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The Public Banks of Naples Between Financial Innovation and Crisis

In: Financial Innovation and Resilience

Author

Listed:
  • Lilia Costabile

    (Università di Napoli Federico II)

  • Eduardo Nappi

    (Archivio Storico del Banco di Napoli)

Abstract

Starting in the second half of the sixteenth century, the public banks of Naples initiated the pattern of financial innovation, crisis and recovery that characterised their resiliency over the next centuries. Their circulating deposit certificates, fedi di credito, gave rise to the first example of a paper circulation in the Western world. The public banks also created money through loans and introduced the innovative instrument of cash credits. However, their financial innovations contributed to banking crises, particularly the first, cataclysmic, crisis of 1622. Together with governmental authorities, they introduced a package of bail-in, bail-out and temporary “nationalisation” measures that, with further financial innovations, restored their growth in the 1630s. These foundational decades of their life provided a blueprint for the resolution of future banking crises.

Suggested Citation

  • Lilia Costabile & Eduardo Nappi, 2018. "The Public Banks of Naples Between Financial Innovation and Crisis," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 17-53, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90248-7_2
    DOI: 10.1007/978-3-319-90248-7_2
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