Completing a Financial Revolution: The Finance of the Dutch East India Trade and the Rise of the Amsterdam Capital Market, 1595 1612
AbstractThe 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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Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 64 (2004)
Issue (Month): 03 (September)
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- 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.
- Andrianova, Svetlana & Demetriades, Panicos & Xu, Chenggang, 2011. "Political Economy Origins of Financial Markets in Europe and Asia," World Development, Elsevier, vol. 39(5), pages 686-699, May.
- Svetlana Andrianova & Panicaos Demetriades & Chenggang Xu, 2008. "Political Economy Origins of Financial Markets in Europe and Asia," WEF Working Papers 0034, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
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- 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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