The Provision of Stable Moneys by Florence and Venice, and North Italian Financial Innovations in the Renaissance Period

Abstract

The early thirteenth century saw the introduction, first in Venice, and then across northern Italy of stable larger good silver grossi in contrast to the small increasingly debased piccoli, which turned into black money and eventually copper. The later thirteenth century saw the introduction, first in Florence, and then across northern Italy, of stable gold coinage, which revived the three metal coinage of ancient Rome. More importantly, beginning at the end of the twelfth century in Genoa, the means of cash-less payments, both internationally and locally, evolved across northern Italy. There were precursors in the Islamic world, but the evolution in northern Italy had no counterparts elsewhere. I touch on bills of exchange, cheques, international groups of companies, public banks, state bonds, and stock markets, which also developed in the same period.KeywordsPublic DebtWoollen ClothThirteenth CenturyFifteenth CenturyFourteenth CenturyThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.