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Public Functions, Private Markets: Credit Registration by Aldermen and Notaries in the Low Countries, 1500–1800

In: Financing in Europe

Author

Listed:
  • Oscar Gelderblom

    (Universiteit Utrecht)

  • Mark Hup

    (UC Irvine)

  • Joost Jonker

    (Universiteit Utrecht)

Abstract

Gelderblom, Hup, and Jonker explore financial market development in preindustrial Europe by examining the financial functions performed by aldermen and notaries. Using a new dataset of 12,000 credit transactions registered by these public officials in six different cities in the Low Countries between 1500 and 1780, we analyze who used their services, for which purposes, and at what price. We find that notaries and aldermen were very active in registering debt contracts, but failed to obtain a commanding or even strong position as financial intermediaries in the way Parisian notaries did. As they registered only a small fraction of local credit transactions, notaries and aldermen in the Low Countries never possessed the information advantage of their French counterparts. Our findings highlight the degree to which subtle regulatory differences profoundly affected the dynamics of financial market evolution.

Suggested Citation

  • Oscar Gelderblom & Mark Hup & Joost Jonker, 2018. "Public Functions, Private Markets: Credit Registration by Aldermen and Notaries in the Low Countries, 1500–1800," Palgrave Studies in the History of Finance, in: Marcella Lorenzini & Cinzia Lorandini & D'Maris Coffman (ed.), Financing in Europe, pages 163-194, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-58493-5_7
    DOI: 10.1007/978-3-319-58493-5_7
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    Cited by:

    1. Oscar Gelderblom & Joost Jonker & Ruben Peeters & Amaury de Vicq, 2023. "Exploring modern bank penetration: Evidence from early twentieth‐century Netherlands," Economic History Review, Economic History Society, vol. 76(3), pages 892-916, August.

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