EH.Net Abstracts in Economic History

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

José I. García de Paso (jipaso at wanadoo.es)

Wed Nov 8 13:56:37 EST 2000

                ABSTRACTS IN ECONOMIC HISTORY
                     (c) 2000 EH.Net
-----------------------------------------------------------
Name:  José I. García de Paso
Email:  jipaso at 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

-------------------------------------------------------
Visit the library of Abstracts in Economic History or submit your abstract
at: http://www.eh.net/AEH