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Financial market structures already reduced interest rate differentials by redistributing savings between polities. Foreign investors could therefore play a much more important role in the creation of public debt, and in financial markets, than has been assumed in recent literature. Polities were usually among the most important borrowers in financial markets, and it has also been suggested they provided the investing public with a relatively safe haven for their savings.

However, few studies have been able to establish how big the attraction of public debt was, and what effect this had on the redistribution of savings in emerging financial markets. To this end we focus on the geographic spread of creditors of several towns, and demonstrate how these towns managed to borrow from both citizens and non-residents. Late-medieval towns were not only active in local markets, but also had access to financial markets in their surroundings, and even those abroad.

In theory such access to various financial markets should have brought about price convergence. To study whether this was the case, we also look at the interest rates polities on their public debt. Interest rate differentials were quite low, both among towns, and even among towns and villages, which suggests that most polities had reasonably good access to at least several financial markets.

Interest rates on public debt gradually converged from S. Epstein demonstrated a decline in interest rates in several regions of Europe, and more importantly, a convergence between these regions. To be sure: why interest rates declined is still debated. Later, North even claimed that the level of interest rates is altogether the best indicator for the development of market structures.

Size, power and the development of European polities. Stasavage discusses one of the major puzzles of financial history: why did medieval city states and towns manage to borrow at lower cost than territorial states? In city states and towns, this could be done much faster, causing representatives to meet much more frequently.

This allowed them to keep a close eye on public finance, which according to Stasavage made lending to city states and towns less risky. As a result these could borrow more and at better conditions than territorial states. Representatives of city states and towns also had a good reason to monitor public finance because they themselves were often major investors in public debt.

These stakeholders thus had incentives to attend council meetings, and due to the low distances they had to cover, they could do this without much trouble. This may have been usual in polities such as Italian city states, where investing in public debt via the so-called Monte loans either was a privilege of citizens, or a duty weighing upon the wealthiest inhabitants, who were forced to lend.

However, this was not at all the case in the late-medieval Northern Low Countries, where towns also borrowed from foreigners living out of town, and often even outside the province. Here, financial markets allowed for savings to be moved around, from places where supply was high, to places where demand was high. This article investigates to what degree financial markets in the late-medieval Northern Low Countries helped to move savings around from one polity to another.

It also asks whether it feasible that this contributed to the gradual convergence of interest rates, by smoothing supply and demand. These were not citizens who could exercise direct control over their investments via participation in representative councils. Yet, they lend handsome sums of money to foreign public bodies at relatively low interest rates. These will be discussed in section II, providing an overview of the financial instruments used to move savings around, and the market structures that allowed for this.

Next we proceed by studying foreign investment by looking at the geographic distribution of investors in public debt of the towns of Leiden in Holland in the west of the present-day Netherlands , Groningen in the Ommelanden in the northeast and Nijmegen in the duchy of Guelders in the east section III.

We then proceed with the question of the efficiency of markets: did this moving around of savings contribute to price convergence? II In the middle ages sovereigns, such as the kings of England, frequently borrowed large amounts, thereby relying on the services of Italian bankers. Rulers in the Low Countries did the same, borrowing not only from bankers but also from family members, fellow royalty, noblemen, and towns. Since the thirteenth century towns and villages in much of the Low Countries sold life annuities and redeemable annuities.

Life annuities provided the buyer with a pension to be paid for the remainder of his or her life, redeemable annuities had to be paid until the principal was repaid, which was at the discretion of the seller. These annuities emerged in the North of France in the thirteenth century and quickly became a major type of funding in Northwest Europe. Although annuities were important in redistributing of savings, there were other techniques available in the late Middle Ages as well: money was moved around via networks of moneylenders, itinerant merchants used financial techniques such as the bill of exchange, and there emerged early banking institution — such as the Monte dei Paschi di Siena, founded in This was also a time of expansion of financial markets: instead of having money lay idle, savers began to invest, causing money to be reallocated in a more efficient way.

Initially usury legislation seems to have been quite harsh in the Low Countries. Until the fifteenth century several popes spoke out on the subject; all sanctioned annuities. But still, taking high interest rates, even by means of selling annuities, was considered usurious, and authorities sometimes applied price ceilings participants in financial markets were not to exceed.

Particularly emperor Charles V r. Thus, the interest rate ceiling did not interfere with pricing. Yet, not all public debt was issued through the market: forced loans were not unheard of in the area under investigation here, the Northern Low Countries, where cash-strapped towns occasionally forced wealthy subjects to buy annuities.

But based on our sources, it seems that towns only did so in emergency situations. It therefore seems that the market was the most important instrument used to create public debt. So, by the later Middle Ages, in the Low Countries there were only few obstructions to the redistribution of savings through the market. How did towns find savers and negotiate interest rates?

