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Public Finance and Fiscal Policy. The Papal States in Early Modern Age

In: Portugal in a European Context

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  • Fausto Piola Caselli

    (University of Cassino and Meridional Lazio)

Abstract

In 1559, after a long period of warfare, Italy was divided into many states, which were often dominated by foreign powers. Only Piedmont had been able to keep its full autonomy. In its turn, the central government of the Papal States was continuously engaged in a delicate balancing game with the major towns, who could rely on a very fruitful system of tolls. After the Reform period, the Papal state general expenses were mainly covered by grants, by donations and by an efficient public debt system, which in turn could continuously increase thanks to the general decrease in the market rate of interest, which was not unique to Italy. However, starting from the second half of the seventeenth century, the Papal State finally introduced a wide system of tolls at the border, which was soon joined by a real estate registry. This marked the beginning of a new fiscal system, based both on direct and indirect taxation, which markedly changed the political and economic relationships between the centre and the periphery.

Suggested Citation

  • Fausto Piola Caselli, 2023. "Public Finance and Fiscal Policy. The Papal States in Early Modern Age," Palgrave Studies in the History of Finance, in: Rodrigo da Costa Dominguez & Amélia Aguiar Andrade (ed.), Portugal in a European Context, pages 299-324, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-031-06227-8_15
    DOI: 10.1007/978-3-031-06227-8_15
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