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Government Debt and Financial Markets: Pro-Cycle Effects in Northern Italy during the XVIth and the XVII Centuries
Beginning with the first decades of the sixteenth century, the principal states of northern Italy along with other states, leaders in the ‘financial revolution’, both on and off the peninsula) faced the problem of long-term public financing by introducing innovations that notably increased collection of monies and tied financial capital to the state organization. These were – even with some differences – the progressive substitution of the emission […]