The Development of Intermediation in French Credit Markets: Evidence from the Estates of Burgundy
研究了18世纪法国勃艮第地区信贷市场中中介机构如何影响市场发展，发现市场规模和借款需求决定了中介的作用，对理解金融中介与市场制度的关系有参考价值。
We document how intermediaries shaped markets or, conversely, how market institutions constrained intermediaries. In Dijon, where the Estates of Burgundy’s debt amounted to nearly half of all bonds in that small market, there was limited need for intermediaries. In the 1740s the borrowing needs of the province expanded, and the estates began to borrow in Paris, where their debt remained a small fraction of the market, and where they relied on notaries to place their bonds and to create a secondary market. These developments assured the estates’ capacity to borrow and thus Burgundian autonomy from the French Crown.