Equity short-term finance under Philip II, with an option to long-term funded debt

Christophe Chamley
Authors registered in the RePEc Author Service: Carlos Álvarez-Nogal ()

IFCS - Working Papers in Economic History.WH from Universidad Carlos III de Madrid. Instituto Figuerola

Abstract: Men of finance raised funds for loans, asientos, to Philip II by trading short-term financial instruments in credit markets and by selling long-term annuities, juros. These activities are illustrated by an asiento with the Maluenda brothers (July 13, 1595), where short-term credit secured by the equity of the fleets from the Indies were, for more than one half, converted into funded life annuities that were sold by the Maluendas. The new analysis of this asiento relies on its dossier of more than 400 pages in the archives of Simancas, including the contract, the monitoring attachments, and the final audit.

Keywords: verification; public; finances; Philip; II; asientos; juros; methodology; archives (search for similar items in EconPapers)
JEL-codes: N01 N13 N23 N43 (search for similar items in EconPapers)
Date: 2015-05-01
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (1)

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Working Paper: Equity short-term finance under Philip II, with an option to long-term funded debt (2015)
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