The demand of public debt in Castile during the Early Modern Age: the «juros» issued on Murcia’s «alcabalas»
Abstract
The Spanish Crown not only made short term loans from
major international bankers, it also borrowed by issuing long term bonds called «juros», which were bought by Spanish and foreign investors. The issue of such public debt instruments was particularly intense in the 16th and 17th centuries in order to finance the Spanish Crown’s ambitious foreign policy. This paper studies the «juros» issued on Murcia’s «alcabalas » using a data base with all their bonds issued on this tax and city. The
research tries to obtain a picture as clear as possible of the supply and demand of «juros» during that period. We were able to observe a growth in the number of «juros», changes in the average value of their annual rents and the decline of the interest rates paid over time. It shows the development of a market for public debt in Castile.
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The demand of public debt in Castile during the Early Modern Age: the «juros» issued on Murcia’s «alcabalas». (2011). Studia Historica: Historia Moderna, 32, 47-82. https://revistas.usal.es/uno/index.php/Studia_Historica/article/view/8210
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