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What do Notaries do?. Overcoming Asymmetric Information in Financial Markets: The Case of Paris, 1751

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Author Info
Philip T. Hoffman
Gilles Postel-Vinay
Jean-Laurent Rosenthal

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Abstract

Using evidence from 18th century Paris, we explore how financial intermediaries resolved problems of asymmetric information in financial markets. The Parisian intermediaries were notaries, and after examining their role in asset markets, we develop a more general model of intermediaries' behavior and then test the model using a rich set of data from Paris. Institutions for disseminating information insured that intermediaries provided high quality service, and such institutions were central to the growth of asset markets in pre-industrial Europe.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 154 (1998)
Issue (Month): 3 (September)
Pages: 499-
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199809)154:3_499:wdnd_2.0.tx_2-h

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
G29 - Financial Economics - - Financial Institutions and Services - - - Other
N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Abreu, Dilip & Pearce, David & Stacchetti, Ennio, 1986. "Optimal cartel equilibria with imperfect monitoring," Journal of Economic Theory, Elsevier, vol. 39(1), pages 251-269, June. [Downloadable!] (restricted)
  2. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  3. Greif, Avner, 1989. "Reputation and Coalitions in Medieval Trade: Evidence on the Maghribi Traders," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 857-882, December. [Downloadable!]
  4. Hoffman, Philip T. & Postel-Vinay, Gilles & Rosenthal, Jean-Laurent, 1992. "Private Credit Markets in Paris, 1690?1840," The Journal of Economic History, Cambridge University Press, vol. 52(02), pages 293-306, June. [Downloadable!]
  5. Farrell, Joseph & Gallini, Nancy T, 1988. "Second-Sourcing as a Commitment: Monopoly Incentives to Attract Competition," The Quarterly Journal of Economics, MIT Press, vol. 103(4), pages 673-94, November. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bennardo, Alberto & Pagano, Marco & Piccolo, Salvatore, 2009. "Multiple-Bank Lending, Creditor Rights and Information Sharing," CEPR Discussion Papers 7186, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Benito Arruñada, 2007. "Market and Institutional Determinants in the Regulation of Conveyancers," Economics Working Papers 1034, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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