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The economic and financial development of early modern Europe took place within a fragmented territory beset by jurisdictional obstacles. In Spain, atypical intermediaries managed to circumvent these obstacles by developing a sophisticated system of credit provisioning to overcome the spatial segmentation of local markets. Before banks, ecclesiastical institutions, such as the Theresian Carmelites, offered services ranging from small loans to local peasants to the great financial operations of the king, the nobility of Madrid, the municipal councils, and the trading companies. At the end of the eighteenth century, however, this credit system ended abruptly. The monarchy attacked the main long-term credit institutions of its time to finance costly wars and broke an integrated credit system leaving a gap in long-term lending that no financial institutions would fill for decades.

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Sacré Crédit! The Rise and Fall of Ecclesiastical Credit in Early Modern Spain

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  • 发表日期：

    2025年

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  • Cyril Milhaud

摘要

The economic and financial development of early modern Europe took place within a fragmented territory beset by jurisdictional obstacles. In Spain, atypical intermediaries managed to circumvent these obstacles by developing a sophisticated system of credit provisioning to overcome the spatial segmentation of local markets. Before banks, ecclesiastical institutions, such as the Theresian Carmelites, offered services ranging from small loans to local peasants to the great financial operations of the king, the nobility of Madrid, the municipal councils, and the trading companies. At the end of the eighteenth century, however, this credit system ended abruptly. The monarchy attacked the main long-term credit institutions of its time to finance costly wars and broke an integrated credit system leaving a gap in long-term lending that no financial institutions would fill for decades.