Affiliation:
1. Universidad Carlos III de Madrid and Tilburg University
Abstract
AbstractThis article shows how public offices in the early modern period became investment assets in Castile (Spain). Moreover, it demonstrates that offices fulfilled all the conditions for being viewed as safe assets. In particular, through the combination of qualitative sources with a novel hand‐collected database, it shows that offices did not suffer from adverse selection, were traded in liquid secondary markets, and increased their value during periods of economic distress. This research is a pioneer in revealing the existence in early modern times of a haven asset, other than coins and public debt, and showing at the same time the private financial uses of offices.
Subject
Economics and Econometrics,History
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