The Structure and Efficiency of the Public Debt Administration of the Papal States (16th-17th Centuries)

This contribution analyzes the public debt administration of the Papal States in 16th and 17th centuries to demonstrate how the high level of efficiency achieved has contributed to obtaining a good consideration of the securities on the market. In particular, the study examines the organization employed to manage the daily practices, the legislation enacted and the accounting tools used. The accounting and administrative structure must be studied not only as a technique, but also as a configuration element of the social and organizational context of the society. In Papal States there was a widespread mentality anchored to caution, which the administration of public debt impeccably interpreted satisfying the investors' demand for safety and profitability. The pontifical bureaucracy was, in fact, based on a rigorous division of administrative work, on the competence and technical knowledge of officials, on a balanced hierarchy of offices and on the application of simple but efficient procedures that strengthened the good reputation of the securities and, ultimately, reinforced the state building process