Moneychangers, Private Information and Gresham's Law in Late Medieval Europe*

Richard Dutu

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2004, vol. 22, issue 3, 555-571

Abstract: In this paper we revive an old explanation for Gresham's law that rests on the trafficking of coins by moneychangers. Focusing on the late Middle Ages, we present material suggesting that moneychangers used their private information on money to make profit through billonnage and arbitrage operations. In both cases their activity led to the partial –sometimes total– disappearance of the undervalued coins.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:cup:reveco:v:22:y:2004:i:03:p:555-571_01

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