The credit market in Old Warsaw in the late Middle Ages

Old Warsaw's credit market in the late Middle Ages demonstrated resilience and inclusivity, with no dependence on a narrow group of wealthy creditors—a phenomenon known as the 'de Soto problem.' This horizontal structure allowed all social strata to access credit, with the middle class primarily using small short-term consumer loans while elites operated with significantly larger capital and longer repayment periods (1–3 years). The market's health is further evidenced by declining interest rates by the end of the 15th century. Despite its medium-sized population (4,000–5,000), Warsaw's influence extended approximately 30 km, with elites engaging in international trade, particularly in water-transported wood and grain along the Vistula River to Gdańsk and Western Europe. The study highlights the market's homogeneity, with marginal representation of nobility, clergy, peasants, and Jews.

Łozowski, P. (2020). The credit market in Old Warsaw in the late Middle Ages. A History of the Credit Market in Central Europe, 131–141. https://doi.org/10.4324/9780429356018-13