Market Integration in South and North China in the Eighteenth Century
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| Title | Market Integration in South and North China in the Eighteenth Century
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| Author | Se Yan and Cong Liu |
| Organization | Guanghua School of Management, Peking University, Department of Economics, University of Arizona |
| Email | seyan@gsm.pku.edu.cn,lareneliu@gmail.com |
| Key Words | Grain Prices; Qing Dynasty; Market Integration; Regional Difference; Transportation |
| Abstract | Using monthly grain price data of 189 prefectures in 15 provinces from 1742 to1795, we compare market integration of in southern and northern China in the 18th century. With regression and cointegration analysis, we find that in the eighteen century, the southern markets were more integrated than the northern markets. Robustness checks on region size and grain types, as well as analysis on weather shocks and the role of governments, show that our results are stable. Furthermore, we find that different transportation conditions, especially waterway conditions, contribute to the regional difference of market integration. Constrained by their natural conditions, rivers in the north, especially the Yellow River, were not able to facilitate market development as much as rivers in the south. |
| Serial Number | WP146 |
| Time | 2011-11-01 |
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