RT Journal Article
T1 Refinancing short-term debt with a fixed monthly interest rate into funded juros under Philip II: an asiento with the Maluenda brothers
A1 Álvarez Nogal, Carlos
A1 Chamley, Christophe
AB In the fragmented geographical, fiscal, and financial state inherited by Philip II of Spain, while the public debt reached an unprecedented level (50-60 per cent of GDP), the critical refinancing of unfunded asientos into funded juros was operated by merchant-bankers who signed the asientos. This process is illustrated, using abundant archival documentation, by an asiento with the Maluenda brothers in 1595, which provided the Crown with steady monthly cash payments for a year with options to sell juros for two-thirds of the credit, and a monthly rate of 1 per cent on the interim balance. Other examples are provided.
PB Wiley
SN 0013-0117
YR 2018
FD 2018-01-25
LK https://hdl.handle.net/10016/35173
UL https://hdl.handle.net/10016/35173
LA eng
NO Ministry of Economy and Competitiveness (Spain). Grant Numbers: Project ECO2012-38028, Project HAR2015-68672-P
DS e-Archivo
RD 19 sept. 2024