Una fiera senza luogo. Was Bisenzone an offshore capital market in sixteenth-century Italy?
AbstractThis paper discusses how Genoese bankers collected money at exchange fairs. This money was then lent to the King of Spain - through the asientos - from the mid-sixteenth to the early seventeenth centuries. Genoese bankers raised capital at the exchange fairs , which were typical short-term credit mechanism, where foreign bills of exchange were discounted over a three-month period. The Genoese funded long-term obligations by means of short term loans which meant they were able to enforce payment to the King and at the same time successfully manage the supply of finance from a large number of easily substitutable markets, located in different states. The Bisenzone fair of exchange was the forerunner to an efficient, widely integrated international capital market where Genoese pre-eminence was firmly established and which the Genoese kept firmly under their control. The success of the Bisenzone fairs of exchange directly challenges the theory which suggests that the laws against usury restrained the development of capital markets in early modern Italy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2006_25.
Length: 35 pages
Date of creation: 2006
Date of revision:
Contact details of provider:
Postal: Cannaregio, S. Giobbe no 873 , 30121 Venezia
Web page: http://www.unive.it/dip.economia
More information through EDIRC
Financial markets; market integration; financial institutions;
Find related papers by JEL classification:
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
- N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- repec:fth:inseep:9645 is not listed on IDEAS
- Raymond de Roover, 1944. "What is Dry Exchange? A Contribution to the Study of English Mercantilism," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 52, pages 250.
- Greif, Avner, 2000. "The fundamental problem of exchange: A research agenda in Historical Institutional Analysis," European Review of Economic History, Cambridge University Press, Cambridge University Press, vol. 4(03), pages 251-284, December.
- Annalisa Rosselli, 2000. "Early Views on Monetary Policy: The Neapolitan Debate on the Theory of Exchange," History of Political Economy, Duke University Press, Duke University Press, vol. 32(1), pages 61-82, Spring.
- Pesaran, M. H. & Shin, Y. & Smith, R. J., 1996. "Testing for the 'Existence of a Long-run Relationship'," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9622, Faculty of Economics, University of Cambridge.
- James Conklin, 1998. "The Theory of Sovereign Debt and Spain under Philip II," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 106(3), pages 483-513, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Geraldine Ludbrook).
If references are entirely missing, you can add them using this form.