DP12902 Market integration from measurement to economic analysis: a survey of the recent literature
This paper surveys the literature on market integration. It builds on a previous survey on the integration of European markets (Federico 2012), extending the discussion to integration of markets in Asia and across oceans, and dealing also with the literature on causes and effects of integration. It argues that a lot of progress has been made, but still we are far from a comprehensive view of the issue. The most pressing needs are the definition of an implementable method to assess gains from integration and the collection of new data, most notably on products and areas other than cereals in Europe and on trade costs.