German mortgage banks based on stock, more frequently founded from the early 1860s, used the traditional Pfandbrief system to cope with the growing tasks of urban and housing construction. Its safety for both creditors as well as debtors of real estate financing depended not least on a clear...

The pivotal role played by non-banking institutions in supporting the expansion of international trade after the Napoleonic Wars and before first globalization c. 1870 - 1913 has long been recognised. Merchant-bankers in particular played a crucial role by advancing monies to consignors of...

In this paper, we mainly focus on two institutional aspects that are related to financial risk, that is, profiteering and the use of non-fraudulent coins when performing financial transactions. We argue that these two prerequisites were important for the success of the commercially oriented...

The Latin Monetary Union (hereafter LMU) was established in 1865 between France, Italy, Belgium and Switzerland. The agreement provided for the adoption of a common monetary base consisting of specie, and the adoption of the free circulation of gold and silver coins among them, whatever the...

This article focuses on the reasons for the introduction and rapid abolition of the increment value tax on real estate in Germany between 1911 and 1913. It examines the interplay between the land reformers who campaigned for the tax and the political situation that made it possible for all...

The project of a national register of wool was the fever dream of mercantilism in Great Britain during the eighteenth century. For more than half a century, major parts of the English woolen traders and clothiers thereby attempted to lend administrative teeth to the ban on the exportation of...

This study attempted to identify how regional integration and spatial enlargement would affect firms’ strategic decisions from the outside of an integrated region. By analyzing data sets between 2000 and 2007 utilizing the gravity model, this study examined the specific properties of Korean...

The bill of exchange has a long history as a general instrument for monetary transactions. The main financial centers made wide use of this tool. The prerequisites were a functioning banking system as an intermediary, as well as a legal framework for bill of exchange transactions. Although...

In this paper we analyse income formation patterns throughout the German industrialisation process (1860-1913) through the analysis of different financial flows. Similar to Neuburger & Stokes (1974), we make use of flow statistics originally estimated by Eistert (1970) with regard to four...