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Published September 1998 | Submitted
Journal Article Open

What do Notaries do? Overcoming Asymmetric Information in Financial Markets: The Case of Paris, 1751


Using evidence from 18th century Paris, we explore how financial intermediaries resolved problems of asymmetric information in financial markets. The Parisian intermediaries were notaries, and after examining their role in asset markets, we develop a more general model of intermediaries' behavior and then test the model using a rich set of data from Paris. Institutions for disseminating information insured that intermediaries provided high quality service, and such institutions were central to the growth of asset markets in pre-industrial Europe.

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© 1998 Mohr Siebeck GmbH & Co. KG.

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August 19, 2023
March 5, 2024