Benefits of Empire? Capital Market Integration North and South of the Alps, 1350-1800

• 成果类型: Article
• 署名作者: University of Groningen; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050718000487
• 发表日期: 2018
• 页码: 637-672
• 关键词: financial revolution; Europe; TRADE

摘要

This article 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.