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The Emergence Of Markets For Public Debt

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Chapter Summary

In the late Middle Ages public bodies sold a mounting number of renten; markets for public debt allowed them to keep transaction costs low. This chapter traces the emergence of such markets by looking at the rise of funded debt as a means for funding among public bodies. It talks about floating and funded debt in Dordrecht. The chapter examines the sale of renten by other public bodies. The decreasing importance of floating debt and forced loans, the growing participation in markets for public debt by public bodies, and the quantity of renten public bodies sold are indicators of the capacity of market structures. The geographic dispersion of public debt reveals a different picture of the capacity of the market. In the late Middle Ages markets for public debt allowed an increasing number of public bodies to sell renten to renteniers throughout Holland and much of the Low Countries.

Keywords: capital markets; Dordrecht; floating debt; forced loans; Holland; Middle Ages; public debt; renten



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