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The Global Securities MarketA History$
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Ranald Michie

Print publication date: 2006

Print ISBN-13: 9780199280612

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199280612.001.0001

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Origins, Trends, and Reversals: 1100–1720

Origins, Trends, and Reversals: 1100–1720

(p.17) 1 Origins, Trends, and Reversals: 1100–1720
The Global Securities Market

Ranald C. Michie (Contributor Webpage)

Oxford University Press

This chapter discusses the origins of the global securities market. The origins of the modern global securities market lie in medieval Italy, where in the city states of Venice, Genoa, and Florence new financial arrangements emerged out of a growing trade between East and West. Early modern advances and the first speculative bubble are described. It is argued that the most remarkable thing about the early development of the securities market is the role played by governments and their need for finance due to the turbulent nature of the economics of medieval and early modern Europe. Through the creation of transferable long-term debt upon which interest was paid, governments could access funds that would, in all probability, otherwise lie idle.

Keywords:   global securities market, government, long-term debt, finance, Europe

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