Dartmouth College, Department of Economics Working Paper No. 99-06
27 Pages Posted: 9 Mar 1999
Date Written: February 1999
This paper describes the evolution of long-term debt and equity finance in medieval and early modern Europe. The main issuers of long-term debt were landowners and municipalities. The paper discusses the evolution of debt secured by land and the use by municipal borrowers of annuities and "funded debt" (securitization). The paper then describes the various forms of equity finance and how they addressed the corporate governance problem.
JEL Classification: G3, H74, N23
Suggested Citation: Suggested Citation
Kohn, Meir, The Capital Market Before 1600 (February 1999). Dartmouth College, Department of Economics Working Paper No. 99-06. Available at SSRN: https://ssrn.com/abstract=151868 or http://dx.doi.org/10.2139/ssrn.151868