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Benefits of Empire? Capital Market Integration North and South of the Alps, 1350-1800

Chilosi, D., Schulze, M. & Volckart, O., Sep-2018, In : Journal of Economic History. 78, 3, p. 637-672 36 p.

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This article 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.

Original languageEnglish
Pages (from-to)637-672
Number of pages36
JournalJournal of Economic History
Volume78
Issue number3
Publication statusPublished - Sep-2018

    Keywords

  • FINANCIAL REVOLUTION, EUROPE, 17TH-CENTURY, 18TH-CENTURY, PRICES, TRADE

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