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Innovations, Debts, and Bubbles: International Integration of Financial Markets in Western Europe, 1688–1720

Eric S. Schubert

The Journal of Economic History, 1988, vol. 48, issue 2, 299-306

Abstract: The article uses recent exchange-rate data to explore the progressive integration of early eighteenth-century, West European financial markets. The process climaxed in 1719 and 1720 with the Mississippi Bubble in Paris, the South Sea Bubble in London, and the insurance bubbles in Hamburg and throughout Holland. Only Paris failed to integrate permanently into the new multinational network.

Date: 1988
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