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Philip II against the Cortes and the credit freeze of 1575-1577

Christophe Chamley () and Carlos Álvarez-Nogal ()
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Christophe Chamley: PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, Department of Economics - BU - Boston University [Boston], PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: Numerous archival documents show how the suspension of payments by Philip II, in September 1575, on the contracts with Genoese bankers (asientos) induced a freeze of the domestic credit market in Castile through the bankers' intermediation for asientos and the credit interconnections. Commercial fairs stopped, banks failed and trade suffered while the king granted legal protection to the Genoese bankers. The evidence strikingly confirms that by his strategy, Philip II was able to remove the de facto ceiling on the domestic debt (juros) imposed by the fixed revenue commitment of the Castilian cities in the Cortes. The agreement with the bankers was signed in December 1577 immediately after the cities had agreed to the doubling of their commitment.

Keywords: Credit (search for similar items in EconPapers)
Date: 2016-03
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Citations: View citations in EconPapers (6)

Published in Revista de Historia Económica, 2016, 34 (3), pp.351-382

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Journal Article: PHILIP II AGAINST THE CORTES AND THE CREDIT FREEZE OF 1575-1577* (2016) Downloads
Working Paper: Philip II against the Cortes and the credit freeze of 1575-1577 (2016)
Working Paper: Philip II against the Cortes and the credit freeze of 1575-1577 (2015) Downloads
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