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Networks of information, markets, and institutions in the rise of London as a financial centre, 1660 1720

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  • NEAL, LARRY
  • QUINN, STEPHEN

Abstract

Seventeenth century London formed a network of credit and information, necessary for the City to become a hub of international finance. Lacking a central exchange bank, London-based finance involved bankers and merchants monitoring overseas agents and enforcing international claims. Using archival sources, we show how London bankers employed merchants to channel funds around Europe. As merchants became stakeholders in the payments system, they developed incentives to monitor foreign agents and spread information of defaults. The resulting web of information flows encouraged market integration by facilitating arbitrage. Finally, the availability of instruments for formal legal enforcement assisted informal enforcement.

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Bibliographic Info

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

Volume (Year): 8 (2001)
Issue (Month): 01 (April)
Pages: 7-26

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Handle: RePEc:cup:fihrev:v:8:y:2001:i:01:p:7-26_00

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Cited by:
  1. Andrew Mays & Gary S. Shea, 2011. "East India Company and Bank of England Shareholders during the South Sea Bubble: Partitions, Components and Connectivity in a Dynamic Trading Network," CDMA Working Paper Series 201109, Centre for Dynamic Macroeconomic Analysis.
  2. 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.
  3. Stephen Quinn & William Roberds, 2012. "The Bank of Amsterdam through the lens of monetary competition," Working Paper 2012-14, Federal Reserve Bank of Atlanta.
  4. Gary S. Shea, 2011. "A Social Network for Trade and Inventories of Stock during the South Sea Bubble," CDMA Working Paper Series 201110, Centre for Dynamic Macroeconomic Analysis.
  5. Carlos, Ann M. & Fletcher, Erin & Neal, Larry, 2012. "Share Portfolios and Risk Management in the Early Years of Financial Capitalism: London 1690-1730," CEI Working Paper Series 2012-12, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  6. Edward Stringham, 2014. "Extending the Analysis of Spontaneous Market Order to Governance," Atlantic Economic Journal, International Atlantic Economic Society, vol. 42(2), pages 171-180, June.

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