A macroeconomic analysis of the land market in the count of Flanders and the duchy of Brabant. (fifteenth and sixteenth century)
AbstractThe rise of factor markets during the transition from the middle ages into the early modern was of crucial importance for long term economic growth. The transmission of property through the market however remains understudied, especially in the Southern Low Countries. In this paper we construct a formal model to analyse the land market both at the regional and interregional level. We found that regional variations in land prices within Brabant and Flanders can for a large part be explained by differences in future net revenues. A similar economic rationality determined land prices at the local level. Further more, evidence showed that while short-term inter-temporal price fluctuations could occur, overall price levels in the fifteenth century were stable. During the sixteenth century however, deflated land prices rose markedly. While the former fluctuations were due to short-term shock, the persistent price rise in the latter period was caused by structural changes. Overall, our research yields two conclusions. First, economic rationality seemed to drive price formation on both the regional and interregional level. Second, the increased availability of credit from the late fifteenth century onwards consistently drove real prices upwards. Further research is necessary to find out whether credit was a push of pull factor in this respect.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 39283.
Date of creation: 06 Jun 2012
Date of revision:
land markets; Flanders; Brabant; macroeconomic analysis; early modern history; property distribution; agriculture;
Find related papers by JEL classification:
- N0 - Economic History - - General
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- N93 - Economic History - - Regional and Urban History - - - Europe: Pre-1913
This paper has been announced in the following NEP Reports:
- NEP-AGR-2012-06-13 (Agricultural Economics)
- NEP-ALL-2012-06-13 (All new papers)
- NEP-HIS-2012-06-13 (Business, Economic & Financial History)
- NEP-URE-2012-06-13 (Urban & Real Estate Economics)
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