Les changeurs du royaume sous le règne de Louis XI

Favreau, Robert

doi:10.3406/bec.1964.449671

Cited by 39 publications

(4 citation statements)

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“…That Gresham's law was probably activated on a wide scale is also supported by the evolution of Europe's early modern monetary institutions. According to Favreau (1964), in France, by 1450, the activity of the moneychangers was definitively under control as a reaction to the harm they did to the French kings. By then, as indicated by Chevalier (1973), they had to carry certified letters from the Money Chamber, to take an oath and to lay down a guarantee.…”

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confidence: 99%

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Moneychangers, Private Information and Gresham's Law in Late Medieval Europe

Dutu

2004

RHE / JILAEH

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a RESUMENEn este artículo retomamos una vieja explicación de la Ley de Gresham, que descansa en el tráfico de monedas protagonizado por los cambistas. Centrándo-nos en la Edad Media, presentamos materiales que sugieren que los cambistas hacían uso de la información privilegiada de que disponían en relación con el dinero, para hacer beneficios a través de operaciones de arbitraje y de retirada de la circulación de las mejores monedas. En ambos casos, su actividad daba como resultado la desaparición parcial -y a veces total-de las monedas infravaloradas. 556 ABSTRACTIn this paper we revive an old explanation for Gresham's law that rests on the trafficking of coins by moneychangers. Focusing on the late Middle Ages, we present material suggesting that moneychangers used their private information on money to make profit through billonnage and arbitrage operations. In both cases their activity led to the partial -sometimes total-disappearance of the undervalued coins.

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Section: Resultsmentioning

confidence: 99%

“…13 Ibidem, p.126. 14 See for example the studies by Bigwood (1921Bigwood ( -1922, Favreau (1964), and Guerreau (1974).…”

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Moneychangers, Private Information and Gresham's Law in Late Medieval Europe

Dutu

2004

RHE / JILAEH

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“…There is ample evidence of their activity as coin assayers in Medieval Europe (see e.g. De Roover, 1948;Favreau, 1964;Bonnet, 1973;Chevalier, 1973;De La Roncière, 1973;Bompaire, 1987) but also in Ancient Greece and in the Roman Empire (Lothian, 2003), in Bizance (Kaplanis 2003) and the Islamic world (Udovitch, 1975). Coin assaying was then a central feature of the commodity money system.…”

Section: The Environmentmentioning

confidence: 99%

“…See, e.g.,Bigwood (1921) andFavreau (1964) for accounts of the restrictions applying to coin assaying in Medieval Belgium and France, respectively.…”

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Coin Assaying and Commodity Money

Bignon

Dutu

2016

Macroecon. Dynam.

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We build a model of search and matching in which agents trade using coins that are imperfectly recognizable, but have access to a coin inspection technology—known as coin assaying—that reveals the intrinsic content of coins for a fee. We consider two sources of imperfect information: counterfeit coins and clipping. With counterfeits, coin assaying reduces the extent of inefficiencies associated with imperfect recognizability of coins (namely lower traded quantities and lower trading frequencies). Yet coin assaying does not necessarily increase welfare, because it unmasks counterfeits that then trade at a discount, reducing total output. With clipping, we show that agents clip for two reasons: in the hope of passing an inferior coin for a superior one, and to reduce the purchasing power of coins that are too valuable. Although coin assaying could remove the first type of clipping, it had no effect on the second.

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The Cambridge Economic History of Europe from the Decline of the Roman Empire

1987

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Les changeurs du royaume sous le règne de Louis XI

Cited by 39 publications

References 0 publications

Moneychangers, Private Information and Gresham's Law in Late Medieval Europe

Moneychangers, Private Information and Gresham's Law in Late Medieval Europe

Coin Assaying and Commodity Money

The Cambridge Economic History of Europe from the Decline of the Roman Empire

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