Benefits of empire? Capital market integration north and south of the Alps, 1350-1800
David Chilosi (),
Max-Stephan Schulze and
LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library
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: N0 F3 G3 (search for similar items in EconPapers)
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Published in Journal of Economic History, 7, September, 2018, 78(3), pp. 637-67. ISSN: 0022-0507
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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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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:86561
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