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Regeln, Willkür und der gute Ruf: Geldpolitik und Finanzmarkteffizienz in Deutschland, 14. bis 16. Jahrhundert

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  • Volckart Oliver

Abstract

This paper examines the questions of whether and how feudal rulers were able to credibly commit to monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a stable coinage in gold, but not in silver. As for silver currencies, the hypothesis is that transferring the right of coinage to an autonomous city was the functional equivalent of establishing an independent central bank. An analysis of market performance indicates that financial markets between cities that were autonomous with regard to monetary policies were significantly better integrated and more efficient than markets between cities whose currencies were supplied by a feudal ruler.

Suggested Citation

  • Volckart Oliver, 2009. "Regeln, Willkür und der gute Ruf: Geldpolitik und Finanzmarkteffizienz in Deutschland, 14. bis 16. Jahrhundert," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 50(2), pages 101-130, December.
    • Handle: RePEc:bpj:jbwige:v:50:y:2009:i:2:p:101-130:n:15
    DOI: 10.1524/jbwg.2009.50.2.101
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    Citations

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    Cited by:

    1. Chilosi, David & Volckart, Oliver, 2009. "Money, states and empire: financial integration cycles and institutional change in Central Europe, 1400-1520," Economic History Working Papers 27884, London School of Economics and Political Science, Department of Economic History.
    2. Volckart, Oliver, 2018. "Technologies of money in the Middle Ages: the 'Principles of Minting'," Economic History Working Papers 87152, London School of Economics and Political Science, Department of Economic History.
    3. Boerner, Lars & Volckart, Oliver, 2011. "The utility of a common coinage: Currency unions and the integration of money markets in late Medieval Central Europe," Explorations in Economic History, Elsevier, vol. 48(1), pages 53-65, January.
    4. Chilosi, David & Volckart, Oliver, 2010. "Books or bullion? Printing, mining and financial integration in Central Europe from the 1460s," Economic History Working Papers 28986, London School of Economics and Political Science, Department of Economic History.

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