Publication: El mercado de trigo en Castilla y León, 1691-1788: arbitraje espacial e intervención
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2001
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Sociedad Española de Historia Agraria (SEHA)
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Abstract
En este artículo se estudia la integración de los mercados trigueros en la Castilla y León del Setecientos y se examina la política intervencionista en dicho mercado con el propósito de averiguar el grado en que aquélla perturbaba el funcionamiento del arbitraje espacial y del intertemporal. El grado de interrelación entre los mercados se discute a partir del tratamiento estadístico de quince series de precios medios anuales del trigo vendido por instituciones eclesiásticas. El análisis se centra en la búsqueda de dos características que actúan como indicadores de integración del mercado, la cointegración entre series de precios observados en localidades distintas y la existencia de una correlación elevada entre sus correspondientes tasas de variación logarítmicas.
Dos conclusiones sobresalen: 1) en el siglo XVIII, el mercado de trigo de Castilla y León, región con una superficie cercana a los 100,000 km', estaba bastante más integrado de lo que venía afirmándose; 2) aunque las autoridades de la Corona de Castilla disponían de potentes instrumentos para regular los mercados de cereales (tasa general y pósitos), la rigidez de la política de precios máximos y la escasez de recursos de los graneros públicos determinaron que la política intervencionista sobre aquéllos tuviera una intensidad y un grado de eficacia bastante similares a la de otros países de la Europa continental, cuyos poderes públicos no gozaban de medios reguladores tan poderosos.
This article analyzes the integration of wheat markets in Castile and Leon during the XVIII century and examines the public intervention in this market to assess its effects over the inter-spatial and inter-temporal arbitrage, We discuss the degree of market integration building on a statistical study of fifteen time series of average price of the wheat sold by ecclesiastic institutions. The analysis concentrates in two indicators of market integration, the cointegration between prices observed in different villages and towns and a high correlation between its corresponding log rates. Two main conclusions arise: 1. in the XVIII century wheat markets in Castile and Leon, an area close to 100,000 kmr?, were more integrated than reported by previous literature; 2. despite the fact that the authorities in Castile had powerful instruments to regulate the grain markets (maximum general prices and public granaries) the rigidity of the maximum price policy and the scarce resources of public granaries determined that the success of public intervention was only similar to that of other continental European countries with weaker regulatory instruments
This article analyzes the integration of wheat markets in Castile and Leon during the XVIII century and examines the public intervention in this market to assess its effects over the inter-spatial and inter-temporal arbitrage, We discuss the degree of market integration building on a statistical study of fifteen time series of average price of the wheat sold by ecclesiastic institutions. The analysis concentrates in two indicators of market integration, the cointegration between prices observed in different villages and towns and a high correlation between its corresponding log rates. Two main conclusions arise: 1. in the XVIII century wheat markets in Castile and Leon, an area close to 100,000 kmr?, were more integrated than reported by previous literature; 2. despite the fact that the authorities in Castile had powerful instruments to regulate the grain markets (maximum general prices and public granaries) the rigidity of the maximum price policy and the scarce resources of public granaries determined that the success of public intervention was only similar to that of other continental European countries with weaker regulatory instruments