G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12778
DP12778 Capital Markets and Grain Prices: Assessing the Storage Cost Approach
Wolfgang Keller; Xin Wang
发表日期2018-03-07
出版年2018
语种英语
摘要This paper evaluates a well-known approach from the economic history literature that uses grain prices to shed light on interest rates. Although this method has been applied in influential work starting with McCloskey and Nash (1984) and has potentially wide applicability in situations where interest rates are not available, this paper provides the first analysis of how well the storage cost approach captures actual capital market performance on a number of different dimensions. Using matched data on bank interest rates and grain prices for early 19th century U.S. regions, we find that the storage cost approach is useful for quantifying the performance of capital markets. The storage cost approach captures well regional differences in market performance, also in comparison to interest rate figures derived from the prices of bills of exchange. The paper also assesses the storage cost approach’s robustness to measurement error, incomplete information, outliers, and other factors.
主题Development Economics ; Economic History ; Financial Economics
关键词Capital market integration Interest rates Asset pricing Grain storage
URLhttps://cepr.org/publications/dp12778-0
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/541587
推荐引用方式
GB/T 7714
Wolfgang Keller,Xin Wang. DP12778 Capital Markets and Grain Prices: Assessing the Storage Cost Approach. 2018.
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