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Where was the global price of silver established? Evidence from London and New York (1878-1953)
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Date
2020-06-02
Authors
Corbet, Shaen
O'Connor, Fergal
Journal Title
Journal ISSN
Volume Title
Publisher
Elsevier B.V.
Published Version
Abstract
This paper utilises a newly compiled, unique data set of silver prices for the London and New York markets, as well as the monthly Dollar-Sterling exchange rate from 1878 and 1953 to investigate the source and flows of information and price discovery. Results indicate that London was the dominant market and pricing leader of silver throughout the period analysed. Further evidence suggests that there existed dynamic information flows both within years and decades. These phenomena can be explained due to the use of silver for agricultural market payments and international silver production flows respectively.
Description
Keywords
Historical data , Information flows , Price discovery , Silver
Citation
Corbet, S. and O'Connor, F. (2020) 'Where was the global price of silver established? Evidence from London and New York (1878-1953)', Finance Research Letters. doi: 10.1016/j.frl.2020.101626