Conflicts, Financial Innovations, and Economic Trends in the Italian States during the Thirty Years’ War

Giuseppe De Luca and Marcella Lorenzini
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Giuseppe De Luca: University of Milan
Marcella Lorenzini: University of Milan

Chapter Chapter 8 in Financial Innovation and Resilience, 2018, pp 165-185 from Palgrave Macmillan

Abstract: Abstract Under the pressure of war finance by the Spanish empire, the cities of Milan and Genoa responded with financial innovations that made up an early financial revolution in the period 1550–1617. The innovations included the progressive substitution of bond issues for compulsory loans, the rise of a lively demand for state securities due to the earmarking of future tax income for interest payment, their easy transferability and their tax-free status. The Genoese further created an offshore capital market with its own currency of account. More municipal and business organizations participated in the expanded market for credit that arose from the usefulness of sovereign debt as collateral for private financial ventures. New forms of business enterprise emerged to take advantage of the expanded sources of finance.

Keywords: Financial history; Early modern age; Financial institutions; Financial intermediaries; Informal credit market (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/978-3-319-90248-7_8

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