Where was the Global Price of Silver Established? Evidence from London and New York (1878-1953)

13 Pages Posted: 2 Apr 2020

See all articles by Shaen Corbet

Shaen Corbet

Dublin City University ; University of Waikato - Management School

Fergal A. O'Connor

University College Cork; University of York - The York Management School; University of Dublin - Business School and Institute for International Integration Studies

Date Written: March 8, 2020

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.

Keywords: Silver; Price Discovery; Information Flows; Historical Data

Suggested Citation

Corbet, Shaen and O'Connor, Fergal A., Where was the Global Price of Silver Established? Evidence from London and New York (1878-1953) (March 8, 2020). Available at SSRN: https://ssrn.com/abstract=3550846 or http://dx.doi.org/10.2139/ssrn.3550846

Shaen Corbet (Contact Author)

Dublin City University ( email )

Dublin 9
Ireland

University of Waikato - Management School ( email )

Hamilton
New Zealand

Fergal A. O'Connor

University College Cork ( email )

College Road
Cork
Ireland

University of York - The York Management School ( email )

Sally Baldwin Buildings
Heslington
York, North Yorkshire YO10 5DD
United Kingdom

University of Dublin - Business School and Institute for International Integration Studies ( email )

2-3 College Green
Dublin, Leinster D2
Ireland

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