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Economy of Ragusa, 1300–1800: The Tiger of Medieval Mediterranean

Author

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  • Oleh Havrylyshyn

    (Munk School of Global Affairs/CERES, University of Toronto, 1 Devonshire Place, Toronto, ON, Canada M5S 3K7.)

  • Nora Srzentic

    (Department of Financial Economics, Ghent University, 9000 Gent, Belgium.)

Abstract

Using data for proxying economic activity, we confirm historical consensus that the medieval Republic of Ragusa (now Dubrovnik) was a prosperous small open economy, rivaling bigger competitors like Venice. More tentatively, we test a number of hypotheses on the determinants of success, finding partial evidence that Ragusa had strong fundamentals with prudent finances, effective rule of law, good governance, social fairness, business-friendly institutions, and trade openness. Ragusa may be an early example of a ‘Tiger’ economy with growth-promoting institutions. Future research should test the ‘resilience hypothesis’ that such economies are best able to deal with external shocks.

Suggested Citation

  • Oleh Havrylyshyn & Nora Srzentic, 2013. "Economy of Ragusa, 1300–1800: The Tiger of Medieval Mediterranean," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 55(2), pages 201-231, June.
    • Handle: RePEc:pal:compes:v:55:y:2013:i:2:p:201-231
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