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Fremdes Geld. Auswärtige Kapitalbeziehungen des Braunschweiger Rentenmarktes im 15. und 16. Jahrhundert

Research output: Contribution to journalReview articlepeer-review

Angela Huang, Alexandra Sapoznik

Translated title of the contributionForeign Capital: Brunswick's annuity market and its external credit relations in the 15th and 16th centuries
Original languageGerman
Pages (from-to)29-66
Number of pages38
JournalVierteljahrschrift für Sozial- und Wirtschaftsgeschichte
Issue number1
Early online date31 Mar 2019
Accepted/In press11 Dec 2018
E-pub ahead of print31 Mar 2019
PublishedMar 2019


King's Authors


A number of studies have looked into local annuity markets, mainly focusing on local conditions. This article explores capital networks for urban debt by analyzing the external relations of the Brunswick annuity market in the 15th and 16th centuries. Our study is based on an examination of data on foreign buyers of Brunswick (Braunschweig) annuities from the unpublished ‘Weddeschatbücher’ that registered sales of redeemable annuities. The analysis takes into account different groups of buyers and reveals spatial patterns corresponding with those of commodity trade and political cooperation within and beyond the region. A closer look at the chronology of sales indicates that political crises were the main cause of urban debt and foreign investment. In particular, the Reformation led to structural changes to the supply of foreign capital. Although interest rates provided economic incentives for foreign buyers, political support was the predominant reason for both individuals and other communes to supply capital in times of need.

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