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Money, states, and empire: financial integration and institutional change in Central Europe, 1400–1520

By David Chilosi and Oliver Volckart


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 accoun

Topics: D111 Medieval History, HC Economic History and Conditions, HG Finance, JF Political institutions (General)
Publisher: Cambridge University Press
Year: 2011
DOI identifier: 10.1017/S0022050711001914
OAI identifier:
Provided by: LSE Research Online
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