This article studies the financial market integration in the 1670s by examining the effectiveness of triangular exchange arbitrage. The results suggest that international credit markets based on bills of exchange in northwestern Europe were well integrated and responded to exchange-rate differences quickly. The speed of adjustment, ranging between one and three weeks, accorded with the speed of communication, but the transaction cost associated with exchange arbitrage was much lower than that of shipping bullion. Although warfare had a disruptive effect on exchange arbitrage by increasing transaction cost, markets were resilient in remaining efficient.

中文翻译：

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1670 年代西北欧的国际信贷市场一体化

本文通过检验三角汇兑套利的有效性来研究 1670 年代的金融市场一体化。结果表明，西北欧以汇票为基础的国际信贷市场整合良好，对汇率差异反应迅速。调整的速度从一到三周不等，符合沟通的速度，但与汇兑套利相关的交易成本远低于运输金条。尽管战争通过增加交易成本对外汇套利产生了破坏性影响，但市场在保持效率方面具有弹性。