Priests or bankers? Ecclesiastical credit in early modern Spain

Abstract : This paper examines ecclesiastical credit operations in early modern Spain and suggests that it is anachronistic to judge that Spain's underdeveloped modern banking system must have produced poor financial performance. The analysis of the governance and loan portfolios of a Spanish ecclesiastical order uncovers a sophisticated capital market for long-term loans called censos. The Spanish could do without banks as the country benefited from a highly-developed system of credit provision through religious institutions. Ecclesiastical credit became widely available, ranging from very small loans to farmers to large loans to the urban elite, cities, and merchant companies. .
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Contributeur : Cyril Milhaud <>
Soumis le : mardi 13 septembre 2016 - 16:30:20
Dernière modification le : mercredi 28 septembre 2016 - 16:14:13
Document(s) archivé(s) le : mercredi 14 décembre 2016 - 15:02:50


Priests or bankers (EHR).pdf
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  • HAL Id : hal-01180682, version 2



Cyril Milhaud. Priests or bankers? Ecclesiastical credit in early modern Spain. 2015. 〈hal-01180682v2〉



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