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A safe asset in early modern Castile, 1543–1714

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  • Víctor M. Gómez‐Blanco

Abstract

This article shows how public offices in the early modern period became investment assets in Castile (Spain). Moreover, it demonstrates that offices fulfilled all the conditions for being viewed as safe assets. In particular, through the combination of qualitative sources with a novel hand‐collected database, it shows that offices did not suffer from adverse selection, were traded in liquid secondary markets, and increased their value during periods of economic distress. This research is a pioneer in revealing the existence in early modern times of a haven asset, other than coins and public debt, and showing at the same time the private financial uses of offices.

Suggested Citation

  • Víctor M. Gómez‐Blanco, 2024. "A safe asset in early modern Castile, 1543–1714," Economic History Review, Economic History Society, vol. 77(1), pages 212-243, February.
    • Handle: RePEc:bla:ehsrev:v:77:y:2024:i:1:p:212-243
    DOI: 10.1111/ehr.13259
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    References listed on IDEAS

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    3. Jeremy Bulow & Paul Klemperer, 2009. "Why Do Sellers (Usually) Prefer Auctions?," American Economic Review, American Economic Association, vol. 99(4), pages 1544-75, September.
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