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Configuring Financial Markets in Preindustrial Europe

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  • van Bochove, Christiaan

Abstract

Secondary markets for public debt in Europe's most advanced preindustrial markets, Britain and the Dutch Republic, differed markedly. They were liquid in Britain, but not in the Republic. This article demonstrates that economic geography determined the shape of primary markets and the secondary markets that were based on them. Configuring financial markets in preindustrial Europe was thus not a uniform process leading to one ideal-type market structure. The development of markets with advanced financial institutions did not naturally produce liquid markets. While financial markets in preindustrial Europe were rooted in local circumstances, they functioned well while adapting to them.

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  • van Bochove, Christiaan, 2013. "Configuring Financial Markets in Preindustrial Europe," The Journal of Economic History, Cambridge University Press, vol. 73(1), pages 247-278, March.
    • Handle: RePEc:cup:jechis:v:73:y:2013:i:01:p:247-278_00
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    Cited by:

    1. Korevaar, Matthijs, 2023. "Reaching for yield and the housing market: Evidence from 18th-century Amsterdam," Journal of Financial Economics, Elsevier, vol. 148(3), pages 273-296.
    2. Stephen Quinn & William Roberds, 2016. "Death of a Reserve Currency," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 63-103, December.
    3. Stephen F. Quinn & William Roberds, 2017. "An Early Experiment with \"Permazero\"," FRB Atlanta Working Paper 2017-5, Federal Reserve Bank of Atlanta.
    4. Christiaan Bochove, 2014. "External debt and commitment mechanisms: Danish borrowing in Holland, 1763–1825," Economic History Review, Economic History Society, vol. 67(3), pages 652-677, August.

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