Bernhofen, Daniel M.; Eberhardt, Markus; Liang, Yusheng; … - 2015
This paper challenges established claims of comparable degrees of market integration in Europe and China on the eve of … 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 …