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Financing in EuropePublic Functions, Private Markets: Credit Registration by Aldermen and Notaries in the Low Countries, 1500–1800

Financing in Europe: Public Functions, Private Markets: Credit Registration by Aldermen and... [Gelderblom, Hup, and Jonker explore financial market development in preindustrial Europe by examining the financial functions performed by aldermen and notaries. Using a new dataset of 12,000 credit transactions registered by these public officials in six different cities in the Low Countries between 1500 and 1780, we analyze who used their services, for which purposes, and at what price. We find that notaries and aldermen were very active in registering debt contracts, but failed to obtain a commanding or even strong position as financial intermediaries in the way Parisian notaries did. As they registered only a small fraction of local credit transactions, notaries and aldermen in the Low Countries never possessed the information advantage of their French counterparts. Our findings highlight the degree to which subtle regulatory differences profoundly affected the dynamics of financial market evolution.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Financing in EuropePublic Functions, Private Markets: Credit Registration by Aldermen and Notaries in the Low Countries, 1500–1800

Editors: Lorenzini, Marcella; Lorandini, Cinzia; Coffman, D'Maris
Financing in Europe — Feb 20, 2018

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References (81)

Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2018
ISBN
978-3-319-58492-8
Pages
163 –194
DOI
10.1007/978-3-319-58493-5_7
Publisher site
See Chapter on Publisher Site

Abstract

[Gelderblom, Hup, and Jonker explore financial market development in preindustrial Europe by examining the financial functions performed by aldermen and notaries. Using a new dataset of 12,000 credit transactions registered by these public officials in six different cities in the Low Countries between 1500 and 1780, we analyze who used their services, for which purposes, and at what price. We find that notaries and aldermen were very active in registering debt contracts, but failed to obtain a commanding or even strong position as financial intermediaries in the way Parisian notaries did. As they registered only a small fraction of local credit transactions, notaries and aldermen in the Low Countries never possessed the information advantage of their French counterparts. Our findings highlight the degree to which subtle regulatory differences profoundly affected the dynamics of financial market evolution.]

Published: Feb 20, 2018

Keywords: Aldermen; Gelderblom; Parisian Notaries; Credit Transactions; General Mortgage

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