Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/25179 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorVolckart, Oliveren
dc.date.accessioned2007-03-07-
dc.date.accessioned2009-07-23T14:44:32Z-
dc.date.available2009-07-23T14:44:32Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/25179-
dc.description.abstractThis paper examines the questions of whether and how feudal rulers were able to credibly commit to preserving monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a stable coinage in gold, but not in silver. As for silver currencies, the hypothesis is that transferring the right of coinage to an autonomous city was the functional equivalent to establishing an independent central bank. An analysis of market performance indicates that financial markets between cities that were autonomous with regard to their monetary policies were significantly better integrated and more efficient than markets between cities whose currencies were supplied by a feudal ruler.en
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2007,007en
dc.subject.jelG15en
dc.subject.jelN13en
dc.subject.jelN23en
dc.subject.jelN43en
dc.subject.ddc330en
dc.subject.keywordFinancial marketsen
dc.subject.keywordintegrationen
dc.subject.keywordmonetary policyen
dc.subject.keywordMiddle Agesen
dc.subject.stwRegionaler Finanzmarkten
dc.subject.stwMarktintegrationen
dc.subject.stwMarkteffizienzen
dc.subject.stwGeldpolitiken
dc.subject.stwGeldgeschichteen
dc.subject.stwFeudalismusen
dc.subject.stwDeutschland (bis 1945)en
dc.titleRules, discretion or reputation?: monetary policies and the efficiency of financial markets in Germany, 14th to 16th centuries-
dc.type|aWorking Paperen
dc.identifier.ppn525376976en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Files in This Item:
File
Size
416.71 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.