To cut costs and reduce risks, they usually preferred to sell annuities to inhabitants and people living nearby. Thus, in the town government of Leiden met with a broker, who apparently advised them to enter capital markets in Brabant. Next, the town sent representatives to Antwerp to sell annuities. When they did not manage to sell sufficient annuities at this interest rate they simply could improve their offer. The interest rates presented here are nominal interest rates.

They are likely to reflect the risk of inflation and currency manipulation. Apart from this interest rates consist of a compensation for the time the creditor cannot use the money, b a premium that reflects the expected increase of overall expected income, and c a default risk premium. How much expenses could a creditors expect to make when trying to enforce interest payments from reneging towns?

Towns usually secured annuities relying on a community responsibility system that allowed creditors to hold all inhabitants liable for defaults. For the latter, the chances of encountering an inhabitant liable for public debt was greater in the event they had invested in the public debt of a large town with a substantial group of itinerant merchants.

In practice creditors will therefore have selected debtors based on the probability that they would be able to hold someone liable — hence the relatively limited geographical scope of village debt and the much larger scope of urban debt, an issue that will be discussed further on. III Our first exercise concerns the spatial distribution of investors in urban public debt. Our sample is based on three towns for which an elaborate administration of public debt has been preserved — including the residences of creditors.

The latter information is scarce: towns generally kept a good administration of their public debt, but many usually sufficed with listing the names of their creditors, and the interest they were due. Town accounts of Leiden, Groningen and Nijmegen do provide such information though. It was well known for its textile production, and had a population of c. By that time the town government had apparently realized that a more thorough recording of public debt was necessary to prevent any errors in annuity payments, which were easily made considering the number of annuities Leiden owed.

The figure shows that Leiden initially paid out the greatest part of annuities to its inhabitants: in these were worth no less than 8. Several things are worth discussing in depth. Initially the majority of foreign funding came from the Duchy of Brabant, to the Southeast of Holland. Foreign funding coming from Brabant is in line with the the prominence of financial markets in the Southern Low Countries A wealthy area, in Brabant supply of savings was probably much higher than in Holland, and it seems that Leiden had little trouble selling annuities over there.

The almost complete absence of creditors from equally wealthy Flanders is a bit puzzling though. A second thing that stands out is the increasing importance of financial markets outside Leiden, but within the county of Holland. The value of annuities Leiden was due elsewhere in Holland rose from an almost negligable 33 guilders in to guilders in In creditors were also to be found in Rotterdam and a number of small towns and villages map 1. Finally in the spatial dispersion had again declined, probably due to the fact that Leiden sold fewer annuities in the sixteenth century, due to severe financial problems that resulted in a low credit rating,32 and also because of the emergence of provincial debt after , causing the representative council Staten van Holland to start selling annuities on behalf of the towns of Holland.

Utrecht was the largest town in the Northern Low Countries at the time. In Leiden had also entered financial markets elsewhere in the Northern Low Countries, having sold annuities in smaller towns and villages in Nedersticht and Oversticht to the Northeast of Holland. Also, the town owed annuities in Zeeland, to the South.

Alltogether the accounts of Leiden suggests that spatial dispersion of public debt increased in the later middle ages: initially most annuities were owed in Leiden, and some in Brabant. Later the share of inhabitants of Leiden decreased, giving way to funding coming from Holland, and eventually also other provinces of the Northern Low Countries. Groningen had about Even though its public debt was quite modest compared to that of Leiden, yet it was geographically diversified. For instance, in the account of the magistrate paid 36 annuities within Groningen and 34 outside.

Foreign creditors came from places like Kampen, Hamburg and Cologne and the same goes by and large for the account of 42 inside and 37 outside. Also, in both years annuities paid outside Groningen were much more valuable than those paid inside. Once again, foreign annuities were much more valuable than domestic annuities.

Creditors lived in Kampen, Cologne, Duisburg and Venlo among others. These two examples indicate that the credit networks of Nijmegen and Groningen may have been less elaborate than those of towns in Holland. Yet, these towns did rely on foreign capital markets, particularly those in the Northwest and West of the German Empire. IV The development of the public debt of Leiden, Groningen and Nijmegen suggests that financial markets helped to redistribute money, from savers looking for investment opportunities, to towns looking for foreign funding.

They did this on a local, regional, and interregional level. This finding begs the question to what degree late-medieval financial markets contributed to a more or less efficient reallocation of savings. In Holland the provincial government was not entitled to tax its subjects individually.

Instead, the central government ordered each community to pay its share, based on a distribution code, and next local governments taxed its citizens or villagers. They also asked about the financial situation, about revenues and expenses, and loans local governments had contracted: which type of loans, under what conditions these had been contracted, when and why. The investigation has been preserved in a document called Informacie.

