Benefits of empire? Capital market integration north and south of the Alps, 1350-1800
David Chilosi (),
Max-Stephan Schulze and
Economic History Working Papers from London School of Economics and Political Science, Department of Economic History
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
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