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

Chilosi, David, Schulze, Max-Stephan and Volckart, Oliver (2016) Benefits of empire? Capital market integration north and south of the Alps, 1350-1800. Economic History working papers (236/2016). The London School of Economics and Political Science, London, UK.

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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:
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
Sets: Departments > Economic History
Collections > Economists Online
Date Deposited: 12 Feb 2016 15:45
Last Modified: 27 Dec 2020 00:30
Projects: RPG-133
Funders: Leverhulme Trust

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