Configuring Financial Markets in Preindustrial Europe
研究了前工业时代欧洲最发达的两个市场——英国和荷兰共和国——的公共债务二级市场流动性差异，发现经济地理决定了初级市场和二级市场的形态，金融市场发展并非必然产生流动性。
Secondary markets for public debt in Europe's most advanced preindustrial markets, Britain and the Dutch Republic, differed markedly. They were liquid in Britain, but not in the Republic. This article demonstrates that economic geography determined the shape of primary markets and the secondary markets that were based on them. Configuring financial markets in preindustrial Europe was thus not a uniform process leading to one ideal-type market structure. The development of markets with advanced financial institutions did not naturally produce liquid markets. While financial markets in preindustrial Europe were rooted in local circumstances, they functioned well while adapting to them.