The browser you are using is not supported by this website. All versions of Internet Explorer are no longer supported, either by us or Microsoft (read more here: https://www.microsoft.com/en-us/microsoft-365/windows/end-of-ie-support).

Please use a modern browser to fully experience our website, such as the newest versions of Edge, Chrome, Firefox or Safari etc.

Jaco Zuijderduijn . Photo

Jaco Zuijderduijn

Senior lecturer

Jaco Zuijderduijn . Photo

De schuldvraag : Monetaire politiek, publieke schuld en wanbetaling in Holland, ca. 1466-1489

Incentives and interests : Monetary policy, public debt and default in Holland, c. 1466-1489

Author

  • Jaco Zuijderduijn

Summary, in English

In the second half of the fifteenth century the largest towns in the county of Holland created substantial public debts. This article puts forward the hypothesis that towns speculated on sovereign monetary policy in the process. They exposed themselves and their creditors to fluctuations in the exchange rates between silver and gold coins, which initially caused the reduction of their real 'interest payments' due to ongoing debasement of silver coins, and thus allowed the towns some breathing space. However, when the sovereign decided to revalue silver coins, in 1489, the towns all of a sudden faced much higher expenses, and defaulted. The article explains the mechanism at play, and discusses evidence for speculation by the towns on sovereign monetary policy.

Publishing year

2012

Language

Other

Pages

27-46

Publication/Series

The Low Countries Journal of Social and Economic History / Tijdschrift voor Sociale en Economische Geschiedenis

Volume

9

Issue

3

Document type

Journal article

Publisher

International Institute of Social History

Topic

  • Economic History

Status

Published

ISBN/ISSN/Other

  • ISSN: 1572-1701