Publication: Política monetaria y política fiscal en Castilla en el siglo XVII: un siglo de inestabilidades
Loading...
Identifiers
Publication date
2005
Defense date
Authors
Advisors
Tutors
Journal Title
Journal ISSN
Volume Title
Publisher
Universidad Carlos III de Madrid. Instituto Laureano Figuerola: Centro de Estudios Políticos y Constitucionales
Impact
Export
Abstract
Las dificultades financieras que aquejaron a Castilla en la segunda mitad del siglo XVI obligaron a buscar nuevos recursos financieros. Las alteraciones monetarias de las piezas de vellón fueron la alternativa elegida. A lo largo del siglo XVII se promulgaron más de veinticinco leyes alterando, en un sentido o en otro, los valores monetarios de la calderilla. Estas alteraciones no dejaron indiferente al sistema monetario y, aparte de la inestabilidad y de los correspondientes efectos sobre los precios, generaron infinitud de protestas y reacciones en contra. El Gobierno, consciente de la gravedad del asunto, llevó a cabo varios intentos de remediar la situación, medidas que sólo triunfaron cuando desapareció el problema fiscal de fondo. Asistimos, por tanto, en este siglo a un esquema de coordinación entre política monetaria y política fiscal en el que la política monetaria hubo de financiar el déficit en el que había incurrido la autoridad fiscal.
The financial struggles that Castilla underwent during the second half of the 16th century forced the Crown to look for new ways of funding. The monetary changes encompassed the use of copper coins known as piezas de vellón. Throughout the 17th century, there were 25 laws decreed altering in one way or the other the monetary value of the coins. These adjustments did not go unnoticed, having a direct impact on the monetary system creating instability and dramatic price fluctuations, on top of countless protests and rejections. The Government, conscious of the severity of the situation, made several attempts to resolve the imbalances, which only triumphed once the underlying fiscal problems disappeared. We see in this century co-ordination between monetary and fiscal policy in which monetary policy had to finance the deficit incurred by the fiscal authorities.
The financial struggles that Castilla underwent during the second half of the 16th century forced the Crown to look for new ways of funding. The monetary changes encompassed the use of copper coins known as piezas de vellón. Throughout the 17th century, there were 25 laws decreed altering in one way or the other the monetary value of the coins. These adjustments did not go unnoticed, having a direct impact on the monetary system creating instability and dramatic price fluctuations, on top of countless protests and rejections. The Government, conscious of the severity of the situation, made several attempts to resolve the imbalances, which only triumphed once the underlying fiscal problems disappeared. We see in this century co-ordination between monetary and fiscal policy in which monetary policy had to finance the deficit incurred by the fiscal authorities.
Description
Keywords
Vellón, Calderilla, Tarjas, Resello, Copper coins, Small change, Tokens, Re-struck money
Bibliographic citation
Revista de Historia Económica Año XXIII 2005 n. extra pp. 329-347