This paper measures the effects of international market integration on world trade and welfare during the first globalization (1815-1913). The analysis is carried out with a multi-market partial equilibrium model, which takes into account the interactions between route-specific changes in trade costs. We consider world trade in the two principal traded commodities, cotton and wheat. The collapse in trade costs accounted for 60% of the increase in trade in cotton and 40% of the increase in trade of wheat. Both producers and consumers gained, but welfare gains were inversely related to the size of the country and positively to the level of openness to trade. We infer that welfare gains from international market integration were equivalent to substantial shares of economic growth in the 'long 19th century'.

中文翻译：

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第一次全球化期间市场整合的影响：多市场方法

本文测量了第一次全球化（1815-1913）期间国际市场一体化对世界贸易和福利的影响。使用多市场局部均衡模型进行分析，该模型考虑了特定于航线的贸易成本变化之间的相互作用。我们考虑两种主要贸易商品棉花和小麦的世界贸易。贸易成本的下降占棉花贸易增长的60％，占小麦贸易增长的40％。生产者和消费者都获得了好处，但是福利的增加与国家的规模成反比，与贸易的开放程度成正比。我们推断，国际市场一体化带来的福利收益相当于19世纪漫长的经济增长的可观份额。