Risk Instruments in the Medieval and Early Modern Economy
Dartmouth College, Department of Economics Working Paper No. 99-07
20 Pages Posted: 9 Mar 1999
Date Written: February 1999
This paper describes the evolution of financial risk instruments in Europe before 1600. It discusses the evolution of marine insurance and its displacement of the sea loan, as well as early examples of forward transactions, options, and futures contracts. In contrast to business, households had only limited access to financial risk instruments--mainly in the form of life-contingent annuities.
JEL Classification: G2, G22, N23
Suggested Citation: Suggested Citation