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Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market / Pinelopi K. Goldberg, Frank Verboven.
- Format:
- Book
- Author/Creator:
- Goldberg, Pinelopi K.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8402.
- NBER working paper series no. w8402
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Market Integration and Convergence to the Law of One Price
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Summary:
- This paper exploits the unique experiment of European market integration to investigate the relationship between integration and price convergence in international markets. Using a panel data set of car prices we examine how the process of integration has affected cross-country price dispersion in Europe. We find surprisingly strong evidence of convergence towards both the absolute and the relative versions of Purchasing Power Parity. Our analysis illuminates the main sources of segmentation in international markets and suggests the type of institutional changes that can successfully reduce it.
- Notes:
- Print version record
- July 2001.
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