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Benefits of Empire? Capital Market Integration North and South of the Alps, 1350–1800

Published online by Cambridge University Press:  07 September 2018

David Chilosi ,
Max-Stephan Schulze  and
Oliver Volckart
David Chilosi
Affiliation:
Assistant Professor, Faculty of Economics and Business, University of Groningen, Nettelbosje 2, 9747 AE Groningen, The Netherlands. E-mail: d.chilosi@rug.nl
Max-Stephan Schulze
Affiliation:
Professor of Economic History, Department of Economic History, London School of Economics & Political Science, Houghton Street, London WC2A 2AE, United Kingdom. E-mail: m.s.schulze@lse.ac.uk
Oliver Volckart
Affiliation:
Professor of Economic History, Department of Economic History, London School of Economics & Political Science, Houghton Street, London WC2A 2AE, United Kingdom. E-mail: o.j.volckart@lse.ac.uk
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Abstract

This article 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.

Type
Article
Information
The Journal of Economic History , Volume 78 , Issue 3 , September 2018 , pp. 637 - 672
Copyright
© 2018 The Economic History Association. All rights reserved. 

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Footnotes

We gratefully acknowledge financial support by the Leverhulme Trust (grant RPG-133). Particular thanks are due to Alexandra Sapoznik and Angela Ling Huang for collecting and preparing the archival data. We also thank three anonymous referees, the editor of this Journal and the participants at the EHES Conference in Pisa, the Symposium in Business and Economic History in Lisbon, the Berlin Colloquium in Economic History at Humboldt University, and the Economic History Seminar at the University of Vienna for helpful comments, suggestions, and criticism.

References

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