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Between Charity and Credit: The Evolution of the Neapolitan Banking System (Sixteenth–Seventeenth Century)

In: Financial Innovation and Resilience

Author

Listed:
  • Paola Avallone

    (National Research Council (CNR) – Institute of Studies on Mediterranean Societies (ISSM))

  • Raffaella Salvemini

    (National Research Council (CNR) – Institute of Studies on Mediterranean Societies (ISSM))

Abstract

Faced with increasing demands for charity by the urban poor, on the one hand, and increased demands for funding by the government, on the other, the “non-profit” institutions in the Kingdom of Naples ultimately came up with a unique model of public banks that combined charity and credit. By providing services such as alms, dowries, food and milk for foundlings, accommodation, clothing, medical care, education and interest-free loans on pledge, they provided social shock absorbers. Operating as true businesses, they produced and sold goods, loaned money to the state, the city and individuals of all classes. As banks, they formed the base of the financial and credit system of the Kingdom of Naples in the sixteenth century, reinvesting profits from their activities into charitable services.

Suggested Citation

  • Paola Avallone & Raffaella Salvemini, 2018. "Between Charity and Credit: The Evolution of the Neapolitan Banking System (Sixteenth–Seventeenth Century)," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 71-93, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90248-7_4
    DOI: 10.1007/978-3-319-90248-7_4
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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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