Innovations, Debts, and Bubbles: International Integration of Financial Markets in Western Europe, 1688–1720
利用汇率数据研究18世纪初西欧金融市场的逐步一体化，该过程在1719-1720年达到高潮，巴黎、伦敦、汉堡和荷兰出现泡沫，但巴黎未能永久融入跨国网络。
The article uses recent exchange-rate data to explore the progressive integration of early eighteenth-century, West European financial markets. The process climaxed in 1719 and 1720 with the Mississippi Bubble in Paris, the South Sea Bubble in London, and the insurance bubbles in Hamburg and throughout Holland. Only Paris failed to integrate permanently into the new multinational network.