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The utility of a common coinage: currency unions and the integration of money markets in late medieval Central Europe

Boerner, Lars and Volckart, Oliver (2010) The utility of a common coinage: currency unions and the integration of money markets in late medieval Central Europe. Economic History Working Papers, 146/10. Department of Economic History, London School of Economics and Political Science, London, UK.

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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 in a union was significantly correlated with well-integrated markets. We also examine whether currency unions were endogenous. Our results indicate that where unions were established, markets had been significantly better integrated already in the preceding period. In addition, we show that currency unions created by autonomous merchant towns were better integrated than unions implemented by territorial rulers. The overall implication is that monetary diversity was a corollary of weakly integrated markets in late medieval Central Europe.

Item Type: Monograph (Working Paper)
Official URL: http://www2.lse.ac.uk/economicHistory/workingPaper...
Additional Information: © 2010 Lars Boerner & Oliver Volckart
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
D History General and Old World > D History (General) > D111 Medieval History
D History General and Old World > DA Great Britain > DAW Central Europe
Sets: Departments > Economic History
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 146/10
Date Deposited: 17 Sep 2010 14:57
URL: http://eprints.lse.ac.uk/29409/

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