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2007-02-08Buch DOI: 10.18452/4026
Rules, Discretion or Reputation?
dc.contributor.authorVolckart, Oliver
dc.date.accessioned2017-06-15T23:22:05Z
dc.date.available2017-06-15T23:22:05Z
dc.date.created2007-02-14
dc.date.issued2007-02-08
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4678
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.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectintegrationeng
dc.subjectmonetary policyeng
dc.subjectFinancial marketseng
dc.subjectMiddle Ageseng
dc.subject.ddc330 Wirtschaft
dc.titleRules, Discretion or Reputation?
dc.typebook
dc.subtitleMonetary Policies and the Efficiency of Financial Markets in Germany, 14th to 16th Centuries
dc.identifier.urnurn:nbn:de:kobv:11-10075273
dc.identifier.doihttp://dx.doi.org/10.18452/4026
dc.subject.dnb17 Wirtschaft
local.edoc.container-titleSonderforschungsbereich 649: Ökonomisches Risiko
local.edoc.pages39
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2007
local.edoc.container-issue7
local.edoc.container-year2007
local.edoc.container-erstkatid2195055-6

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