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A macroeconomic analysis of the land market in the count of Flanders and the duchy of Brabant. (fifteenth and sixteenth century)

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  • De Vijlder, Nicolas

Abstract

The 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39283.

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Date of creation: 06 Jun 2012
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Handle: RePEc:pra:mprapa:39283

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Keywords: land markets; Flanders; Brabant; macroeconomic analysis; early modern history; property distribution; agriculture;

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  1. Ogilvie, S. & Küpker, M. & Maegraith, J., 2011. "Household Debt in Seventeenth-Century Württemberg: Evidence from Personal Inventories," Cambridge Working Papers in Economics 1148, Faculty of Economics, University of Cambridge.
  2. van Bavel, Bas, 2010. "Manors and Markets: Economy and Society in the Low Countries 500-1600," OUP Catalogue, Oxford University Press, number 9780199278664, September.
  3. , & Kelly, Morgan, 2010. "The Economic Impact of the Little Ice Age," CEPR Discussion Papers 7816, C.E.P.R. Discussion Papers.
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  6. Yoshitsugu Kanemoto, 1985. "Hedonic Prices and the Benefits of Public Projects," Working Papers 617, Queen's University, Department of Economics.
  7. Richard C. Ready & Charles W. Abdalla, 2005. "The Amenity and Disamenity Impacts of Agriculture: Estimates from a Hedonic Pricing Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(2), pages 314-326.
  8. Jaco Zuijderduijn & Tine De Moor & Jan Luiten van Zanden, 2011. "Small is beautiful. On the efficiency of credit markets in late medieval Holland," Working Papers 0011, Utrecht University, Centre for Global Economic History.
  9. Holly J. Michael & Kevin J. Boyle & Roy Bouchard, 2000. "Does the Measurement of Environmental Quality Affect Implicit Prices Estimated from Hedonic Models?," Land Economics, University of Wisconsin Press, vol. 76(2), pages 283-298.
  10. Jan Luiten van Zanden & Jaco Zuijderduijn & Tine De Moor, 2012. "Small is beautiful: the efficiency of credit markets in the late medieval Holland," European Review of Economic History, Oxford University Press, vol. 16(1), pages 3-22, February.
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