Good or bad money? A comparative analysis of debasement 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 it is likely that monetary issues were almost as important as fiscal ones. Warfare was an important cause of silver, but not gold, debasement. The regime type had an importance comparable to that of warfare. Princes debased silver more often. It is likely that fiscal debasements were more frequent in principalities than in monetary unions and, especially, city-states. Probably princes debased for fiscal reasons also in the absence of exceptional needs. The conclusion discusses the implications of the findings."