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The Institutional Foundations of Successful Public Borrowing—Models of Public Banks in Habsburg Austria and Habsburg Naples 1700–1800

In: Financial Innovation and Resilience

Author

Listed:
  • Clemens Jobst

    (Oesterreichische Nationalbank (OeNB))

Abstract

This chapter provides a history of public banks in the Habsburg monarchy through the lens of their role as a commitment device in the issuance of public debt. Comparing the Vienna-based Banco del Giro (1703) and Universalbankalität (1714), as well as the Banco di San Carlo (1726/1729) created during the brief Austrian Habsburg rule in Naples between 1707 and 1735, all three failed eventually because the public deemed government influence excessive. In Naples, moreover, the public clearly preferred the existing public banks. Only the Wiener Stadtbanco (Vienna City Bank) founded in 1706 proved successful because it evolved over time to maintain its independence from the monarchy. The Napoleonic Wars, however, overwhelmed it and the monarchy’s finances. The Austrian National Bank replaced it in 1816.

Suggested Citation

  • Clemens Jobst, 2018. "The Institutional Foundations of Successful Public Borrowing—Models of Public Banks in Habsburg Austria and Habsburg Naples 1700–1800," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 243-268, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90248-7_11
    DOI: 10.1007/978-3-319-90248-7_11
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    Cited by:

    1. François R. Velde, 2018. "Neapolitan Banks in the Context of Early Modern Public Banks," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 201-241, Palgrave Macmillan.

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