We estimate the contribution of the American precious metal windfall to West Europe's growth performance in the early modern period. The exogenous nature of American money arrivals allows for identification of monetary effects. We find that more than half of West Europe's growth can be...

This study investigates the evolution of market integration in Ottoman Eastern Mediterranean and Europe until World War I. We find that market integration levels were the highest in northwest Europe while Ottoman lands were part of the less integrated periphery. Over the centuries, most European...