Benefits of empire? Capital market integration north and south of the Alps, 1350-1800

David Chilosi, Max-Stephan Schulze and Oliver Volckart

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This paper 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

Keywords: capital market; market integration; early modern Europe (search for similar items in EconPapers)
JEL-codes: F3 G3 N0 (search for similar items in EconPapers)
Date: 2018-09-07
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (18)

Published in Journal of Economic History, 7, September, 2018, 78(3), pp. 637 - 672. ISSN: 0022-0507

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http://eprints.lse.ac.uk/86561/ Open access version. (application/pdf)

Related works:
Journal Article: 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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