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Medieval market making brokerage regulations in Central Western Europe, ca. 1250-1700

Boerner, Lars (2016) Medieval market making brokerage regulations in Central Western Europe, ca. 1250-1700. Economic History Working Papers (242/2016). The London School of Economics and Political Science, London, UK.

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Abstract

This paper examines brokerage regulations in Central and Western Europe from approximately 1250 to 1700. Based on a sample of 70 cities with more than 1609 sets of regulations, we find that brokerage was a multifunctional institution, which served matchmaking, quality certification, and tax collection functions, mainly in product wholesale markets but also in finance and real estate markets. We argue that the implementation of regulations for matchmaking and certification solved incentive problems related to asymmetric information between buyers and sellers, consequently improving the allocation process and fostering trade. In line with these results, we find that most brokerage regulations occur along trade routes and in merchant towns.

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 > HE Transportation and Communications
H Social Sciences > HF Commerce
H Social Sciences > HG Finance
JEL classification: 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
N - Economic History > N7 - Transport, International and Domestic Trade, Energy, Technology, and Other Services > N73 - Europe: Pre-1913
Sets: Departments > Economic History
Collections > Economists Online
Date Deposited: 10 Jun 2016 16:08
Last Modified: 20 Feb 2019 03:58
URI: http://eprints.lse.ac.uk/id/eprint/66834

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