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Regeln, Willkür und der gute Ruf: Geldpolitik und Finanzmarkteffizienz in Deutschland, 14. bis 16. Jahrhundert

Volckart, Oliver (2009) Regeln, Willkür und der gute Ruf: Geldpolitik und Finanzmarkteffizienz in Deutschland, 14. bis 16. Jahrhundert. Jahrbuch fur Wirtschaftsgeschichte, 2009 (2). pp. 101-130. ISSN 0075-2800

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Abstract

This paper examines the questions of whether and how feudal rulers were able to credibly commit to monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a stable coinage in gold, but not in silver. As for silver currencies, the hypothesis is that transferring the right of coinage to an autonomous city was the functional equivalent of establishing an independent central bank. An analysis of market performance indicates that financial markets between cities that were autonomous with regard to monetary policies were significantly better integrated and more efficient than markets between cities whose currencies were supplied by a feudal ruler.

Item Type: Article
Official URL: http://www.ruhr-uni-bochum.de/jwg/
Additional Information: © 2009 Akademie Verlag
Library of Congress subject classification: D History General and Old World > DD Germany
H Social Sciences > HC Economic History and Conditions
Journal of Economic Literature Classification System: G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N13 - Europe: Pre-1913
N - Economic History > N2 - Financial Markets and Institutions > N23 - Europe: Pre-1913
N - Economic History > N4 - Government, War, Law, and Regulation > N43 - Europe: Pre-1913
Sets: Departments > Economic History
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 03 Sep 2012 09:35
URL: http://eprints.lse.ac.uk/45657/

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