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Introduction

In: The Capital Market of Manila and the Pacific Trade, 1668-1838

Author

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  • Juan José Rivas Moreno

    (European University Institute)

Abstract

The literature has analysed the importance of institutions in solving liquidity constraints and mitigating information asymmetries and the principal-agent problem, enabling the emergence of impersonal financial markets capable of financing long-distance trade across continents. The literature has focused on the role of institutions in mitigating transaction costs, signalling the joint-stock corporation as the necessary organisational innovation that made possible the development of sustained long-distance trade. The case of Manila and its financing of the Pacific exchange represents a different instance in which a capital market emerged from different building blocks. The capital market of Manila financed long-distance trade across the Pacific through sea loans, legacy funds, and lay confraternities, mitigating risk and enabling the origination of large volumes of working capital for commerce.

Suggested Citation

  • Juan José Rivas Moreno, 2024. "Introduction," Palgrave Studies in Economic History, in: The Capital Market of Manila and the Pacific Trade, 1668-1838, chapter 0, pages 1-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-031-71810-6_1
    DOI: 10.1007/978-3-031-71810-6_1
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