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Benefits of empire? Capital market integration north and south of the Alps, 1350-1800

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  • Chilosi, David
  • Schulze, Max-Stephan
  • Volckart, Oliver

Abstract

This paper addresses two questions. First, when and to what extent did capital markets integrate north and south of the Alps? Second, how mobile was capital? Analysing a unique new dataset on pre-modern urban annuities, we find that northern markets were consistently better integrated than Italian markets. Long-term integration was driven by initially peripheral places in the Netherlands and Upper Germany integrating with the rest of the Holy Roman Empire where the distance and volume of inter-urban investments grew primarily in the sixteenth century. The institutions of the Empire contributed to stronger market integration north of the Alps.

Suggested Citation

  • 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.
  • Handle: RePEc:ehl:wpaper:65346
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    References listed on IDEAS

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    1. Take the Money and Don’t Run?
      by missiaia in NEP-HIS blog on 2016-03-22 18:42:40

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    Cited by:

    1. , Stone Center & Alfani, Guido & Gierok, Victoria & Schaff, Felix, 2020. "Economic Inequality in Preindustrial Germany, ca. 1300 – 1850," SocArXiv 8qb7x, Center for Open Science.
    2. Aki Tomizawa & Li Zhao & Geneviève Bassellier & David Ahlstrom, 2020. "Economic growth, innovation, institutions, and the Great Enrichment," Asia Pacific Journal of Management, Springer, vol. 37(1), pages 7-31, March.
    3. Mikołaj Malinowski, 2018. "Economic consequences of state failure; Legal capacity, regulatory activity, and market integration in Poland, 1505-1772," Working Papers 0143, European Historical Economics Society (EHES).
    4. Ishizu, Mina, 2020. "'Money markets and trade’ defining provincial financial agents in England and Japan," LSE Research Online Documents on Economics 103159, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    capital market; market integration; early modern Europe;

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N93 - Economic History - - Regional and Urban History - - - Europe: Pre-1913

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