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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 (2018) Benefits of empire? Capital market integration north and south of the Alps, 1350-1800. Journal of Economic History, 78 (3). 637 - 672. ISSN 0022-0507

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Identification Number: 10.1017/S0022050718000487


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: Article
Official URL:
Additional Information: © 2018 The Authors
Divisions: Economic History
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Date Deposited: 26 Jan 2018 16:33
Last Modified: 20 Oct 2021 01:23
Projects: RPG-133
Funders: Leverhulme Trust

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