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Debt policy under constraints: Philip II, the Cortes, and Genoese bankers

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dc.affiliation.dptoUC3M. Departamento de Ciencias Socialeses
dc.contributor.authorÁlvarez-Nogal, Carlos
dc.contributor.authorChamley, Christopher
dc.date.accessioned2015-10-09T15:35:52Z
dc.date.issued2014-02
dc.description.abstractUnder Philip II, Castile was the first country with a large nation-wide domestic public debt. A new view of that fiscal system is presented that is potentially relevant for other fiscal systems in Europe before 1800. The credibility of the debt, mostly in perpetual redeemable annuities, was enhanced by decentralized funding through taxes administered by cities making up the Realm in the Cortes. The accumulation of short-term debt depended on refinancing through long-term debt. Financial crises in the short-term debt occurred when the service of the long-term debt reached the revenues of its servicing taxes. They were not caused by liquidity crises and were resolved after protracted negotiations in the Cortes by tax increases and interest rate reductions.en
dc.description.sponsorshipFinancial support was received from the HI-POD Project, European Commission’s Seventh Research Framework Programme and Ministry of Economy and Competitiveness (Spain) HAR2012-39034-C03-02.en
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationCarlos Álvarez Nogal , C. and Chamley, Christophe (2014). Debt Policy under Constraints between Philip II, the Cortes and Genoese bankers. Economic History Review, v. 67, n. 1, pp. 192-213en
dc.identifier.doi10.1111/1468-0289.12010
dc.identifier.issn0013-0117
dc.identifier.publicationfirstpage192
dc.identifier.publicationissue1
dc.identifier.publicationlastpage213
dc.identifier.publicationtitleEconomic history reviewen
dc.identifier.publicationvolume67
dc.identifier.urihttps://hdl.handle.net/10016/21682
dc.identifier.uxxiAR/0000014637
dc.language.isoengen
dc.publisherWileyen
dc.relation.projectIDinfo:eu-repo/grantAgreement/EC/FP7/225551
dc.relation.publisherversionhttp://dx.doi.org/10.1111/1468-0289.12010
dc.rights© Wileyen
dc.rights.accessRightsopen accessen
dc.subject.ecienciaEconomíaes
dc.subject.otherNation-Stateen
dc.subject.otherFinanceen
dc.subject.otherSpainen
dc.titleDebt policy under constraints: Philip II, the Cortes, and Genoese bankersen
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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