Since Robert Fruin edited this source in many historians have used it in research into late-medieval Holland. Some questioned its credibility, pointing out that town and village representatives probably tried to make things look worse than they were in order to get a lower taxation, while others deemed the source to be reliable enough. And even though they were questioned under oath, some representatives even made false statements.

However, fraud seems to have been restricted to statements about the landed property of the villagers. The data regarding public debt probably had a much smaller effect on the new distribution code. The reliability of the data on public debt the Informacie gives can be confirmed by referring to town accounts, such as those of Dordrecht.

The interest rates mentioned in both Informacie and town accounts are identical, which means that the survey provides insight in sale conditions, and does not reflect any changes made to contracts afterward. Even though some town magistrates sometimes showed little enthusiasm to hand over documents such as town accounts, they usually cooperated.

It was more difficult to get village governments to present evidence in writing because few villages seem to have kept financial records. Only in one case we have been able to compare the data the Informacie gives with village accounts. By all towns of Holland had created public debt, having sold life and redeemable annuities.

This public debt was mainly created during the period , during a period of increasing financial pressure due to ongoing state formation and war efforts by the Dukes of Burgundy — in particular Charles the Bold r. Faced with ambitious rulers, towns and villages used most of the principals to be able to pay taxes and war expenses.

In contrast, only a small part of the funds went to such causes as public works. The main towns of Holland were most heavily indebted: the burden of annuities per capita was 2,26 guilders. In other words: here every inhabitant contributed 2,26 guilders — presumably via taxation — to interest payments. This difference is most likely the result of the main towns increasingly being used by the rulers to gain access to financial markets: the towns thus sold annuities on behalf of the rulers because the latter lacked creditworthiness.

The Informacie provides detailed information of the interest rates towns and villages paid on annuities — i. We have decided to focus on redeemable annuities, and to disregard life annuities: pricing of life annuities is likely to have been based in part on the age of the beneficiary and hence the number of years he could be expected to live. However, our source does give interest rates public bodies paid on redeemable annuities.

Based on the data presented in table 1 and figure 2 it seems that towns had better access to financial markets than villages. This difference may well be due to towns selling annuities in large financial centers, where they competed with others in attracting investors, and where investors likewise competed amongst each other, the result being price convergence.

Apparently villages generally operated on a smaller scale: they did not explore several financial markets, but would usually have tried to sell an annuity to a fellow villager, or to an inhabitant of the nearest village or town. They operated in a limited number of localities, which could also be fairly isolated: this sometimes yielded them favourable premiums, but could also force them to accept high interest rates. To be sure: not all villages found buyers for their annuities: several complained they lacked credit during the interrogation in In their own words: Say that they, for a lack of credit, were unable to sell any more annuities as a village community, forcing the villagers to sell guilders worth of annuities, which they mortgaged on their houses and land.

A solution was found in having well-off villagers selling annuities on collateral of their privately owned land. Too bad! Are you looking to find a similar place in Apeldoorn? Check out the comparable homes in Woudhuis that are for sale. Want to test the waters? Walter Living goes beyond analyzing the basic data about Ommeland We look at all the ingredients that make up the value of a house, including the neighborhood.

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A Walter buying agent guides you through the bidding behavior in Woudhuis, how many people bid above the asking price, the purchase prices of comparable properties and three data-driven bidding strategies. Each strategy shows you exactly how much chance you have of creating Ommeland 24 in Apeldoorn your new home. Walter All-in-1 contains a detailed report with all current market information for this this single-family house in Apeldoorn.

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Ommeland investing Statistische bewerking van de resultaten van de informatie van Haarlem Selling prices in the neighborhood have increased faster than in all off Apeldoorn. Volume III. They are likely to reflect the risk of inflation and currency manipulation. Are you going to buy with us? De Boei 5.
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Het kopen van een huis is een grote uitgave. Vanzelfsprekend is dit eerste gesprek geheel vrijblijvend. Na zo'n intake gesprek weet u precies waar u aan toe bent en kunt u onbezorgd op zoek naar uw nieuwe woning. Lees meer over hypotheken. Maak berekening. Ommeland is er voor in voor- en tegenspoed. Lees meer over verzekeringen. Wij werken samen met Maandlasten Manager.

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The area around Groningen in Northern Holland is full of working and high quality organs from the s and s. It's been called the "organ garden". Maxim Martin. Investment Manager, Managing Partner bij Bank- en Verzekeringsagent Brugs Ommeland CommV. Bank- en Verzekeringsagent Brugs Ommeland CommV. Some contracts between private shipowners and investors tell us about the scope The local economy in the Ommelanden included the production of sugar.