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Monetary geography before the Industrial Revolution

Author

Listed:
  • Marc Flandreau
  • Christophe Galimard
  • Clemens Jobst
  • Pilar Nogués-Marco

Abstract

In this article, we study Europe's monetary geography on the eve of the Industrial Revolution. Our unit of analysis is the city and we explore inter-city linkages. Important findings include a considerable degree of integration and multilateralism with monetary centres having already emerged as vehicles for international settlements, before the Industrial Revolution. Copyright 2009, Oxford University Press.

Suggested Citation

  • Marc Flandreau & Christophe Galimard & Clemens Jobst & Pilar Nogués-Marco, 2009. "Monetary geography before the Industrial Revolution," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 2(2), pages 149-171.
    • Handle: RePEc:oup:cjrecs:v:2:y:2009:i:2:p:149-171
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    References listed on IDEAS

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    1. Marc Flandreau & Clemens Jobst, 2005. "The Ties that Divide: A Network Analysis of the International Monetary System, 1890-1910," Working Papers hal-01065599, HAL.
    2. repec:hal:wpspec:info:hdl:2441/605 is not listed on IDEAS
    3. Nicholas Crafts & Anthony Venables, 2003. "Globalization in History.A Geographical Perspective," NBER Chapters, in: Globalization in Historical Perspective, pages 323-370, National Bureau of Economic Research, Inc.
    4. Michael D. Bordo & Alan M. Taylor & Jeffrey G. Williamson, 2003. "Globalization in Historical Perspective," NBER Books, National Bureau of Economic Research, Inc, number bord03-1, March.
    5. Marc Flandreau & Clemens Jobst, 2009. "The Empirics of International Currencies: Network Externalities, History and Persistence," Economic Journal, Royal Economic Society, vol. 119(537), pages 643-664, April.
    6. Flandreau, Marc & Jobst, Clemens & Nogues-Marco, Pilar & Galimard, Christophe, 2006. "The Bell Jar: Commercial Interest Rates between Two Revolutions, 1688-1789," CEPR Discussion Papers 5940, C.E.P.R. Discussion Papers.
    7. Flandreau, Marc & Jobst, Clemens, 2005. "The Ties that Divide. A Network Analysis of the International Monetary System," CEPR Discussion Papers 5129, C.E.P.R. Discussion Papers.
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    Cited by:

    1. 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.
    2. Chilosi, David & Schulze, Max-Stephan & Volckart, Oliver, 2016. "Benefits of empire? Capital market integration north and south of the Alps, 1350-1800," Economic History Working Papers 65346, London School of Economics and Political Science, Department of Economic History.
    3. Nogues-Marco, Pilar, 2017. "Money Markets and Exchange Rates in Pre-Industrial Europe," Working Papers unige:100808, University of Geneva, Paul Bairoch Institute of Economic History.
    4. Bignon, Vincent & Miscio, Antonio, 2010. "Media bias in financial newspapers: evidence from early twentieth-century France," European Review of Economic History, Cambridge University Press, vol. 14(3), pages 383-432, December.
    5. Emma M., Iglesias & J. Carles, Maixé-Altés, 2021. "Money Market Integration in Spain in the Ninetheen Century: The Role of the 1875-1885 Decade," MPRA Paper 109219, University Library of Munich, Germany.
    6. Nogues-Marco, Pilar, 2013. "Competing Bimetallic Ratios: Amsterdam, London, and Bullion Arbitrage in Mid-Eighteenth Century," The Journal of Economic History, Cambridge University Press, vol. 73(2), pages 445-476, June.
    7. Adam Brzezinski & Yao Chen & Nuno Palma & Felix Ward, 2019. "The vagaries of the sea: evidence on the real effects of money from maritime disasters in the Spanish Empire," Working Papers 0170, European Historical Economics Society (EHES).
    8. Marc Flandreau & Gabriel Geisler Mesevage, 2014. "The Separation of Information and Lending and the Rise of Rating Agencies in the United States," IHEID Working Papers 11-2014, Economics Section, The Graduate Institute of International Studies.
    9. Esteves, Rui & Geisler Mesevage, Gabriel, 2019. "Social Networks in Economic History: Opportunities and Challenges," Explorations in Economic History, Elsevier, vol. 74(C).
    10. Cyril Milhaud, 2018. "Fragmentation of long-term credit markets in early modern Spain? Composite monarchies and their jurisdictions," Working Papers hal-01365882, HAL.
    11. Stephen Quinn & William Roberds, 2014. "The Bank of Amsterdam Through the Lens of Monetary Competition," Financial and Monetary Policy Studies, in: Peter Bernholz & Roland Vaubel (ed.), Explaining Monetary and Financial Innovation, edition 127, pages 283-300, Springer.
    12. Nogues-Marco, Pilar & Herranz-Loncán, Alfonso & Aslanidis, Nektarios, 2017. "The making of a national currency. Spatial transaction costs and money market integration in Spain (1825-1874)," CEPR Discussion Papers 12453, C.E.P.R. Discussion Papers.
    13. Irigoin, Alejandra, 2018. "Global silver: Bullion or Specie? Supply and demand in the making of the early modern global economy," MPRA Paper 88859, University Library of Munich, Germany.
    14. Lin, Justin Yifu & Fardoust, Shahrokh & Rosenblatt, David, 2012. "Reform of the international monetary system : a jagged history and uncertain prospects," Policy Research Working Paper Series 6070, The World Bank.
    15. Freire Costa, Leonor & Münch Miranda, Susana & Nogues-Marco, Pilar, 2021. "Early modern financial development in the Iberian peninsula," Working Papers unige:147492, University of Geneva, Paul Bairoch Institute of Economic History.
    16. James Vladimir Torres, 2019. "Bullion and Monetary Flows in the Northern Andes: New Evidence and Insights, 1780-1800," Tiempo y Economía, Universidad de Bogotá Jorge Tadeo Lozano, vol. 6(1), pages 13-45, February.

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    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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