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The Provision of Stable Moneys by Florence and Venice, and North Italian Financial Innovations in the Renaissance Period

In: Explaining Monetary and Financial Innovation

Author

Listed:
  • Peter Spufford

    (University of Cambridge)

Abstract

The early thirteenth century saw the introduction, first in Venice, and then across northern Italy of stable larger good silver grossi in contrast to the small increasingly debased piccoli, which turned into black money and eventually copper. The later thirteenth century saw the introduction, first in Florence, and then across northern Italy, of stable gold coinage, which revived the three metal coinage of ancient Rome. More importantly, beginning at the end of the twelfth century in Genoa, the means of cash-less payments, both internationally and locally, evolved across northern Italy. There were precursors in the Islamic world, but the evolution in northern Italy had no counterparts elsewhere. I touch on bills of exchange, cheques, international groups of companies, public banks, state bonds, and stock markets, which also developed in the same period.

Suggested Citation

  • Peter Spufford, 2014. "The Provision of Stable Moneys by Florence and Venice, and North Italian Financial Innovations in the Renaissance Period," Financial and Monetary Policy Studies, in: Peter Bernholz & Roland Vaubel (ed.), Explaining Monetary and Financial Innovation, edition 127, pages 227-251, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-06109-2_9
    DOI: 10.1007/978-3-319-06109-2_9
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    Cited by:

    1. Irene Sotiropoulou, 2021. "Persistent Food Shortages in Venetian Crete: A First Hypothesis," JRFM, MDPI, vol. 14(4), pages 1-15, April.
    2. Peter Bernholz, 2015. "Monetary Regimes and Inflation," Books, Edward Elgar Publishing, number 16527.

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