De la merced a la deuda: la Monarquía española y el crédito en el siglo XVIII

Abstract : England, in the last years of the XVIIth century, reformed her State finances in such a way as to turn public debt transparent. She acquired, consequently, a high capacity for long term indebtness, which gave her an edge over all continental powers. The Spanish case makes clear the nature of this advantage. The Spanish Monarchy defected for an amount of 25 years of budget at the beginning of the XVIIIth century. Creditors had nothing to complain for: the juros that the King stopped paying were not debt, in a strict legal meaning, but gifts voluntarily passed over to persons who had acquired titles to the King's grace by graciously providing ressources to the State. The international banking system reacted sharply: for two generations the King of Spain was unable to borrow; even the current short terme floating debt was limited to two years of income. From there a notorious atony of Spain in foreign affairs. Only from the American war of independence on was the Kingdom able to borrow again, but on quite different terms, under common financial contracts which explicitly bound him, under strict conditions. The new debt was finally fully paid back, even at the price of sacrifying the Old Regime in order to provide the State with the necessary resources.
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Jean-Pierre Dedieu. De la merced a la deuda: la Monarquía española y el crédito en el siglo XVIII. Bertrand, Michel et Moutoukias, Zacarías. Cambio institucional y fiscalidad, mundo hispánico, 1760-1850, Casa de Velazquez, p. 25-41, 2018, 978-84-9096-152-0. ⟨halshs-01781640⟩

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