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dc.contributor.authorVolckart, Oliveren_US
dc.date.accessioned2007-03-07en_US
dc.date.accessioned2009-07-23T14:44:32Z-
dc.date.available2009-07-23T14:44:32Z-
dc.date.issued2007en_US
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_US
dc.language.isoengen_US
dc.publisherSFB 649, Economic Risk Berlinen_US
dc.relation.ispartofseriesSFB 649 discussion paper 2007,007en_US
dc.subject.jelG15en_US
dc.subject.jelN13en_US
dc.subject.jelN23en_US
dc.subject.jelN43en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial marketsen_US
dc.subject.keywordintegrationen_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordMiddle Agesen_US
dc.subject.stwRegionaler Finanzmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwMarkteffizienzen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwGeldgeschichteen_US
dc.subject.stwFeudalismusen_US
dc.subject.stwDeutschland (bis 1945)en_US
dc.titleRules, discretion or reputation?: monetary policies and the efficiency of financial markets in Germany, 14th to 16th centuriesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn525376976en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:SFB 649 Discussion Papers, HU Berlin

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