L’efficienza dei mercati finanziari in età preindustriale. Il sistema dei "monti" nello Stato pontificio (secc. XVI-XVII)

In Moderne Age Rome the financial market – particularly the market of the public debt bonds - had the main qualities of efficiency, i.e. security, profitability in the long run, transparency and efficiency commensurate with the risk. The market of the papal public debt was adapted to the needs of investors (security, low transaction costs, transparency) and issuers (continuous and massive flow of capital). The efficiency of the market was not, therefore, "absolute", but adapted to the needs of operators, a fact quite extraordinary to Europe in pre-industrial age.