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dc.contributor.authorVolckart, Oliveren_US
dc.description.abstractIn this paper, the influence of information costs on the integration of Northern European financial markets between ca. 1350 and 1560 is explored. The approach is based on splitting information costs into their constitutive components and on measuring one of these, i.e. the costs of transmitting information, which have particular importance for market integration. The analysis has two main results: First, under pre-industrial conditions, when transmitting information was extremely labour intensive and very little capital intensive, transmission costs can be largely identified with labour costs, and were subject to the same influences. Next, the integration of financial markets depended crucially on the level of transmission costs, high costs being strongly and significantly correlated with weak integration, while lower costs favoured convergence.en_US
dc.publisherSFB 649, Economic Risk Berlinen_US
dc.relation.ispartofseriesSFB 649 discussion paper 2006,049en_US
dc.subject.keywordFinancial marketsen_US
dc.subject.keywordinformation costsen_US
dc.subject.keywordeconomic historyen_US
dc.titleThe influence of information costs on the integration of financial markets: Northern Europe, 1350-1560en_US
dc.typeWorking Paperen_US
Appears in Collections:SFB 649 Discussion Papers, HU Berlin

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