Working Paper: CEPR ID: DP7169
Authors: Marc Flandreau; Christophe Galimard; Clemens Jobst; Pilar Nogusmarco
Abstract: In this article, we study Europe's monetary geography on the eve of the Industrial Revolution. Our unit of analysis is the city and we explore inter-city linkages. Important findings include a considerable degree of integration and multilateralism with monetary centers having already emerged as vehicles for international settlements, before the Industrial Revolution.
Keywords: history; international currency; international monetary system; network analysis
JEL Codes: F33; N23
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Amsterdam's financial prominence (N23) | integration of European monetary systems (F36) |
| existence of bills of exchange (F33) | establishment of a more interconnected monetary system (F33) |
| bills of exchange (F33) | international settlements (F33) |
| bills of exchange (F33) | trade across cities (R12) |