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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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    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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    More about this item

    Keywords

    capital market; market integration; early modern Europe;
    All these keywords.

    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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