Investing in a New Financial Instrument: The First Buyers of Urban Debt in Catalonia (Mid. 14th Century)

Milian Laura Miquel (), Sala Albert Reixach () and Pijuan Pere Verdés ()
Additional contact information
Milian Laura Miquel: Universitat de València, Departament d’Història Medieval i Ciències i Tècniques Historiogràfiques, Av. de Blasco Ibáñez, 28, 46010 Valencia Spain
Sala Albert Reixach: Universitat de Lleida, Departament de Geografia, Història i Història de l’Art, Plaça Víctor Siurana, 1, 23003 Lleida Spain
Pijuan Pere Verdés: Institució Milà i Fontanals de Recerca en Humanitats-CSIC, Departament de Ciències Històriques: estudis medievals, C/Egipcíaques, 15, 08001 Barcelona Spain

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, 2025, vol. 66, issue 1, 157-203

Abstract: This article consists of a systematic analysis of a large sample of the first purchasers of annuities issued by the urban governments of Catalonia between the years 1313 and 1367. Based on preliminary literature on the subject, it gathers, describes, and contextualizes, both from the point of view of the fiscal and financial development of the Crown of Aragon as a whole and from a more local perspective, unpublished references to operations of this type from the beginning of the 14th century. In the second part, it analyses a sample, based on unedited data as well as specific studies, of 1,399 annuities sold by eight urban centres between the years 1330 and 1367 (the settlements are in different parts of Catalonia, ranging from big cities like Barcelona or Girona to small towns). These operations are examined according to their chronology, features of contracts and interest rates. Moreover, their buyers are also studied in light of their gender, socioeconomic status, and place of residence. The first purchasers of public debt in Catalonia appear to have been speculative investors, attracted by a financial product that, while lacking complete security, offered high interest rates and the theoretical promise of recovering the capital upon repayment of the credit.

Keywords: Crown of Aragon; Fourteenth Century; Public Debt; Urban Governments; Annuities; Financial Markets; Königreich Aragon; 14. Jahrhundert; Öffentliche Schuld; städtische Regierungen; Renten; Finanzmärkte (search for similar items in EconPapers)
JEL-codes: N (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1515/jbwg-2025-0007 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:jbwige:v:66:y:2025:i:1:p:157-203:n:1007

DOI: 10.1515/jbwg-2025-0007

Access Statistics for this article

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook is currently edited by Dieter Ziegler

More articles in Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook from De Gruyter
Bibliographic data for series maintained by Peter Golla ().