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Completing a Financial Revolution: The Finance of the Dutch East India Trade and the Rise of the Amsterdam Capital Market, 1595 1612

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  • GELDERBLOM, OSCAR
  • JONKER, JOOST
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    Abstract

    The article analyzes the evolution of the Amsterdam capital market as a consequence of Dutch overseas expansion and the introduction of transferable VOC shares. Offering investors prospects of speculative gains without serious loss of liquidity, these instruments created a booming secondary market offering a wide range of allied credit techniques. By 1609 this market had become sufficiently strong to dictate terms for new public debt issues. These findings show that, contrary to commonly held notions about the emergence of secondary markets, private finance took precedence over public finance in the Dutch Republic.

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    File URL: http://journals.cambridge.org/abstract_S002205070400292X
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    Bibliographic Info

    Article provided by Cambridge University Press in its journal The Journal of Economic History.

    Volume (Year): 64 (2004)
    Issue (Month): 03 (September)
    Pages: 641-672

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    Handle: RePEc:cup:jechis:v:64:y:2004:i:03:p:641-672_00

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    Cited by:
    1. Svetlana Andrianova & Panicos Demetriades & Chenggang Xu, 2008. "Political Economy Origins of Financial Markets in Europe and Asia," Discussion Papers in Economics 08/1, Department of Economics, University of Leicester.
    2. Nicholas Kyriazis & Theodore Metaxas, 2011. "Path dependence, change and the emergence of the first joint-stock companies," Business History, Taylor & Francis Journals, vol. 53(3), pages 363-374.

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