The development of intermediation in French credit markets: Evidence from the estates of Burgundy

• 成果类型: Article
• 署名作者: University of Wyoming; University of California System; University of California Los Angeles
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050702001638
• 发表日期: 2002
• 页码: 1024-1049
• 关键词: france

摘要

We document how intermediaries shaped markets or, conversely, how market institutions constrained intermediaries. In Dijon, where the Estates of Burgundy's debt amounted to nearly half of all bonds in that small market, there was limited need for intermediaries. In the 1740s the borrowing needs of the province expanded, and the estates began to borrow in Paris, where their debt remained a small fraction of the market, and where they relied on notaries to place their bonds and to create a secondary market. These developments assured the estates' capacity to borrow and thus Burgundian autonomy from the French Crown.