全球智库信息集成服务系统(G2TT): DP8521 Long-run patterns in market efficiency and the genesis of the market economy: Markets around the Mediterranean from Nebuchadnezzar to Napoleon (580 BC and 1800AD)

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8521
	DP8521 Long-run patterns in market efficiency and the genesis of the market economy: Markets around the Mediterranean from Nebuchadnezzar to Napoleon (580 BC and 1800AD)
	Jan Luiten van Zanden; Péter Földvári; Bas van Leeuwen
发表日期	2011-08-01
出版年	2011
语种	英语
摘要	Price volatility, reflecting the ability to absorb exogenous supply- or demand shocks, is an important dimension of market performance. In this paper we present a model to study the factors determining the price volatility of markets of basic foodstuffs in pre industrial societies. This model is used to explain the development of price volatility on markets in countries around the Mediterranean between 580 BC and 1800 AD. This is the region for which we have the oldest evidence of functioning markets (from Mesopotamia), so that we can track their development in time over a period of more than 2000 years. We find a break in market performance: medieval markets had a much lower level of volatility than ancient markets--a fact we try to explain within our model. Moreover, we suggest that this reduction in price volatility may have had important consequences for the economic behavior of farmers: price variability had to be reduced to the level that we find for the post-1000 period to induce farmers to specialize.
主题	International Macroeconomics
关键词	Market performance Market prices Mediterranean Economic history
URL	https://cepr.org/publications/dp8521
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/537355
推荐引用方式 GB/T 7714	Jan Luiten van Zanden,Péter Földvári,Bas van Leeuwen. DP8521 Long-run patterns in market efficiency and the genesis of the market economy: Markets around the Mediterranean from Nebuchadnezzar to Napoleon (580 BC and 1800AD). 2011.