By Stanley L. Engerman, Philip T. Hoffman, Jean-Laurent Rosenthal, Kenneth L. Sokoloff
This quantity contains ten essays inquisitive about monetary and other kinds of monetary intermediation in Europe, Canada, and the U.S., relationship from the 17th century throughout the 20th. The essays relate the improvement of associations to financial swap and describe their evolution over the years. each one additionally discusses numerous varied different types of intermediation and offers with major financial and ancient matters.
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Extra resources for Finance, Intermediaries, and Economic Development
More, such networks could provide spatial economies of scale. The marginal effect of adding one more information node to a network increased geometrically with the increased size of the network. Adding Hamburg to a London–Amsterdam network added two cross connections: Hamburg–London and Hamburg–Amsterdam. Adding Paris to the Hamburg–London–Amsterdam network would add three links and so on. Each new link expanded the returns from the ﬁxed investment embodied in existing nodes and opened new cross-market opportunities.
It is unfortunate that Londonderry’s letter book for the period is missing, but van der Grift was clearly the instructor in the relationship, patiently tutoring his new client in the ways of the mercantile world. Thanks to his expositions, we have been able to reconstruct the legal machinery available and used by merchants of the early eighteenth century. It was clearly in operation already by the middle of the seventeenth century. Conclusion To become an international ﬁnancial center, seventeenth century London had to overcome at least one comparative disadvantage – the lack of a public bank, a central institution that processed bills of exchange.
In late 1669, Backwell drew down some of his account with the Gerards of Amsterdam by having the agents buy bullion and coin. 40 Thus, the network of bankers and merchants provided the means to connect the many European markets for bills of exchange, gold, and silver. The question remains, how could this credit network survive repeated shocks inﬂicted on it by the succession of wars, revolutions, and ﬁnancial crises that characterized the rest of the seventeenth century and the eighteenth century?