Economic Integration in Interwar Poland - A Threshold Cointegration Analysis
نویسندگان
چکیده
In this paper we study the issue of economic integration in Poland between 1924 and 1937 by means of a threshold cointegration analysis of the law of one price. We find that the interwar economy can be regarded as integrated but with obvious restrictions which refer to the existence of relevant transaction costs for arbitrage and differences in the level of prices between cities. Moreover, the former partition borders within Poland did not affect economic integration suggesting that the integration policy after the reunification of Poland in 1919 was successful. However, we are not able to assess the impact of the aggregate price level which changed strongly during our sample period.
منابع مشابه
Economic Integration in Interwar Poland
In this paper we study the issue of economic integration in Poland between 1924 and 1937 by means of a threshold cointegration analysis of the law of one price. We find that the interwar economy can be regarded as integrated but with obvious restrictions which refer to the existence of relevant transaction costs for arbitrage and differences in the level of prices between cities. Moreover, the ...
متن کاملPeriodic Cointegration Analysis on the Relationship between the GNP Sectors of the Iran’s Economy
T his paper analyses the relation between GNP sectors of Iran’s economy. The different sectors of the economy directly or indirectly affect each other and can complement or follow each other. Using a number of empirical tests, the paper finds evidence of seasonal or periodic integration in the underlying data. This means that the conventional cointegration tests may not be robust and in re...
متن کاملInternational Steam Coal Market Integration
This paper examines the hypothesis that there is a single economic market for the international steam coal industry and investigates the degree of steam coal market integration over time. The long-run relations between international steam coal prices are tested through cointegration analysis and the Kalman Filter analysis is employed to examine the convergence path of the price series. A regres...
متن کاملThe Impact of Trade Openness on Economic Growth in Pakistan; ARDL Bounds Testing Approach to Co-integration
T he main objective of this paper was the investigation of the impact of the trade openness on economic growth in Pakistan. We have been employed both the Johensen and Autoregressive Distributed Lag (ARDL) Co-integration together with ECM Techniques for the period 1975-2016. The empirical estimated results are the sound evidence that there exists a short...
متن کاملExploring the Trade Openness, Energy Consumption and Economic Growth Relationship in Iran by Bayer and Hanck Combined Cointegration and Causality Analysis
This paper aims to investigate the direction of causality between economic growth, energy consumption and trade openness in case of Iran for the period 1967–2012. We apply the newly developed combined cointegration test proposed by Bayer and Hanck (2013). Vector Error Correction Model (VECM) is applied to determine the direction of causality between these three variables. The result of Bayer-Ha...
متن کامل