Time or spot ? A revaluation of Amsterdam market data prior to 1747

Brian Beach, Stephen Norman () and Douglas Wills
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Stephen Norman: University of Washington, Tacoma, 1900 Commerce St, Tacoma, WA, 98402, USA
Douglas Wills: University of Washington, Tacoma, 1900 Commerce St, Tacoma, WA, 98402, USA

Cliometrica, Journal of Historical Economics and Econometric History, 2013, vol. 7, issue 1, 61-85

Abstract: Scholars historically believed that the market price data reported for Amsterdam markets were spot prices prior to 1747. Neal (The rise of financial capitalism: international capital markets in the Age of Reason. Cambridge University Press, Cambridge, 1990) provided econometric evidence that the prices were time. A newly constructed dataset, containing a much higher frequency of observations from Amsterdam markets, allows us to resolve this dispute. We provide conclusive evidence that the prices report were actually spot, as originally believed.

Keywords: Early financial markets; Spot and forward markets (search for similar items in EconPapers)
JEL-codes: C22 G14 N23 (search for similar items in EconPapers)
Date: 2013
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