Renten Between State Formation and Private Investment in Holland (1300-1550)
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Medieval capital markets Markets for renten between state formation and private investment in Holland (1300-1550) Middeleeuwse kapitaalmarkten Rente-markten tussen staatsvorming en privé-investeringen in Holland (1300-1550) (met een samenvatting in het Nederlands) Proefschrift ter verkrijging van de graad van doctor aan de Universiteit Utrecht op gezag van de rector magnificus, prof.dr. W.H. Gispen, ingevolge het besluit van het college voor promoties in het openbaar te verdedigen op vrijdag 9 maart 2007 des middags te 4.15 uur door Cornelis Jacob Zuijderduijn geboren op 25 april 1976 te Leiden Promotor: Prof. dr. J.L. van Zanden Co-promotor: Dr. B.J.P. van Bavel 2 TABLES ..........................................................................................................................................6 FIGURES ........................................................................................................................................7 INTRODUCTION..........................................................................................................................8 Medieval capital markets?..............................................................................................10 Medieval Holland: political economy ............................................................................15 Historiography.................................................................................................................21 Research questions ..........................................................................................................23 CHAPTER 1. CENTRAL GOVERNMENT .............................................................................25 1.1. Establishing sovereignty ..........................................................................................25 1.2. Administration of justice .........................................................................................31 Central institutions .....................................................................................................................31 Regional and local institutions ...................................................................................................38 1.3 Economic policy.........................................................................................................42 Financial institutions ..................................................................................................................43 Ecclesiastic wealth .....................................................................................................................47 Usury ..........................................................................................................................................48 Registration ................................................................................................................................50 Conclusion........................................................................................................................52 CHAPTER 2. STATE FORMATION, INSTITUTIONAL CHANGE AND MARKETS FOR PUBLIC DEBT ...................................................................................................................55 2.1 The limits of comital credit: floating debt...............................................................56 Lombards....................................................................................................................................58 Other financiers..........................................................................................................................59 2.2. Tapping into rich resources: foreign capital markets and the creation of funded debt ...........................................................................................................................................62 Collective responsibility for debt ...............................................................................................64 Future tax-revenues....................................................................................................................66 Funded debt................................................................................................................................67 2.3. The century of public debt.......................................................................................71 A financial revolution?...............................................................................................................75 3 Public debt and capital market ...................................................................................................78 Conclusion........................................................................................................................80 CHAPTER 3. PUBLIC INTEREST? THE INSTITUTIONAL FRAMEWORK OF MARKETS FOR PUBLIC DEBT ..............................................................................................83 3.1 Positive institutions. The organization of funded debt ..........................................84 3.2 Positive institutions. The development of personal execution...............................87 3.3 Negative institutions. Coping with default..............................................................91 Conclusion......................................................................................................................100 CHAPTER 4. THE EMERGENCE OF MARKETS FOR PUBLIC DEBT ........................103 4.1. The emergence of markets for public debt ..........................................................103 The financial nexus: Dordrecht................................................................................................104 4.2. The rise of markets for public debt ......................................................................112 Funded debt at the beginning of the sixteenth-century: the 1514 Informacie..........................124 4.3. Geographical diffusion of public debt ..................................................................129 Conclusion......................................................................................................................134 CHAPTER 5. THE INSTITUTIONAL FRAMEWORK OF MARKETS FOR PRIVATE DEBT...........................................................................................................................................137 5.1. Local courts as pivotal points in economic traffic...............................................138 5.2. Public bodies as agents of institutional change....................................................142 Taxation....................................................................................................................................143 Public order ..............................................................................................................................144 Economic policy.......................................................................................................................147 5.3. Institutional framework.........................................................................................149 Contracting institutions ............................................................................................................149 Coping with asymmetric information ......................................................................................154 Property right institutions.........................................................................................................159 Conclusion......................................................................................................................165 CHAPTER 6. THE EMERGENCE OF MARKETS FOR PRIVATE DEBT......................167 6.1. Qualitative aspects..................................................................................................168 4 6.2. Quantitative aspects: Edam and De Zeevang......................................................171 6.3. Interest rates ...........................................................................................................175 Conclusion......................................................................................................................179 CONCLUSION...........................................................................................................................181 State formation ..............................................................................................................181 Markets for public debt ................................................................................................183 Markets for private debt...............................................................................................186 A medieval legacy..........................................................................................................189 NEDERLANDSE SAMENVATTING......................................................................................192 APPENDICES ............................................................................................................................198 Appendix 1. Comital debts until 1300 .........................................................................198 Appendix 2. Participation of Dordrecht in the credit-policy of Floris V .................202 Appendix 3. Correlation urban loans and public debt ..............................................204 Correlation urban loans and public debt ..............................................................................204