| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12778 |
| 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 |
| URL | https://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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