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

Forskningsoutput: TidskriftsbidragArtikel i vetenskaplig tidskrift


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.


Externa organisationer
  • Utrecht University

Ämnesklassifikation (UKÄ) – OBLIGATORISK

  • Ekonomisk historia
Bidragets titel på inmatningsspråkIncentives and interests: Monetary policy, public debt and default in Holland, c. 1466-1489
Sidor (från-till)27-46
Antal sidor20
TidskriftTijdschrift voor Sociale en Economische Geschiedenis
StatusPublished - 2012
Peer review utfördJa
Externt publiceradJa