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How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648 1815

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  • NEAL, LARRY

Abstract

Larry 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.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Financial History Review.

Volume (Year): 7 (2000)
Issue (Month): 02 (October)
Pages: 117-140

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Handle: RePEc:cup:fihrev:v:7:y:2000:i:02:p:117-140_00

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Cited by:
  1. 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.
  2. Maurice Obstfeld & Alan M. Taylor, 2003. "Globalization and Capital Markets," NBER Chapters, in: Globalization in Historical Perspective, pages 121-188 National Bureau of Economic Research, Inc.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Stephen Quinn & William Roberds, 2010. "How Amsterdam got fiat money," Working Paper 2010-17, Federal Reserve Bank of Atlanta.

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