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Shadow interest rates in Stockholm and the integration of early financial markets, 1660-1685: was Heckscher right?
Stockholm University, Faculty of Social Sciences, Department of Economic History.
2011 (English)In: Financial History Review, ISSN 0968-5650, E-ISSN 1474-0052, Vol. 18, no 3, 309-329 p.Article in journal (Refereed) Published
Abstract [en]

The decline of interest rates during the early modern period is considered an important factor in the subsequent rise of capitalist society. This article uses unique empirical material based on bills of exchange in Stockholm between 1660 and 1685 to estimate underlying ‘shadow interest rates’. It shows that annual rates ‘according’ to Stockholm were very high, mostly above 10 per cent, an indication of underdeveloped financial integration between Stockholm and the main European centres. There are also indications of a decline in these rates during the period studied, reflecting improved efficiency in Swedish financial markets.

Place, publisher, year, edition, pages
Cambridge university press , 2011. Vol. 18, no 3, 309-329 p.
National Category
Economic History
Research subject
Economic History
URN: urn:nbn:se:su:diva-43348DOI: 10.1017/S0968565011000102OAI: diva2:355976
Available from: 2010-10-08 Created: 2010-10-08 Last updated: 2011-10-28Bibliographically approved

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Edvinsson, Rodney
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