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Benefits of Empire? Capital Market Integration North and South of the Alps, 1350–1800

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  • Chilosi, David
  • Schulze, Max-Stephan
  • Volckart, Oliver

Abstract

This article addresses two questions. First, when and to what extent did capital markets integrate north and south of the Alps? Second, how mobile was capital? Analysing a unique new dataset on pre-modern urban annuities, we find that northern markets were consistently better integrated than Italian markets. Long-term integration was driven by initially peripheral places in the Netherlands and Upper Germany integrating with the rest of the Holy Roman Empire where the distance and volume of inter-urban investments grew primarily in the sixteenth century. The institutions of the Empire contributed to stronger market integration north of the Alps.

Suggested Citation

  • Chilosi, David & Schulze, Max-Stephan & Volckart, Oliver, 2018. "Benefits of Empire? Capital Market Integration North and South of the Alps, 1350–1800," The Journal of Economic History, Cambridge University Press, vol. 78(3), pages 637-672, September.
    • Handle: RePEc:cup:jechis:v:78:y:2018:i:03:p:637-672_00
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    Citations

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    Cited by:

    1. Alfani, Guido & Gierok, Victoria & Schaff, Felix, 2022. "Economic Inequality in Preindustrial Germany, ca. 1300–1850," The Journal of Economic History, Cambridge University Press, vol. 82(1), pages 87-125, March.
    2. Aki Tomizawa & Li Zhao & Geneviève Bassellier & David Ahlstrom, 2020. "Economic growth, innovation, institutions, and the Great Enrichment," Asia Pacific Journal of Management, Springer, vol. 37(1), pages 7-31, March.
    3. Mikołaj Malinowski, 2018. "Economic consequences of state failure; Legal capacity, regulatory activity, and market integration in Poland, 1505-1772," Working Papers 0143, European Historical Economics Society (EHES).
    4. Ishizu, Mina, 2020. "'Money markets and trade’ defining provincial financial agents in England and Japan," LSE Research Online Documents on Economics 103159, London School of Economics and Political Science, LSE Library.
    5. Victoria Gierok, 2023. "The Thirty Years’ War and the Decline of Urban Germany," Oxford Economic and Social History Working Papers _210, University of Oxford, Department of Economics.
    6. Schaff, Felix S.F., 2023. "Warfare and Economic Inequality: Evidence from Preindustrial Germany (c. 1400-1800)," Explorations in Economic History, Elsevier, vol. 89(C).
    7. Klump, Rainer, 2022. "Schulden und Staatlichkeit: Überlegungen zur Politischen Ökonomie des Schuldenstaats," IBF Paper Series 06-22, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    8. Felix Schaff, 2022. "Urban Political Structure and Inequality: Political Economy Lessons from Early Modern German Cities," Working Papers 0225, European Historical Economics Society (EHES).
    9. D'Maris Coffman & Judy Z. Stephenson & Nathan Sussman, 2022. "Financing the rebuilding of the City of London after the Great Fire of 1666," Economic History Review, Economic History Society, vol. 75(4), pages 1120-1150, November.
    10. Volckart, Oliver, 2022. "How successful was Germany's first common currency? A new look at the imperial monetary union of 1559," Economic History Working Papers 115007, London School of Economics and Political Science, Department of Economic History.
    11. Schaff, Felix, 2020. "When ‘the state made war’, what happened to economic inequality? Evidence from preindustrial Germany (c.1400-1800)," Economic History Working Papers 107046, London School of Economics and Political Science, Department of Economic History.
    12. Ishizu, Mina, 2021. "Metropolitan financial agents and the emergence of inter-regional financial linkages in England and Japan, 1760-1860," LSE Research Online Documents on Economics 110963, London School of Economics and Political Science, LSE Library.
    13. Luis Bosshart & Jeremiah Dittmar, 2021. "Pandemic shock and economic divergence: political economy before and after the black death," CEP Discussion Papers dp1805, Centre for Economic Performance, LSE.
    14. Ishizu, Mina, 2020. "'Money markets and trade’ defining provincial financial agents in England and Japan," Economic History Working Papers 103159, London School of Economics and Political Science, Department of Economic History.
    15. Greif, Gavin, 2022. "Merchants, proto-firms, and the German industrialization: the commercial determinants of nineteenth century town growth," LSE Research Online Documents on Economics 113346, London School of Economics and Political Science, LSE Library.
    16. Ishizu, Mina, 2021. "Metropolitan financial agents and the emergence of inter-regional financial linkages in England and Japan, 1760-1860," Economic History Working Papers 110963, London School of Economics and Political Science, Department of Economic History.
    17. Schaff, Felix, 2020. "When ‘the state made war’, what happened to economic inequality? Evidence from preindustrial Germany (c.1400-1800)," LSE Research Online Documents on Economics 107046, London School of Economics and Political Science, LSE Library.
    18. Bosshart, Luis Salomon & Dittmar, Jeremiah Edward, 2021. "Pandemic shock and economic divergence: political economy before and after the black death," LSE Research Online Documents on Economics 113853, London School of Economics and Political Science, LSE Library.

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