Smoothing the flow, currency circulation and payment techniques in the Low Countries, 1500-1800

Joost Jonker and Oscar Gelderblom
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Joost Jonker: Utrecht University
Oscar Gelderblom: Utrecht University

No 14013, Working Papers from Economic History Society

Abstract: "We analyze the evolution of payments in the Low Countries during the period 1500-1800 to argue that money of account, a convention which spread throughout the entire area from the 14th century onwards, eliminated most of the problems associated with paying cash by enabling people to settle transactions in a fictional currency accepted by everyone.As a result two functions of money, standard of value and means of settlement, penetrated easily, leaving the third one, store of wealth, to whatever gold and silver coins available.We also show how the rise of particular forms of intermediation to streamline payments determined the subsequent pattern of other intermediaries concentrating on banking services."

JEL-codes: N00 (search for similar items in EconPapers)
Date: 2014-03
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