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Capital In A Frontier Economy: Portugal, 1230–1500

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  • Henriques, António

Abstract

In this paper we show that Portugal benefitted from comparatively low-interest rates from the 13th century onwards, well before the generalised drop in interest rates in Europe. Contrary to the thesis that frontier economies struggle with high-interest rates and scarcity of capital, we find that the country's low and stable interest rates can be explained by its wide availability of land, combined with monetary stability and a favourable institutional network. These conclusions are built upon an entirely new dataset of interest rates and returns on capital for Portugal in the period 1230–1500.

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  • Henriques, António, 2020. "Capital In A Frontier Economy: Portugal, 1230–1500," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 38(1), pages 11-44, March.
    • Handle: RePEc:cup:reveco:v:38:y:2020:i:1:p:11-44_3
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    Cited by:

    1. Kufenko, Vadim & Khaustova, Ekaterina & Geloso, Vincent, 2022. "Escape underway: Malthusian pressures in late imperial Moscow," Explorations in Economic History, Elsevier, vol. 85(C).

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