Currency unions, optimal currency areas and the integration of financial markets: Central Europe, 14-16thcenturies

Lars Boerner and Oliver Volckart

No 9012, Working Papers from Economic History Society

Abstract: " This paper employs a new method and dataset to estimate the effect of currency unions on the integration of financial markets in late medieval Central Europe. The analysis reveals that membership of a union strongly and significantly correlated with well- integrated markets. We also examine whether currency unions were endogenous. Our results indicate that markets were significantly better integrated prior to the formation of a union. In addition, we show that currency unions established by autonomous merchant towns were better integrated than unions implemented by territorial rulers. The overall implication is that late medieval Central European monetary diversity was a corollary of weakly integrated markets."

Keywords: "Financial market integration; currency unions; Late Medieval Europe" (search for similar items in EconPapers)
JEL-codes: F33 G15 N23 (search for similar items in EconPapers)
Date: 2009-04
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.ehs.org.uk/dotAsset/17d0a957-ee90-4854-9070-dd4b2292e398.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.ehs.org.uk/dotAsset/17d0a957-ee90-4854-9070-dd4b2292e398.pdf [301 Moved Permanently]--> https://ehs.org.uk/dotAsset/17d0a957-ee90-4854-9070-dd4b2292e398.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ehs:wpaper:9012

Access Statistics for this paper

More papers in Working Papers from Economic History Society Contact information at EDIRC.
Bibliographic data for series maintained by Chair Public Engagement Committe (currently David Higgins - Newcastle) ().