Good or bad money?: debasement, society and the state in the late Middle Ages
This paper revisits the question of debasement by analysing a newly compiled dataset with a novel approach, as well as employing conventional methods. It finds that mercantile influence on monetary policies favoured relative stability, and wage-payers did not typically gain from silver debasement. Excess demand for bullion was not a major cause of debasement. Yet monetary issues were important. Warfare made the debasement of silver but not of gold more likely. Regime types had an importance comparable to that of warfare: Princes debased silver more often than monetary unions and especially city-states. It is likely that fiscal debasements were more frequent in principalities, not least because princes debased for fiscal reasons also in the absence exceptional needs. The conclusion discusses the implications of the findings.
|Date of creation:||May 2010|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +44 (0) 20 7955 7084
Web page: http://www.lse.ac.uk/economicHistory/
More information through EDIRC
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.:
- N. J. Mayhew, 1995. "Population, money supply, and the velocity of circulation in England, 1300–1700," Economic History Review, Economic History Society, vol. 48(2), pages 238-257, 05.
- David Chilosi & Oliver Volckart, 2009. "Money, states and empire: financial integration cycles and institutional change in Central Europe, 1400-1520," Economic History Working Papers 27884, London School of Economics and Political Science, Department of Economic History.
- Munro, John H., 2000. "The 'New Institutional Economics' and the Changing Fortunes of Fairs in Medieval and Early Modern Europe: the Textile Trades, Warfare, and Transaction Costs," MPRA Paper 11029, University Library of Munich, Germany, revised Feb 2001.
- Glassman, Debra & Redish, Angela, 1988. "Currency depreciation in early modern England and France," Explorations in Economic History, Elsevier, vol. 25(1), pages 75-97, January.
- Oliver Volckart, 2008. "‘The big problem of the petty coins’, and how it could be solved in the late Middle Ages," Economic History Working Papers 22310, London School of Economics and Political Science, Department of Economic History.
- Sargent, Thomas J & Velde, Francois R, 1999.
"The Big Problem of Small Change,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 31(2), pages 137-61, May.
- Kindleberger, Charles P., 1991. "The Economic Crisis of 1619 to 1623," The Journal of Economic History, Cambridge University Press, vol. 51(01), pages 149-175, March.
- Motomura, Akira, 1994. "The Best and Worst of Currencies: Seigniorage and Currency Policy in Spain, 1597–1650," The Journal of Economic History, Cambridge University Press, vol. 54(01), pages 104-127, March.
- Munro, John H., 1988. "Deflation and the petty coinage problem in the late-medieval economy: The case of Flanders, 1334-1484," Explorations in Economic History, Elsevier, vol. 25(4), pages 387-423, October.
- Weber, Ernst Juerg, 1996. ""Imaginary" or "Real" Moneys of Account in Medieval Europe? An Econometric Analysis of the Basle Pound, 1365-1429," Explorations in Economic History, Elsevier, vol. 33(4), pages 479-495, October.
- Bordo, Michael D., 1986. "Money, deflation and seigniorage in the fifteenth century: A review essay," Journal of Monetary Economics, Elsevier, vol. 18(3), pages 337-346, November.
- Volckart, Oliver & Wolf, Nikolaus, 2006. "Estimating Financial Integration in the Middle Ages: What Can We Learn from a TAR Model?," The Journal of Economic History, Cambridge University Press, vol. 66(01), pages 122-139, March.
When requesting a correction, please mention this item's handle: RePEc:ehl:wpaper:27946. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (LSERO Manager on behalf of EH Dept.)
If references are entirely missing, you can add them using this form.