EUR.MACRO: The 1628 Castilian Crydown: Origins and Failure

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                ABSTRACTS IN ECONOMIC HISTORY
                     (c) 2000 EH.Net
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Name: José I. García de Paso
Email: jipaso@wanadoo.es
Institution: Universidad Complutense, Madrid, Spain

Co-author: none

Title: The 1628 Castilian Crydown: Origins and Failure

Internet Address of abstracted work:

By mail:
Professor José I. García de Paso
Departamento de Análisis Económico
Universidad Complutense
28223 Madrid (Spain)

Language: English

Abstract:
The huge and accelerating Castilian copper money stock drove silver
out of domestic monetary circulation by mid.1620s and caused a
substantial silver premium. In 1626, 1627 and 1628 the Castilian
government implemented several deflationary monetary reforms intended
to eliminate the silver premium and to halt inflation. This paper
describes such reforms and analyze their results. We document that
their lack of success can be traced to the existence at the time of
self-fulfilling expectations about their failure on the part of the
public.

Bibliography: García de Paso, José I. "The 1628 Castilian Crydown:
Origins and Failure." Working paper (September 2000).

Subject: H
Geographical Area: 4
Country/Region: Castile (Spain)
Time Period: 5

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