Financing Long-Distance Trade
The Joint Liability Rule and Bills of Exchange in Eighteenth-Century France
Bibliographic Data
| ID | 5753261 |
|---|---|
| Authors | Veronica Aoki Santarosa, Veronica Santarosa (University of Michigan, corresponding author) |
| Year | 2015 |
| Volume | 75 |
| Issue | 3 |
| Pages | 690-719 |
| Publication date | 2015-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050715001072 |
| OpenAlex | W2115450894 |
| Language | EN |
| Citations received | 17 |
| References cited | 34 |
Over time, international trade expanded beyond the reach of an individual's personal networks. How was long-distance trade among strangers financed without using banks? I argue that the joint liability rule enabled the medieval bill of exchange to become a major form of payment and credit in the early modern period which in turn supported an unparalleled expansion of trade. This article empirically examines the role that joint liability played in ameliorating fundamental information problems in long-distance trade finance
Business · Commercial bank · Economics · International trade · Joint (building) · Joint and several liability · Legal liability · Letter of credit · Liability · Payment · Trade Credit · Engineering · European Political History Analysis · Finance · Historical Economic and Legal Thought · Historical Economic and Social Studies
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| Unique citing works | 17 |
|---|---|
| Citations per year | 1,55 |
| Citation span | 2015 - 2026 (12) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 15 |