when it temporarily stalled, resumed after the Thirty Years’ War, and accelerated after the Napoleonic Wars in response to trade liberalization. From the late 1840s, convergence petered out and turned into divergence after 1875 as policy decisions dominated technological change. Our results point to the ‘Little Divergence’ between North-Western Europe and the rest of the continent as starting about 1600. Long-term improvements in market efficiency began in the early sixteenth century, with advances over time being as uneven as in price convergence. We trace this to differential institutional change and the non-synchronous spread of modern media and systems of information transmission that affected the ability of merchants to react to news.

The Medieval Sea

2007 ◽  
Author(s):  
Susan Rose
Keyword(s):  
Fifteenth Century ◽  
North Sea ◽  
Western Europe ◽  
English Channel ◽  
Naval Warfare ◽  
Secondary Literature ◽  
The Caribbean ◽  
The Mediterranean ◽  
Late Fifteenth

This book provides an accessible study of how peoples bordering the Mediterranean, North Sea, English Channel and eastern Atlantic related to the sea in all its aspects. This book surveys how the peoples bordering the Mediterranean, North Sea, English Channel and eastern Atlantic related to the sea in all its aspects between approximately 1000-1500 A.D.How was the sea represented in poems and other writings? What kinds of boats were used and how were they built? How easy was it to navigate on short or long passages? Was seaborne trade crucial to the economy of this area? Did naval warfare loom large in the minds of medieval rulers? What can be said more generally about the lives of those who went to sea or who lived by its shores? These are the major questions which are addressed in this book, which is based on extensive research in both maritime archives and also in secondary literature. It concludes by pointing out how the relatively enclosed maritime world of Western Europe was radically changed by the voyages of the late fifteenth century across the Atlantic to the Caribbean and round Africa to India.

scholarly journals Agricultural Land Price Convergence: Evidence from Polish Provinces

Agriculture ◽  
2020 ◽  
Vol 10 (5) ◽  
pp. 183 ◽  
Author(s):  
Mateusz Tomal ◽  
Agata Gumieniak
Keyword(s):  
Market Integration ◽  
Fixed Effects ◽  
Agricultural Land ◽  
Land Market ◽  
Price Convergence ◽  
Present Value ◽  
Land Price ◽  
Land Prices ◽  
Long Run ◽  
Agricultural Land Prices

This research deals with the problem of agricultural land market efficiency using the spatial market integration concept as well as the present value (PV) model. Empirically, it aims to test the convergence of agricultural land prices across Polish provinces. In order to check the law of one price (LOP), good-quality, medium-quality and bad-quality land sales markets are examined separately. Furthermore, this study is complemented by an analysis of the drivers behind agricultural land price convergence. The main method of testing price convergence is the log t regression. The latter was performed in two configurations, i.e., based on trend components of time series extracted using the Hodrick–Prescott filter and the Hamilton filter. Additionally, traditional β- and σ-convergence tests were applied. The obtained results indicated that agricultural land prices tend to converge in relative terms, which means that the provinces share a common long-run growth path. This finding and estimates of traditional convergence tests prove the increasing integration in the agricultural land market in Poland. There is no evidence, however, to support the conclusion that the absolute version of the long-run LOP holds. Moreover, using dynamic fixed effects models, it was identified that for good-, medium- and bad-quality land prices almost the same drivers of convergence apply. The only differences concern the strength of the influence of independent variables on prices of farmland of various types. Additionally, bad-quality land prices are the only ones which are affected by livestock density. Furthermore, estimates of the present value model finally confirmed that the agricultural land sales market in Poland cannot be considered as efficient.

Climate change, weather shocks, and price convergence in pre-industrial Germany

2021 ◽  
Author(s):  
Hakon Albers ◽  
Ulrich Pfister
Keyword(s):  
Climate Change ◽  
Seventeenth Century ◽  
Population Growth ◽  
Market Integration ◽  
Western Europe ◽  
Price Convergence ◽  
High Quality ◽  
Weather Shocks ◽  
River Transport ◽  
North Western

Abstract Market integration of European inland regions such as Germany caught up on North-Western Europe from the seventeenth century onwards. As many studies rely on grain prices and the pre-industrial era was a period of climate change, a relevant question is in how far changing weather shocks impact on the measurement of convergence trends. We create a new high-quality grain price dataset and apply four methodologies to quantify market integration robust to weather shocks and climate change. Population growth and river transport turn out as plausible explanations for price convergence rather than climate change.

scholarly journals Astrological Medicine and the Popular Press in Early Modern England

2005 ◽  
Vol 09 (01) ◽  
pp. 73-93
Author(s):  
Louise Curth
Keyword(s):  
Early Modern ◽  
Fifteenth Century ◽  
Middle Ages ◽  
Western Europe ◽  
Early Modern England ◽  
Beliefs And Practices ◽  
University Curriculum ◽  
Late Fifteenth ◽  
The University ◽  
Huge Variety

For many centuries the study of the stars was considered to be a science in western Europe. In the middle ages both astrology and astronomy, thought be the practical and theoretical parts of the scientific study of the celestial heavens, were taught as part of the university curriculum. The advent of printing in the late fifteenth century resulted in a huge variety of publications that provided the general public with access to this knowledge. This essay will examine the major role that almanacs, which were cheap, mass-produced astrological publications, played in disseminating information about astrological medical beliefs and practices to a national audience.

