Money, States, and Empire: Financial Integration and Institutional Change in Central Europe, 1400–1520
通过分析新编制的汇率数据库，发现15世纪中欧货币市场呈周期性一体化，与货币贬值相关；远距离金融一体化随领土国家兴起而发展，君主与皇帝的协同作用避免了协调失败。
By analyzing a newly compiled database of exchange rates, this article finds that in Central Europe money markets integrated cyclically during the fifteenth century. The cycles were associated with monetary debasements. Long-distance financial integration progressed in connection with the rise of the territorial state, facilitated by the synergy between princes and emperor, which helped to avoid coordination failures. For Central Europe, theories of state formation and market integration should therefore take interstate actors into account.