論文摘要

本篇文章利用新的匯率資料來計算17世紀西北歐的影子利率，許多匯票和金融的創新在17世紀已經成熟並且被廣泛的應用，在這樣的情況下，透過外匯交易取得資金的成本大幅下降。影子利率的計算是基於比較長短期匯率的差，將計算出的影子利率與18世紀的影子利率作比較，發現17世紀中期以後，17世紀的影子利率水準與18世紀相差不多，最終得出一個結論，基於匯票交易的國際借貸市場在17世紀就已經相當成熟並且達到很高的市場整合。

Abstract

This article uses a new exchange rate dataset to calculate the shadow interest rates in mid-17th century northwestern Europe. Several financial innovations matured and became widely used in the 17th century. Under these circumstances, the cost of obtaining funds through foreign exchange transactions would have dropped significantly. Regarding the interest rate as the opportunity cost of borrowing, the calculation of the shadow interest rate is based on a comparison of the long-term and short-term exchange rates. The results of this study are compared with the shadow interest rate of the 18th century, suggesting that the shadow interest rates in the mid-17th century were similar to those of the 18th century. This study argues that the international credit market based on the bill of exchange transaction was already well developed in the 17th century and achieved a high level of market integration.

目錄

論文摘要 I

Abstract II

List of Tables and Figures IV

1. Introduction 1

2. Historical background 2

2.1 The bill of exchange 3

2.2 The evolution of usury law in England and the Low Countries 5

2.3 The negotiability of bills of exchange 6

2.4 The issue of the financial press 8

3 Literature review 9

4 Data and methodology 12

5 Results and implications 16

6 Conclusion 20

Reference 21

References

Biscaro, G. 1913. ‘Il banco Filippo Borromei e compagni di Londra’, Archivio storico Lombardo XL, pp. 381-385.

Castaing, J. 1698-1868, The Course of the Exchange. London: John Castaing.

Clapham, J. 1945. The Bank of England: A History. Cambridge University Press.

de Roover, R. A.1948. Money, Credit and Bank in Mediaeval Bruges. Massachusetts: The Mediaeval Academy of America.

----------------------- 1954. New Interpretations of the History of Banking.

----------------------- 1963. ‘The organization of trade’, in M. M. Postan and E. E. Rich (eds.), Cambridge Economic History of Europe.

------------------------ 1946 ‘Le contrat de change depuis la fin du treizième siècle jusqu’au debut du dix-septième’, Revue belge de philologie et d’histoire, 25, pp. 111-28.

Eagly, R.V. and V.K. Smith. 1976. ‘Domestic and International Integration of the London Money Market, 1731–1789.’ Journal of Economic History 36, no. 1: 198–212.

Edvinsson R. 2011. ‘Shadow interest rate in Stockholm and the integration of early financial markets, 1660-1685: was Heckscher right?’ Financial History review, 18, (3), pp/309-329.

Federico G. 2012. ‘How much do we know about market integration in Europe?’ Economic History Review, 65 (2), pp. 470–497.

Flandreau Marc, Galimard Christophe, Jobstand Clemens，Nogues-Marco Pilar 2009. ‘The bell-jar: Commercial interest rates between two revolutions’, 1688–1789. The Origins and Development of Financial Markets and Institutions: From the seventeenth century to the present.

Fryde E.B. and Fryde M. M 1963. ‘Public credit, with special reference to north-western Europe’, in M. Postan, E. E. Rich and E. Miller (eds.) The Cambridge Economic History of Europe: Economic Organization in the Middle Ages (Vol. III) (Cambridge), pp. 430-553

Homer, S. and Sylla, R. 2005. A History of Interest Rates. Rutgers University Press.

Jonker J. and Gelderblom O. 2011. ‘Public Finance and Economic Growth: The Case of Holland in the Seventeenth Century’. The Journal of Economic History, Vol. 71, No. 1 (MARCH), pp. 1-39.

Kohn M. 1999. ‘Bills of Exchange and the Money Market to 1600’. Department of Economics Dartmouth College Hanover, NH 03755. Working Paper 99-04 February, 1999.

Luckett, T.1996. ‘Crises financieres dans la France du XVIIIe siecle’. Revue d’Histoire

Moderne et Contemporaine 43, no. 2: 266–92.

McCusker, J. J. and Gravejstijn, C. 1991. Beginnings of Commercial and Financial Journalism (Neha-Series).

Munro, H. John 1983. ‘Medieval Monetary Problems: Bimetallism and Bullionism’. The Journal of Economic History.

-------------------- 1991. ‘The international law merchant and the evolution of negotiable credit in late-medieval England and the Low Countries’, Banchi pubblici, banchi privati,e monti di pietà nell'Europa preindustriale, Genova, 1991, pp.63-80.

-------------------- 2003. ‘The Medieval Origins of the Financial Revolution: Usury, Rents, and Negotiability’.

-------------------- 2011. ‘Usury, Calvinism, and Credit in Protestant England: from the Sixteenth Century to the Industrial Revolution. University of Toronto Department of Economics Working Paper 439.

Neal, L. 1985. ‘Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Nineteenth Centuries’. The Journal of Economic History Vol. 45, No. 2, The Tasks of Economic History (Jun., 1985), pp. 219-226.

Nogues-Marco, P. 2017. ‘Money Markets and Exchange Rates in Pre-Industrial Europe’. Economic History Working Papers| No. 7/2017.

Perkins, E.J. 1978. ‘Foreign interest rates in American financial markets: a revised series of dollar-sterling exchange rates, 1835-1900’, Journal of Economic History, 38 (2), pp. 392-417.

Price, J. M. 1954. ‘Notes on some London price-currents, 1667-1715’, Economic History Review, (7), pp. 240-50.

Saugrain, G. 1896. La Baisse du Taux de L’intérèt: Causes et Conséquences.

Tracy, J. D. 1985. A Financial Revolution in the Habsburg Netherlands: Renten and Renteniers in the County of Holland, 1515-65 (Berkeley).

--------------‘On the dual origins of long-term urban debt in medieval Europe’, in M. Boone, K. Davids and P. Janssens, (eds.), Urban Public Debts: Urban Government and the Market for Annuities in Western Europe (Turnhout, 2003).

Van der Wee H. 1993. ‘Antwerp and the new financial methods of the 16th and 17th centuries’. The Low Countries in the Early Modern World (Variorum, 1993), pp. 163-166.

----------------------- 1963. The Growth of the Antwerp Market and the European Economy.

Zuijderduijn. J. 2009. Medieval Capital Markets: Markets for Renten, State Formation and Private Investment in Holland (1300-1550).