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Neapolitan Banks in the Context of Early Modern Public Banks

In: Financial Innovation and Resilience

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  • François R. Velde

    (Federal Reserve Bank of Chicago)

Abstract

I examine the Neapolitan public banks, a group of non-profit institutions that emerged in the late sixteenth century, in the context of the early public banks that existed elsewhere in early modern Europe. In terms of size and stability, they compare well with their peers, in spite of a difficult political and economic environment. They were also remarkably financially advanced for their time. Their success is likely due to their ownership structure, governance and well-managed relationship with the monarchical authorities.

Suggested Citation

  • François R. Velde, 2018. "Neapolitan Banks in the Context of Early Modern Public Banks," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 201-241, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90248-7_10
    DOI: 10.1007/978-3-319-90248-7_10
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    1. Stephen Quinn & William Roberds, 2015. "Responding to a Shadow Banking Crisis: The Lessons of 1763," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(6), pages 1149-1176, September.
    2. Earl J. Hamilton, 1949. "Spanish Banking Schemes before 1700," Journal of Political Economy, University of Chicago Press, vol. 57(2), pages 134-134.
    3. François R. Velde, 2009. "Chronicle of a Deflation Unforetold," Journal of Political Economy, University of Chicago Press, vol. 117(4), pages 591-634, August.
    4. Rosalba Di Meglio, 2018. "Before the Public Banks: Innovation and Resilience by Charities in Fifteenth-Century Naples," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 55-70, Palgrave Macmillan.
    5. Paola Avallone & Raffaella Salvemini, 2018. "Between Charity and Credit: The Evolution of the Neapolitan Banking System (Sixteenth–Seventeenth Century)," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 71-93, Palgrave Macmillan.
    6. Francesco Balletta & Luigi Balletta & Eduardo Nappi, 2018. "The Investments of the Neapolitan Public Banks: A Long Run View (1587–1806)," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 95-123, Palgrave Macmillan.
    7. Clemens Jobst, 2018. "The Institutional Foundations of Successful Public Borrowing—Models of Public Banks in Habsburg Austria and Habsburg Naples 1700–1800," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 243-268, Palgrave Macmillan.
    8. Lilia Costabile & Larry Neal (ed.), 2018. "Financial Innovation and Resilience," Palgrave Studies in the History of Finance, Palgrave Macmillan, number 978-3-319-90248-7, December.
    9. Stefano Ugolini, 2017. "The Evolution of Central Banking: Theory and History," Palgrave Studies in Economic History, Palgrave Macmillan, number 978-1-137-48525-0.
    10. Malanima, Paolo, 2011. "The long decline of a leading economy: GDP in central and northern Italy, 1300–1913," European Review of Economic History, Cambridge University Press, vol. 15(2), pages 169-219, August.
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    Cited by:

    1. Stefano Ugolini, 2018. "The Historical Evolution of Central Banking," Post-Print hal-01887004, HAL.

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    More about this item

    Keywords

    Early Central Banks; Public Banks; Naples; Bank Governance; Government Debt; Monetary Policy;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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