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

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 15^th and 16^th 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 Our study is based on an examination of data on foreign buyers of Brunswick (Braunschweig) annuities from the unpublished ‘Weddeschatbücher’ that registered sales of redeemable annuities.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. [ABSTRACT FROM AUTHOR]