 Sacré Crédit! The Rise and Fall of Ecclesiastical Credit in Early Modern SpainCyril Milhaud ()
A chapter in Beyond Banks, 2025, pp 273-298 from Palgrave Macmillan Abstract: Abstract The economic and financial development of early modern Europe took place within a fragmented territory beset by jurisdictional obstacles. In Spain, atypical intermediaries managed to circumvent these obstacles by developing a sophisticated system of credit provisioning to overcome the spatial segmentation of local markets. Before banks, ecclesiastical institutions, such as the Theresian Carmelites, offered services ranging from small loans to local peasants to the great financial operations of the king, the nobility of Madrid, the municipal councils, and the trading companies. At the end of the eighteenth century, however, this credit system ended abruptly. The monarchy attacked the main long-term credit institutions of its time to finance costly wars and broke an integrated credit system leaving a gap in long-term lending that no financial institutions would fill for decades. Keywords: Credit markets; Early modern Spain; Ecclesiastical institutions; Market fragmentation; Financial repression (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-031-75819-5_9 Ordering information: This item can be ordered from DOI: 10.1007/978-3-031-75819-5_9 Access Statistics for this chapter More chapters in Palgrave Studies in the History of Finance from Palgrave Macmillan |
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