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Time or spot ? A revaluation of Amsterdam market data prior to 1747

  • Brian Beach

    (University of Pittsburgh, Pittsburgh, PA, USA)

  • Stephen Norman


    (University of Washington, Tacoma, 1900 Commerce St, Tacoma, WA, 98402, USA)

  • Douglas Wills

    (University of Washington, Tacoma, 1900 Commerce St, Tacoma, WA, 98402, USA)

Scholars historically believed that the market price data reported for Amsterdam markets were spot prices prior to 1747. Neal (The rise of financial capitalism: international capital markets in the Age of Reason. Cambridge University Press, Cambridge, 1990) provided econometric evidence that the prices were time. A newly constructed dataset, containing a much higher frequency of observations from Amsterdam markets, allows us to resolve this dispute. We provide conclusive evidence that the prices report were actually spot, as originally believed.

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Article provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.

Volume (Year): 7 (2013)
Issue (Month): 1 (January)
Pages: 61-85

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Handle: RePEc:afc:cliome:v:7:y:2013:i:1:p:61-85
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