Benefits of Empire? Capital Market Integration North and South of the Alps, 1350–1800

David Chilosi, Max-Stephan Schulze and Oliver Volckart

The Journal of Economic History, 2018, vol. 78, issue 3, 637-672

Abstract: This article addresses two questions. First, when and to what extent did capital markets integrate north and south of the Alps? Second, how mobile was capital? Analysing a unique new dataset on pre-modern urban annuities, we find that northern markets were consistently better integrated than Italian markets. Long-term integration was driven by initially peripheral places in the Netherlands and Upper Germany integrating with the rest of the Holy Roman Empire where the distance and volume of inter-urban investments grew primarily in the sixteenth century. The institutions of the Empire contributed to stronger market integration north of the Alps.

Date: 2018
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Related works:
Working Paper: Benefits of empire? Capital market integration north and south of the Alps, 1350-1800 (2018)
Working Paper: Benefits of empire? Capital market integration north and south of the Alps, 1350-1800 (2016)
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