Money, States, and Empire: Financial Integration and Institutional Change in Central Europe, 1400–1520

By analyzing a newly compiled database of exchange rates, this article finds that in Central Europe money markets integrated cyclically during the fifteenth century. The cycles were associated with monetary debasements. Long-distance financial integration progressed in connection with the rise of th...

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Bibliographic Details
Published in:	The Journal of economic history Vol. 71; no. 3; pp. 762 - 791
Main Authors:	Chilosi, David, Volckart, Oliver
Format:	Journal Article
Language:	English
Published:	New York, USA Cambridge University Press 01-09-2011
Subjects:	15th century Bullion Central Europe Cities Coinage Coins Currency Early modern history Economic history Economic integration Empires Exchange rates Foreign exchange rates Gold Monarchy Monetary economics Money markets Organizational structure Political integration Political systems Ratios Securities markets Silver Studies Territories Territory Transaction costs Trends Central Europe
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Summary:	By analyzing a newly compiled database of exchange rates, this article finds that in Central Europe money markets integrated cyclically during the fifteenth century. The cycles were associated with monetary debasements. Long-distance financial integration progressed in connection with the rise of the territorial state, facilitated by the synergy between princes and emperor, which helped to avoid coordination failures. For Central Europe, theories of state formation and market integration should therefore take interstate actors into account.
Bibliography:	ObjectType-Article-2 SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 23
ISSN:	0022-0507 1471-6372
DOI:	10.1017/S0022050711001914