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    This article has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Bell, Adrian R. Brooks, Chris and Moore, Tony K. 2016. Did Purchasing Power Parity Hold in Medieval Europe?. The Manchester School,

    BELL, ADRIAN R. BROOKS, CHRIS and MOORE, TONY K. 2016. Cambium non est mutuum: exchange and interest rates in medieval Europe†. The Economic History Review,

    Li, Ling-Fan 2015. Information asymmetry and the speed of adjustment: debasements in the mid-sixteenth century. The Economic History Review, Vol. 68, Issue. 4, p. 1203.

    Chilosi, David Murphy, Tommy E. Studer, Roman and Tunçer, A. Coşkun 2013. Europe's many integrations: Geography and grain markets, 1620–1913. Explorations in Economic History, Vol. 50, Issue. 1, p. 46.


Money, States, and Empire: Financial Integration and Institutional Change in Central Europe, 1400–1520

  • David Chilosi (a1) and Oliver Volckart (a2)
  • DOI:
  • Published online: 13 September 2011

By analyzing a newly compiled database of exchange rates, this article finds that in Central Europe money markets integrated cyclically during the fifteenth century. The cycles were associated with monetary debasements. Long-distance financial integration progressed in connection with the rise of the territorial state, facilitated by the synergy between princes and emperor, which helped to avoid coordination failures. For Central Europe, theories of state formation and market integration should therefore take interstate actors into account.

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