Stabel P. and Haemers J. (2006) Financial revolution: the supply side story (… almost)

September 12, 2009

Stabel, Peter and Jelle Haemers (2006) “From Bruges to Antwerp. International commercial firms and government’s credit in the late 15th and early 16th century”, in Banca, Crédito y Captial. La Monarquía Hispánica y los antiguos Países Bajos (1505-1700), eds. Carmen Sanz Ayán and Bernardo J. García García, Madrid: Fundación Carlos de Amberes, p.20-38.

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The Financial Revolution – i. e. the gradual increase of government spending made possible by an increasing reliance on loans obtained from the capital markets – has essentially been studied from the side of the public demand. The ability of the markets to match this demand being regarded almost as a given. Meanwhile the impact the governments’ enormous financial needs may have had on private finance have hardly been addressed (p.22). Read the rest of this entry »

Gelderblom O. and Jonker J. (2004) Into a higher gear: the VOC shares and the development of Amsterdam

April 13, 2009

Gelderblom, Oscar and Jonker, Joost (2004) “Completing a Financial Revolution: The Finance of the Dutch East India Trade and the Rise of the Amsterdam Capital Market, 1595-1612”, The Journal of Economic History, 64-3, 641-671.



One of the most commonly mentioned innovations of the British Financial Revolution, which occurred under the reign of William III, is the appearance of a secondary market for public and private securities. The earlier Dutch leg of the Financial Revolution, on the other hand, despite the availability of numerous public securities is usually assumed never to have evolve a meaningful secondary market (p.642). But the authors argue that the creation in 1602 of the Verenigde Oostindische Compagnie (the Dutch East India Company or VOC) led to the emergence of such a secondary market and that this market yield some of the advantage associated with the British innovations (p.643). Read the rest of this entry »

Fritschy W. (2003) A ‘Financial Revolution’ reconsidered

April 9, 2009

Fritschy W. (2003) “A ‘financial revolution’ reconsidered: public finance in Holland during the Dutch Revolt, 1568-1548”, The Economic History Review, 56/1, 57-89.



A financial revolution is often mentioned as an important pre-condition for the rise of a modern state. Post-1689 Britain is the best-known example: a shift from short-term to long-term public debt guaranteed by the Parliament allowed the British government to increased substantially its budget (p.57). A roughly similar process is said to have taken place in the Netherlands at a provincial level, in Holland in the 1540s for instance state´s annuities (renten) are assumed to have replaced the cities’ short-term obligation (p.58). Read the rest of this entry »

Shatzmiller J. (1990) “The best Jew in the world”: another look at medieval Jewish usury

January 15, 2009

Joseph Shatzmiller (1990) Shylock reconsidered: Jews, Moneylending, and Medieval Society, Berkeley, University of California Press, 250p.*


From February to July 1317, a trial opposing a Jewish moneylender called Bondavin to his client Laurent Girard took place in Marseille. Bondavin accused Laurent of not having paid back a 60-sols loan (15). A significant sum, but nothing extraordinary compared to Bondavin own’s fortune (certainly several hundred pounds) (21). So why did Bondavin engaged in a procedure if not for money? Read the rest of this entry »