Seçil Y?ld?r?m-Karaman

Money and monetary stability in Europe, 1300-1914

by K. Kivanç Karaman, Sevket Pamuk, Seçil Yildirim-Karaman 24 February 2018

Some findings from a very longterm historic perspective on monetary systems:

selected quotes:

The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary stability that rely on the mechanics of monetary systems perform poorly when such a long-run perspective is taken.

Through the period we study, monetary systems were transformed more than once with the introductions of ledger, fiduciary, and fiat monies. These new monies were made possible by technological innovations in minting and printing and institutional innovations in banking and legal systems.


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