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The Economic Crisis of 1619 to 1623

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  • Kindleberger, Charles P.

Abstract

Various states in the Holy Roman Empire prepared for the Thirty Years' War by creating new mints and debasing the subsidiary coinage. The process spread through Gresham's Law: bad money was taken by debasing states to their neighbors and exchanged for good. The neighbor typically defended itself by debasing its own coin. The resulting hyperinflation was terminated early in the war by an agreement to return to the Imperial Augsburg Ordinance of 1559. The Kipper- und Wipperzeit, as the period is called, illuminates the geographic spread of financial crises, German hypennflations of this century, and current proposals for “free banking.”

Suggested Citation

  • Kindleberger, Charles P., 1991. "The Economic Crisis of 1619 to 1623," The Journal of Economic History, Cambridge University Press, vol. 51(1), pages 149-175, March.
    • Handle: RePEc:cup:jechis:v:51:y:1991:i:01:p:149-175_03
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    Cited by:

    1. Karaman, K. Kıvanç & Pamuk, Şevket & Yıldırım-Karaman, Seçil, 2020. "Money and monetary stability in Europe, 1300–1914," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 279-300.
    2. Volckart, Oliver, 2021. "Trade in coinage, Gresham's Law, and the drive to monetary unification: the Holy Roman Empire, 1519-59," LSE Research Online Documents on Economics 109885, London School of Economics and Political Science, LSE Library.
    3. Ulrich Pfister & Jana Riedel & Martin Uebele, 2012. "Real Wages and the Origins of Modern Economic Growth in Germany, 16th to 19th Centuries," Working Papers 0017, European Historical Economics Society (EHES).
    4. Candelon, Bertrand & Metiu, Norbert, 2013. "A distribution-free test for outliers," Discussion Papers 02/2013, Deutsche Bundesbank.
    5. Carlos Eduardo Suprinyak, 2012. "Dreams of order and freedom : debating trade management early 17th century England," Textos para Discussão Cedeplar-UFMG 457, Cedeplar, Universidade Federal de Minas Gerais.
    6. Carlos Eduardo Suprinyak, 2011. "The role of experts in the public assessment of England´s trade crisis of the early 1620´s," Textos para Discussão Cedeplar-UFMG td421, Cedeplar, Universidade Federal de Minas Gerais.
    7. Goodhart, C. A. E. & Masciandaro, Donato & Ugolini, Stefano, 2021. "Pandemic recession, helicopter money and central banking: Venice, 1630," LSE Research Online Documents on Economics 108555, London School of Economics and Political Science, LSE Library.
    8. Carlos Eduardo Suprinyak, 2009. "Interpreting a crisis: trade and money debates in England during the parliament of 1621," Textos para Discussão Cedeplar-UFMG td373, Cedeplar, Universidade Federal de Minas Gerais.
    9. Carlos Eduardo Suprinyak, 2011. "Trade, money, and the grievances of the commonwealth : economic debates in the English public sphere during the commercial crisis of the early 1620’s," Textos para Discussão Cedeplar-UFMG td427, Cedeplar, Universidade Federal de Minas Gerais.
    10. Volckart, Oliver, 2021. "Trade in coinage, Gresham's Law, and the drive to monetary unification: the Holy Roman Empire, 1519-59," Economic History Working Papers 109885, London School of Economics and Political Science, Department of Economic History.
    11. Masciandaro, Donato & Goodhart, Charles & Ugolini, Stefano, 2021. "Pandemic recession and helicopter money: Venice, 1629–1631," Financial History Review, Cambridge University Press, vol. 28(3), pages 300-318, December.
    12. Sussman, Nathan & Zeira, Joseph, 2003. "Commodity money inflation: theory and evidence from France in 1350-1436," Journal of Monetary Economics, Elsevier, vol. 50(8), pages 1769-1793, November.
    13. Jérôme Sgard, 2010. "Bankruptcy Law, Majority Rule, and Private Ordering in England and France (Seventeenth-Nineteenth Century)," Working Papers hal-01069444, HAL.
    14. Jérôme Sgard, 2010. "Bankruptcy Law, Majority Rule, and Private Ordering in England and France (Seventeenth-Nineteenth Century)," SciencePo Working papers Main hal-01069444, HAL.
    15. Chilosi, David & Volckart, Oliver, 2010. "Good or bad money?: debasement, society and the state in the late Middle Ages," Economic History Working Papers 27946, London School of Economics and Political Science, Department of Economic History.
    16. José I. García de Paso, "undated". "The 1628 Castilian Crydown: Origins and Failure," Studies on the Spanish Economy 110, FEDEA.
    17. Shyh-fang Ueng, 2005. "A theory of efficient coexistence," International Economic Journal, Taylor & Francis Journals, vol. 19(3), pages 397-416.
    18. Suprinyak, Carlos Eduardo, 2017. "Journal of the History of Economic Thought Preprints - Dreams of Order and Freedom: Debating Trade Management in Early-17th Century England," SocArXiv 3yu8g, Center for Open Science.
    19. Sgard, Jérôme, 2016. "Courts at work: Bankruptcy statutes, majority rule and private contracting in England (17th–18th century)," Journal of Comparative Economics, Elsevier, vol. 44(2), pages 450-460.
    20. Carlos Eduardo Suprinyak, 2009. "Merchants and councilors: intellectual divergences in early 17th century British economic thought," Textos para Discussão Cedeplar-UFMG td372, Cedeplar, Universidade Federal de Minas Gerais.
    21. Gary B. Gorton, 2016. "The History and Economics of Safe Assets," NBER Working Papers 22210, National Bureau of Economic Research, Inc.

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