Did Purchasing Power Parity Hold in Medieval Europe?

1449 - Medieval Workshop - by Petrus Christus

This paper employs a unique, hand-collected dataset of exchange rates for five major currencies (the lira of Barcelona, the pound sterling of England, the pond groot of Flanders, the florin of Florence and the livre tournois of France) to consider whether the law of one price and purchasing power parity held in Europe during the late fourteenth and early fifteenth centuries.

BOOKS: The Feuding Families of Medieval and Renaissance Italy

The House of Medici - Its Rise and Fall

Put down the Godfather, turn off the Sorpanos, and check out the real Italian families of Medieval and Renaissance Italy!

Notarial Convention in the Facilitation of Trade and Economics in Mid-Thirteenth Century Marseille

Medieval banking

This paper examines Marseillaise notarial documents of 1248 from the cartulary of Girauld Amalric. Amalric’s cartulary demonstrates how notarial techniques and related legal conventions facilitated Marseille’s long- and short-distance trade.

Economic Credit in Renaissance Florence

florence

What were the social and institutional factors that led to, and reinforced, the precocious emergence of Florentine commercial capitalism, especially in the domain of international merchant banking?

Lodovico Capponi: A Florentine Banker and a Lending Transaction in 16th Century Florence

florentine banking

This paper examines how loans transpired in early 16th century Italy, taking a look at a specific transaction involving Lodovico Capponi of Florence and the Vatican in Rome.

CRISIS OF CONTRACTS FOR MERCHANTS IN CRISIS: INSTITUTIONS, CORPORATE FINANCE AND GROWTH IN GENOA (11TH -17TH C.)

Merchants

My paper focuses these “merchant princes” from Genoa before the “industrial revolution”. The rise and fall of Genoa provides indeed a striking case about the success and failure of what, in the same vein than Bagehot, Joseph Schumpeter called the “creative destruction”, and the role financial markets in that process.

Religion, Warfare and Business in Fifteenth Century Rhodes

Seal of Hospitallers

How did a military-monastic order manage the resources of an island commercially asimportant as that of Rhodes while overcoming the limitations due to its patrimonial struc-tureto cover their defensive needs? In this essay weattempt to answer this question interms of practice and in the light of relationsthatthe Knights maintained with two distinctgroups of merchants: the Catalan-Aragonese and the Florentines.

A Tale of “Benevolent” Governments: Private Credit Markets, Public Finance, and the Role of Jewish Lenders in Medieval and Renaissance Italy

central italy in the 18th century

In Tuscan private credit markets, Jewish lending helped households to smooth consumption, buy working capital, and provide dowries for daughters.

15th century Italian banking records discovered in London manuscript

Medieval banking record from the London College of Arms

Records of Italian bankers partially covered over fifty years later by traditional English crests

Economy of Ragusa, 1300 – 1800: The Tiger of Mediaeval Mediterranean

Ragusa, Sicily

An economist is indeed tempted to think of Ragusa as the “Adriatic Tiger “ of yesteryear, an early example of a small open economy with strong fundamentals, and to hypothesize further that, in analogy to the current consensus about what it takes to minimize the impact of external crises, these strengths also allowed Ragusa to mitigate the effects of the many external shocks and financial crises in Medieval Europe.

The politics of factional conflict in late medieval Flanders

Medieval Flanders

In his influential study on political factions in medieval Europe, Jacques Heers demonstrated the importance of factionalism in the political life of the middle ages, at the level of cities and regions as well as at the ‘national’ level.

The Social Stratigraphy of Coin and Credit in Late Medieval England

Gold Noble coin - Edward III

The money that the medieval English made conducted matters of state into the heart of society. The concerted quality of value – the fact that creating a currency connected public authority with every individual holding it – made that unavoidable.

The evolutionary dynamics of the credit relationship between Henry III and Flemish merchants, 1247-1270

Westminster abbey - tomb of henry III

Within England, the royal household was by far the biggest single customer for cloth,
wax and other high-status goods.

