Refinancing short-term debt with a fixed monthly interest rate into funded juros under Philip II: an asiento with the Maluenda brothers
Carlos Álvarez-Nogal
(1)
,
Christophe Chamley
(2, 3)
Carlos Álvarez-Nogal
- Fonction : Auteur
- PersonId : 1227473
- ORCID : 0000-0002-0175-597X
- IdRef : 050722964
Christophe Chamley
- Fonction : Auteur
- PersonId : 1373011
Résumé
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.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Refinancing short-term debt with a fixed monthly interest rate into funded juros under Philip II: an asiento with the Maluenda brothers
|
Résumé |
en
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.
|
Auteur(s) |
Carlos Álvarez-Nogal
1
, Christophe Chamley
2, 3
1
Departamento de Economía
( 34007 )
- Departamento de Economía Universidad Carlos III de Madrid Calle Madrid, 126 28903 Getafe (Madrid) España
- Espagne
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2018-11
|
Volume |
91
|
Numéro |
4
|
Page/Identifiant |
1100-1117
|
Domaine(s) |
|
DOI | 10.1111/ehr.12619 |
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