Benefits of empire? Capital market integration north and south of the Alps, 1350-1800

Chilosi, David ORCID: 0000-0002-2251-0381, Schulze, Max-Stephan ORCID: 0000-0001-7486-5734 and Volckart, Oliver ORCID: 0000-0001-7330-111X (2016) Benefits of empire? Capital market integration north and south of the Alps, 1350-1800. Economic History working papers (236/2016). London School of Economics and Political Science, London, UK.

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Abstract

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.

Item Type:	Monograph (Working Paper)
Official URL:	http://www.lse.ac.uk/economicHistory/home.aspx
Additional Information:	© 2016 The Authors
Divisions:	Economic History
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HG Finance
JEL classification:	N - Economic History > N2 - Financial Markets and Institutions > N23 - Europe: Pre-1913 N - Economic History > N9 - Regional and Urban History > N93 - Europe: Pre-1913
Date Deposited:	12 Feb 2016 15:45
Last Modified:	01 Nov 2024 04:55
Projects:	RPG-133
Funders:	Leverhulme Trust
URI:	http://eprints.lse.ac.uk/id/eprint/65346

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