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“Una fiera senza luogo”: Was Bisenzone an International Capital Market in Sixteenth-Century Italy?

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  • PEZZOLO, LUCIANO
  • TATTARA, GIUSEPPE

Abstract

From the mid-sixteenth to the early seventeenth century, Genoese bankers collected money from a variety of sources and lent it to the king of Spain. It was all made possible by the Bisenzone exchange fairs, which created an efficient financial network under Genoese control and permitted arbitrage among northern Italian financial markets. At Bisenzone, Genoese bankers raised money for these loans from a variety of sources, which reduced the risks of lending and funded the king's long-term obligations via short term loans. Bisenzone was in many ways an offshore capital market which operated on an international scale, or, in the language of the sixteenth century, a fair without a place—una fiera senza luogo.

Suggested Citation

  • Pezzolo, Luciano & Tattara, Giuseppe, 2008. "“Una fiera senza luogo”: Was Bisenzone an International Capital Market in Sixteenth-Century Italy?," The Journal of Economic History, Cambridge University Press, vol. 68(4), pages 1098-1122, December.
    • Handle: RePEc:cup:jechis:v:68:y:2008:i:04:p:1098-1122_00
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    Cited by:

    1. Maurizio Drelichman & Joachim Voth, 2011. "Risk sharing with the monarch: Excusable defaults and contingent debt in the age of Philip II, 1556-1598," Economics Working Papers 1284, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2013.
    2. Chilosi, David & Schulze, Max-Stephan & Volckart, Oliver, 2018. "Benefits of Empire? Capital Market Integration North and South of the Alps, 1350–1800," The Journal of Economic History, Cambridge University Press, vol. 78(3), pages 637-672, September.
    3. Kelly B. Olds, 2018. "The Taiwan tea boom—a financial glut," Economic History Review, Economic History Society, vol. 71(4), pages 1227-1248, November.
    4. Fabio Gatti, 2024. "Quantifying Trade from Renaissance Merchant Letters," Diskussionsschriften dp2403, Universitaet Bern, Departement Volkswirtschaft.
    5. Ling-Fan Li, 2015. "Information asymmetry and the speed of adjustment: debasements in the mid-sixteenth century," Economic History Review, Economic History Society, vol. 68(4), pages 1203-1225, November.
    6. Gabriele Camera, Rod Garratt, Cyril Monnet, 2024. "Truth by Consensus: A Theoretical and Empirical Investigation," Diskussionsschriften dp2404, Universitaet Bern, Departement Volkswirtschaft.
    7. Adam Brzezinski & Nuno Palma & François R. Velde, 2024. "Understanding Money Using Historical Evidence," Annual Review of Economics, Annual Reviews, vol. 16(1), pages 571-595, August.
    8. Stefano Ugolini, 2018. "The Historical Evolution of Central Banking," Post-Print hal-01887004, HAL.
    9. Börner, Lars & Hatfield, John William, 2010. "The economics of debt clearing mechanisms," Discussion Papers 2010/27, Free University Berlin, School of Business & Economics.
    10. Ugolini, Stefano, 2018. "The origins of Swiss wealth management? Genevan private banking, 1800–1840," Financial History Review, Cambridge University Press, vol. 25(2), pages 161-182, August.
    11. Giuseppe Tattara, 2021. "Alla radice dei divari regionali. Ricordando stefano fenoaltea," ECONOMIA E SOCIET? REGIONALE, FrancoAngeli Editore, vol. 0(2), pages 5-12.
    12. Drelichman, Mauricio & Voth, Hans-Joachim, 2011. "Funding Empire: Risk, Diversification, and the Underwriting of Early Modern Sovereign Loans," Economics working papers mauricio_drelichman-2011-, Vancouver School of Economics, revised 06 Jul 2011.
    13. Donato Masciandaro & Davide Romelli & Stefano Ugolini, 2024. "Fiscal Dominance, Monetary Policy and Exchange Rates: Lessons from Early-Modern Venice," Trinity Economics Papers tep1124, Trinity College Dublin, Department of Economics.
    14. Brahim Gaies, 2021. "La globalisation financière et ses crises : une continuité de l'Antiquité à nos jours ?," Post-Print hal-03767392, HAL.
    15. Donato Masciandaro & Davide Romelli & Stefano Ugolini, 2023. "Fiscal Dominance, Monetary Policy and Exchange Rates: Lessons from Early-Modern Venice," BAFFI CAREFIN Working Papers 23205, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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