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Innovations, Debts, and Bubbles: International Integration of Financial Markets in Western Europe, 1688-1720
Eric S. Schubert
The Journal of Economic History
Vol. 48, No. 2, The Tasks of Economic History (Jun., 1988), pp. 299-306
Stable URL: http://www.jstor.org/stable/2121172
Page Count: 8
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The article uses recent exchange-rate data to explore the progressive integration of early eighteenth-century, West European financial markets. The process climaxed in 1719 and 1720 with the Mississippi Bubble in Paris, the South Sea Bubble in London, and the insurance bubbles in Hamburg and throughout Holland. Only Paris failed to integrate permanently into the new multinational network.
The Journal of Economic History © 1988 Economic History Association