From free-for-all to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796–1940

Jong, Abe de; Jonker, Joost; Poukens, Johan

doi:10.1017/s0968565022000154

Financial History Review

2022

DOI: 10.1017/s0968565022000154

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From free-for-all to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796–1940

Abe de Jong

Joost Jonker

Johan Poukens

Abstract: For most of its history Amsterdam securities trading was entirely unregulated and spread over various venues frequented by different social groups, handicapping price transparency. A public price current emerged only in 1796 and then with wide bid-ask spreads to protect margins. To combat the confusion a curious pricing method, the mid-price system, emerged during the nineteenth century. Tied to a market microstructure centring on hoekmannen (market makers), this system transited effortlessly from a public mar… Show more

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2024

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“…Within the theme of capital markets, the evolution of stock exchange regulation, especially of European stock exchanges, forms another stream of research interest. De Jong et al. argue that the history of Amsterdam's securities price currents mirrors the evolution of its market organization.…”

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Review of periodical literature for 2022: (v) 1850–1945

Husain

2024

The Economic History Review

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In 2022, the theme of income inequality was particularly well researched. The articles can generally be categorized under three broad themes: (1) exploring the contribution of systemic shocks on income inequality, (2) revising previous estimates on income inequality, and (3) investigating the drivers of income inequality. Galletta and Giommoni explore the impact of a systemic shock such as the 1918 influenza pandemic on income inequality in Italian municipalities. The authors derive measures of income inequality from newly digitized historical administrative records on taxpayer incomes. Results indicate that in the short and medium run, income inequality is higher in municipalities more afflicted by the pandemic. The authors argue that the effect is mostly explained by an increase in the share of income held by the rich to the detriment of the other strata of the population. While Galletta and Giommoni study the effect of systemic shocks on income inequality, Voutilainen examines whether economic inequality intensified the adverse effects of harvest, price, and income shocks during a famine. Using a unique parish-level longitudinal and multivariate spatial panel data from the Finnish famine of the 1860s, empirical investigations indicate that while increasing income inequality and decreasing average income exacerbated the adverse effects of food output fluctuations, the same conditions weakened the market-mediated shocks.Research on inequality also converged on creating new estimates to measure inequality. Roikonen contributes to discussions on long-run inequality and presents a new series of income inequality statistics from 1865 to 2019. The author finds that income inequality rose and peaked during the industrialization phase at the turn of the nineteenth and twentieth centuries. The paper gives credence to the fact that income inequality does not follow 'strict' patterns or deterministic rules over the long run, but instead does so by episodic shifts. Geloso et al. also focus on inequality estimates and offer revisions to the inequality series created by Piketty and Saez (2003). The authors argue that Piketty and Saez (2003) overstate inequality levels during this period, and offer a revised income inequality series by addressing discrepancies and correcting for accounting errors in the data construction. The authors quantify the effect of pronounced shocks on inequality levels to argue that the Great Depression, rather than World War II, played a more significant role. Their findings indicate a need to reevaluate commonly held assumptions about the evolution of inequality during the period of the 'great levelling'. Focusing on colonial Africa, de Haas presents five social tables and inequality estimates for Uganda between 1925 and 1965 and finds 364

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confidence: 99%

Review of periodical literature for 2022: (v) 1850–1945

Husain

2024

The Economic History Review

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From free-for-all to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796–1940

Cited by 1 publication

References 15 publications

Review of periodical literature for 2022: (v) 1850–1945

Review of periodical literature for 2022: (v) 1850–1945

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