Álvarez-Nogal, Carlos; Chamley, Christophe - In: Economic History Review 67 (2014) 1, pp. 192-213
type="main" <p>Under Philip II, Castile was the first country with a large nation-wide domestic public debt. A new view of that fiscal system is presented that is potentially relevant for other fiscal systems in Europe before 1800. The credibility of the debt, mostly in perpetual redeemable...</p>