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Money, States, and Empire: Financial Integration and Institutional Change in Central Europe, 1400–1520

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  • Chilosi, David
  • Volckart, Oliver

Abstract

By analyzing a newly compiled database of exchange rates, this article finds that in Central Europe money markets integrated cyclically during the fifteenth century. The cycles were associated with monetary debasements. Long-distance financial integration progressed in connection with the rise of the territorial state, facilitated by the synergy between princes and emperor, which helped to avoid coordination failures. For Central Europe, theories of state formation and market integration should therefore take interstate actors into account.

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  • Chilosi, David & Volckart, Oliver, 2011. "Money, States, and Empire: Financial Integration and Institutional Change in Central Europe, 1400–1520," The Journal of Economic History, Cambridge University Press, vol. 71(03), pages 762-791, September.
  • Handle: RePEc:cup:jechis:v:71:y:2011:i:03:p:762-791_00
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    Cited by:

    1. Chilosi, David & Murphy, Tommy E. & Studer, Roman & Tunçer, A. Coşkun, 2013. "Europe's many integrations: Geography and grain markets, 1620–1913," Explorations in Economic History, Elsevier, vol. 50(1), pages 46-68.
    2. Volckart, Oliver, 2015. "Power politics and princely debts: why Germany’s common currency failed, 1549-1556," LSE Research Online Documents on Economics 64496, London School of Economics and Political Science, LSE Library.

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