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The Emergence Of Markets For Private Debt

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Chapter Summary

This chapter addresses issues related to the market for private renten. Three types of evidence are presented to support the idea that the improvement of market structures had a profound effect on the capacity of capital markets. The chapter discusses the appearance of advanced techniques. By focusing on the qualitative elements that indicate renten were abstract contracts that were transferable and even used as securities, the chapter helps to prove that the capital market had the capacity to bring about transactions between people who had not necessarily had any (prior) relations. The chapter uses a source from the De Zeevang, which includes the small town of Edam and its surroundings, to get an idea of the depth and volume of the capital market. It further shows that interest rates dropped significantly in the 14th and 15th centuries, which seems to suggest that the institutional framework of capital markets improved.

Keywords: capital markets; De Zeevang; private debt; private renten



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