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

David Chilosi (), Max-Stephan Schulze and Oliver Volckart

Economic History Working Papers from London School of Economics and Political Science, Department of Economic History

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: N23 N93 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his
Date: 2016-02
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