Working Paper: NBER ID: w16236
Authors: David S. Jacks
Abstract: This paper explores the means by which warfare influences domestic commodity markets. It is argued that England during the French Wars provides an ideal testing ground. Four categories of explanatory variables are taken as likely sources of documented changes in English commodity price dis-integration during this period: weather, trade, policy, and wartime events. Empirically, increases in price dispersion are related to all of the above categories. However, the primary means identified by which warfare influenced domestic commodity market integration was through international trade linkages and the arrival of news regarding wartime events.
Keywords: warfare; domestic commodity markets; market integration; price dispersion; economic history
JEL Codes: F40; N73
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Warfare (H56) | Domestic commodity market integration (F15) |
| International trade linkages (F10) | Domestic commodity market integration (F15) |
| Warfare (H56) | Price dispersion (L11) |
| Wartime events (N44) | Market instability (E32) |
| Weather conditions (Q54) | Agricultural output (Q11) |
| Trade policy (F13) | Market conditions (D49) |
| Wartime events (N44) | Price dispersion (L11) |