Medieval Market Design: Product Grouping on Medieval Fairs

Medieval market

Medieval Market Design: Product Grouping on Medieval Fairs Boerner, Lars (Humboldt University Berlin) Paper given at the European Historical Economics Society Conference (2005) Abstract This paper presents insights into the market microstructure of the late Middle Ages, particularly the market design of medieval fairs. It shows that different product genres were grouped. This grouping was […]

Early medieval port customs, tolls and controls on foreign trade

Viking ship

Early medieval port customs, tolls and controls on foreign trade Middleton, Neil Early Medieval Europe, Vol.13:4 (2005) Abstract The objective of this paper is to offer a fresh perspective on the nature and organization of international trade in early medieval ports from the evidence of documentary sources on tolls and customs, trading practices and controls on […]

The State as an Enforcer in Early Venetian Trade: a Historical Institutional Analysis

The State as an Enforcer in Early Venetian Trade: a Historical Institutional Analysis González de Lara, Yadira  (Dep. of Economic Analysis. University of Alicante) Paper given at the Fifth World Congress of Cliometrics - Venice International University • Venice, Italy July 8-11, (2004) latest version: April 13, (2005) Abstract Venice commercial rise hinged on her ability to do business with borrowed […]

The Medici Bank and the World of Florentine Capitalism

Giovanni de' Medici, founder of the Medici bank.

The Medici bank is certainly the most suitable subject for such an investigation. More is known about it than about any other firm in Renaissance Florence.

Pope Eugenius IV and Jewish Money-Lending in Florence: The Case of Salomone di Bonaventura during the Chancellorship of Leonardo Bruni

Pope Eugenius IV and Jewish Money-Lending in Florence: The Case of Salomone di Bonaventura during the Chancellorship of Leonardo Bruni By Andrew Gow and Gordon Griffiths Renaissance Quarterly, Vol. 47, No. 2 (1994) Introduction: In his Eulogy of Florence (Laudatio Florentinae Urbis) Leonardo Bruni praised her constitution for giving first place to justice, “without which […]

Funduq, Fondaco, and Khan in the Wake of Christian Commerce and Crusade

Medieval marketplace

Funduq, Fondaco, and Khan in the Wake of Christian Commerce and Crusade Olivia Remie, Constable The Crusades from the Perspective of Byzantium and the Muslim World, Dumbarton Oaks Research Library and Collection Washington, D.C. (2001) Abstract The arrival of the Crusaders in the Near East brought warfare to the region, but their coming also encouraged an […]

AN ENQUIRY INTO THE CHARGES AND MOTIVATIONS OF THE CAPETIAN MONARCHY BEHIND INSTITUTING THE FALL OF THE ORDER OF THE TEMPLE

Knights Templar Arms

AN ENQUIRY INTO THE CHARGES AND MOTIVATIONS OF THE CAPETIAN MONARCHY BEHINDINSTITUTING THE FALL OF THE ORDER OF THE TEMPLE Singhal, Chetan The Concord Review, Vol. 21:4 (2011) Abstract The Templars were a religious military Order, founded in the Holy Land in 1119. During the 12th and 13th centuries they acquired extensive property both in the crusader […]

Commercial relations between the Basque Provinces and England in the Later Middle Ages, c.1200-c.1500

Medieval ships

Commercial relations between the Basque Provinces and England in the Later Middle Ages, c.1200-c.1500 Childs, Wendy R. (University of Leeds) Itsas Memoria: Revista de Estudios Maritimos de Pais Vasco, 4 (2003) Abstract Basque activity in England and English Gascony is visible from the early thirteenth century, but many English records of this period describe the merchants […]

The Resolution of Commercial Conflicts in Bruges, Antwerp, and Amsterdam (1250-1650)

images

The Resolution of Commercial Conflicts in Bruges, Antwerp, and Amsterdam (1250-1650) Gelderblom, Oscar  (Utrecht University) Merchants in the Low Countries: The Organization of Long-Distance Trade in Bruges, Antwerp, and Amsterdam (1250-1650) (2008) Abstract Even if merchants carefully select their trading partners and closely monitor their behavior, chances remain that the other party walks away with either goods […]

The Secret Of Venetian Success: The Role Of The State In Financial Markets

Medieval Venice

The Secret Of Venetian Success: The Role Of The State In Financial Markets González de Lara, Yadira (Universidad de Alicante, Departamento de Fundamentos del Análisis Económic) Editor: Instituto Valenciano de Investigaciones Económicas, S.A., Universidad de Alicante, September (2005) Abstract The commercial success of Venice hinged on her merchants’ ability to do business with borrowed money. However, to […]

PAYMENTS AND THE DEVELOPMENT OF FINANCE IN PRE-INDUSTRIAL EUROPE

Jewish Moneylending

PAYMENTS AND THE DEVELOPMENT OF FINANCE IN PRE-INDUSTRIAL EUROPE Kohn, Meir Working Paper, Department of Economics, Dartmouth College, November (2001) Abstract The principal driving force in the development of the financial system of pre-industrial Europe was not lending per se, but payments. Trade among strangers required the development of methods of payment that did not require mutual […]

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