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.

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

COLZI, Francesco
2007

Abstract

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.
File in questo prodotto:
Non ci sono file associati a questo prodotto.

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11580/1066
 Attenzione

Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo

Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
social impact