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Equity short-term finance under Philip II, with an option to long-term funded debt

Listed author(s):
  • Carlos álvarez-Nogal

    (Universidad Carlos III, Madrid)

  • Christophe Chamley

    (Boston University)

Men of finance raised funds for loans, asientos, to Philip II by trading short-term financial instruments in credit markets and by selling long-term annuities, juros. These activities are illustrated by an asiento with the Maluenda brothers (July 13, 1595), where short-term credit secured by the equity of the fleets from the Indies were, for more than one half, converted into funded life annuities that were sold by the Maluendas. The new analysis of this asiento relies on its dossier of more than 400 pages in the archives of Simancas, including the contract, the monitoring attachments, and the final audit.

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File URL: http://www.ehes.org/EHES_79.pdf
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Paper provided by European Historical Economics Society (EHES) in its series Working Papers with number 0079.

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Length: 37 pages
Date of creation: Jun 2015
Handle: RePEc:hes:wpaper:0079
Contact details of provider: Web page: http://www.ehes.org

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  1. Chamley, Christophe, 2011. "Interest Reductions in the Politico-Financial Nexus of Eighteenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 71(03), pages 555-589, September.
  2. Drelichman, Mauricio & Voth, Hans-Joachim, 2011. "Serial defaults, serial profits: Returns to sovereign lending in Habsburg Spain, 1566-1600," Explorations in Economic History, Elsevier, vol. 48(1), pages 1-19, January.
  3. Carlos Álvarez-Nogal & Christophe Chamley, 2014. "Debt policy under constraints: Philip II, the Cortes, and Genoese bankers," Economic History Review, Economic History Society, vol. 67(1), pages 192-213, February.
  4. Drelichman, Mauricio & Voth, Hans-Joachim, 2010. "The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566–1596," The Journal of Economic History, Cambridge University Press, vol. 70(04), pages 813-842, December.
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