How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648 1815
AbstractLarry Neal, How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648 1815The Treaty of Westphalia created the modern nation-state system of Europe and set the stage for the long-term success of financial capitalism. The new sovereign states experimented with competing monetary regimes during their wars over the next century and two-thirds while they extended and perfected the financial innovations in war finance developed during the Thirty Years War. The Dutch maintained fixed exchange rates, the French insisted on exercising monetary independence, while the English placed priority on free movement of international capital. In struggling with the trilemma of choosing among the goals of maintaining fixed exchange rates, monetary independence and free movement of capital, the governments of early modern Europe learned many valuable lessons. By the time of the Napoleonic wars, the innovations that emphasised reliance on financial markets rather than on financial institutions proved their superiority.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Cambridge University Press in its journal Financial History Review.
Volume (Year): 7 (2000)
Issue (Month): 02 (October)
Contact details of provider:
Postal: The Edinburgh Building, Shaftesbury Road, Cambridge CB2 2RU UK
Fax: +44 (0)1223 325150
Web page: http://journals.cambridge.org/jid_FHRProvider-Email:firstname.lastname@example.org
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Larry Neal & Marc D. Weidenmier, 2001.
"Crises in The Global Economy from Tulips to Today: Contagion and Consequences,"
Claremont Colleges Working Papers
2001-32, Claremont Colleges.
- Larry Neal & Marc Weidenmier, 2002. "Crises in the Global Economy from Tulips to Today: Contagion and Consequences," NBER Working Papers 9147, National Bureau of Economic Research, Inc.
- Brown, William Jr. & Burdekin, Richard C.K. & Weidenmier, Marc D., 2006.
"Volatility in an era of reduced uncertainty: Lessons from Pax Britannica,"
Journal of Financial Economics,
Elsevier, vol. 79(3), pages 693-707, March.
- William O. Brown & Richard C. K. Burdekin & Marc D. Weidenmier, 2005. "Volatility in an Era of Reduced Uncertainty: Lessons from Pax Britannica," NBER Working Papers 11319, National Bureau of Economic Research, Inc.
- Stephen Quinn & William Roberds, 2006. "An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange, and the emergence of the first central bank," Working Paper 2006-13, Federal Reserve Bank of Atlanta.
- Stephen Quinn & William Roberds, 2010. "How Amsterdam got fiat money," Working Paper 2010-17, Federal Reserve Bank of Atlanta.
- Acemoglu, Daron & Johnson, Simon & Robinson, James A, 2003.
"The Rise of Europe: Atlantic Trade, Institutional Change and Economic Growth,"
CEPR Discussion Papers
3712, C.E.P.R. Discussion Papers.
- Daron Acemoglu & Simon Johnson & James Robinson, 2005. "The Rise of Europe: Atlantic Trade, Institutional Change, and Economic Growth," American Economic Review, American Economic Association, vol. 95(3), pages 546-579, June.
- Acemoglu, Daron & Johnson, Simon H. & Robinson, James A., 2003. "The Rise of Europe: Atlantic Trade, Institutioanl Change and Economic Growth," Working papers 4269-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Daron Acemoglu & Simon Johnson & James Robinson, 2002. "The Rise of Europe: Atlantic Trade, Institutional Change and Economic Growth," NBER Working Papers 9378, National Bureau of Economic Research, Inc.
- Maurice Obstfeld & Alan M. Taylor, 2002.
"Globalization and Capital Markets,"
NBER Working Papers
8846, National Bureau of Economic Research, Inc.
- Michele Fratianni, 2008.
"The Evolutionary Chain of International Financial Centers,"
Mo.Fi.R. Working Papers
6, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Michele FRATIANNI, 2007. "The Evolutionary Chain of International Financial Centers," Working Papers 303, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Michele Fratianni, 2007. "The Evolutionary Chain of International Financial Centers," Working Papers 2007-14, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
- Stefan Altorfer, 2004. "The canton of Berne as an investor on the London capital market in the 18th century," Economic History Working Papers 22336, London School of Economics and Political Science, Department of Economic History.
- Flandreau, Marc & Sussman, Nathan, 2004. "Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century," CEPR Discussion Papers 4248, C.E.P.R. Discussion Papers.
- Rafael Torres Sánchez & Javier Gómez Biscarri & Fernando Pérez de Gracia, 2004. "Exchange Rate Behavior and Exchange Rate Puzzles: Why the XVIII Century Might Help," Faculty Working Papers 12/04, School of Economics and Business Administration, University of Navarra.
- William Roberds & Stephen Quinn, 2007. "The Bank of Amsterdam and the Leap to Central Bank Money," American Economic Review, American Economic Association, vol. 97(2), pages 262-265, May.
- Stephen Quinn, 2008. "Securitization of Sovereign Debt: Corporations as a Sovereign Debt Restructuring Mechanism in Britain, 1694-1750," Working Papers 200701, Texas Christian University, Department of Economics.
- Toms, J.S., 2010.
"Calculating profit: A historical perspective on the development of capitalism,"
Accounting, Organizations and Society,
Elsevier, vol. 35(2), pages 205-221, February.
- Toms, Steven, 2008. "Calculating Profit: A Historical Perspective on the Development of Capitalism," The York Management School Working Papers 41, The York Management School, University of York.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.