Money and monetary stability in Europe, 1300–1914

Abstract

This Discussion Paper is issued under the auspices of the Centre's research programme in ECONOMIC HISTORY and MONETARY ECONOMICS AND FLUCTUATIONS. Any opinions expressed here are those of the author(s) and not those of the Centre for Economic Policy Research. Research disseminated by CEPR may include views on policy, but the Centre itself takes no institutional policy positions. The Centre for Economic Policy Research was established in 1983 as an educational charity, to promote independent analysis and public discussion of open economies and the relations among them. It is pluralist and non-partisan, bringing economic research to bear on the analysis of medium-and long-run policy questions. These Discussion Papers often represent preliminary or incomplete work, circulated to encourage discussion and comment. Citation and use of such a paper should take account of its provisional character.

The Vagaries of the Sea: Evidence on the Real Effects of Money from Maritime Disasters in the Spanish Empire

“…In early modern Spain nominal adjustments could take place not only through a fall in wages and prices, but also through a change in the silver value of the unit of account (UOA) Karaman et al, 2018). Wages and prices in Castile were commonly expressed in Maravedí -the Castilian UOA -and Castilian coins possessed a Maravedí face value.…”

American Precious Metals and Their Consequences for Early Modern Europe

“…Yet, such measures only served as temporary remedies at best. In worse cases where debasements were motivated by fiscal purposes, they could lead to significant depreciations and inflation (Karaman et al 2019).…”

Money, Banking, and Old-School Historical Economics

“…This opened the door to examining the variety of practices and how monetary authorities adapted their balance sheet policies to the needs of banks with which they had relationships. A more functional view of central banking has also led to study institutions that might not be central banks in the modern sense, but exercised the functions with governments perilous; survival often required these institutions to maintain a "gentlemanly distance" with their sponsors (see Karaman, Pamuk, and Yıldırım-Karaman 2019 for similar considerations in the case of monetary debasements). But to appreciate the inventiveness of these proto-central banks requires in-depth archival research, guided by a sharp understanding of the bundle of functions.…”