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 () and Christophe Chamley ()
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Christophe Chamley: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique

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Abstract: 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.

Date: 2018-11
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Published in The Economic History Review, 2018, 91 (4), pp.1100-1117. ⟨10.1111/ehr.12619⟩

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Journal Article: Refinancing short‐term debt with a fixed monthly interest rate into funded juros under Philip II: an asiento with the Maluenda brothers (2018)
Working Paper: Refinancing short-term debt with a fixed monthly interest rate into funded juros under Philip II: an asiento with the Maluenda brothers (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01785725

DOI: 10.1111/ehr.12619

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