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C. Jobst* and P. Nogues-Marco†
*CEPR, Oesterreichische Nationalbank, Vienna, Austria
†CEPR, Universidad Carlos III de Madrid, Madrid, Spain
The Instrument: Bills of Exchange
What Is a Bill of Exchange?
Usury Regulation and ‘True’ Interest Rates
Bullion Versus Bills
Mapping Commercial Finance
Quotes as Evidence for Liquidity in the Underlying Market
Determinants of Liquidity
Networks of Financial Financing
The geographical reach of European finance
Hierarchies, distance, and groups
Some tentative hypotheses
The Cost of Commercial Finance: Searching for Interest Rate
The Absence of Direct Evidence on Interest Rates
Shadow Interest Rates Based on Bills ...
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