Stefano Baia Curioni and Luca Fantacci assess the contribution of telegraphy to Italy's financial-market integration between 1890 and 1910. They find Italian bond markets converging with each other and with the Paris exchange over time, suggesting a role for improved communications, but conclude that integration between stock markets depended primarily upon the changing volatility of securities.
Telegraphy and new financial procedures
BAIA CURIONI, STEFANO;FANTACCI, LUCA
2004
Abstract
Stefano Baia Curioni and Luca Fantacci assess the contribution of telegraphy to Italy's financial-market integration between 1890 and 1910. They find Italian bond markets converging with each other and with the Paris exchange over time, suggesting a role for improved communications, but conclude that integration between stock markets depended primarily upon the changing volatility of securities.
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