Equity market integration: the new emerging economy of Montenegro

2014 ◽  
Vol 13 (3) ◽  
pp. 291-306
Author(s):  
Vassilios G. Papavassiliou
Keyword(s):  
Stock Market ◽  
Market Integration ◽  
Academic Community ◽  
General Nature ◽  
Data Set ◽  
Content Type ◽  
Eu Countries ◽  
Long Run ◽  
The Usa ◽  
Short Run

Purpose – The purpose of this paper is to examine the level of capital market integration between the Montenegrin stock market and a number of European Union (EU) countries and the USA. Design/methodology/approach – The authors use an equity data set at the daily frequency from 12 countries and 4 broad regions, spanning the period from March 2003 to September 2008. They investigate long-run and short-run dynamics using cointegration techniques, Granger causality tests and vector error correction models. Findings – The authors provide evidence for the existence of a long-run equilibrium between Montenegro and the developed countries of Western Europe and the USA. The investigation of short-run dynamics reveals that Montenegro follows an autonomous path, influenced mainly by domestic developments. Originality/value – This is the first study on the Montenegrin stock market which has been neglected by the academic community. Montenegro’s accession in the EU is imminent; thus the study of the level of its integration with the rest of EU countries, before its actual accession, is useful for regulators and policymakers. Various lessons of a more general nature can also be drawn from the analysis of this paper.

scholarly journals ‘So one would notice the good navigability’: economic decline and the cartographic conception of urban space in late fifteenth- and sixteenth-century Bruges

Urban History ◽  
2016 ◽  
Vol 45 (1) ◽  
pp. 2-25
Author(s):  
BRECHT DEWILDE ◽  
JAN DUMOLYN ◽  
BART LAMBERT ◽  
BRAM VANNIEUWENHUYZE
Keyword(s):  
Sixteenth Century ◽  
Fifteenth Century ◽  
Urban Space ◽  
Western Europe ◽  
City Government ◽  
Economic Decline ◽  
Late Medieval Period ◽  
Late Fifteenth ◽  
The City ◽  
North Western

ABSTRACTDuring most of the late medieval period, the Flemish city of Bruges acted as the main commercial hub of north-western Europe. In the course of the fifteenth century, however, Bruges lost much of its allure as an economic metropolis. One of the most urgent challenges the urban authorities were facing was the navigability of the waterways in and around the city. While the city government made structural investments to remedy the problems, written sources constantly emphasized how important it was that Bruges remained accessible from the sea. During the same period, the earliest preserved maps of the city and its environment emerged. Drawing on the work of Henri Lefebvre, this article argues that these visual representations were informed by the same commercial ideology. Despite, or exactly because of, the city's decreasing maritime accessibility, they conceived Bruges as a place that could easily be reached by trading ships and where merchants could trade in the best possible circumstances.

Population, Plague, and the Sweating Sickness: Demographic Movements in Late Fifteenth-Century England

1977 ◽  
Vol 17 (1) ◽  
pp. 12-37 ◽  
Author(s):  
R. S. Gottfried
Keyword(s):  
Fifteenth Century ◽  
Middle Ages ◽  
Western Europe ◽  
Recent Analysis ◽  
Epidemic Disease ◽  
Medieval Studies ◽  
East Anglia ◽  
Marriage Patterns ◽  
Late Medieval England ◽  
Late Fifteenth

Demographic movements remain a controversial and largely unknown facet of medieval studies. This is particularly true for the fourteenth and fifteenth centuries, the later middle ages, which in western Europe coincided with the second and most destructive pandemic of plague in recorded history. Most observers of late medieval England agree that population declined from sometime early in the fourteenth century, and that the decline extended to at least 1450, but the precise causes, extent, and chronology of this decline are still very much in debate. A recent analysis of 20,000 testamentary records from East Anglia, London, and Hertfordshire from 1430 to 1480 indicated that epidemic disease was the primary element in controlling and establishing demographic trends. It also showed, however, that this pattern began to change in the early 1470s when child replacement ratios, the generational measure of parents to progeny at fixed periods in time, began to rise for virtually all socio-geographic groups surveyed. By process of elimination, it was concluded that this was the result of an upturn in fertility. Since population increases generally have been attributed to changes in marriage patterns and/or mortality schedules, and since mortality was the major element in regulating population from 1348, the onset of the Black Death and the second plague pandemic, the postulated fertility rise of the 1470s took on even greater interest. Were the events of the 1470s anomalous, or did the projected fertility rise continue on into the 1480s, and even lead to the long-term period of population growth which occurred in the sixteenth century?

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