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State Formation, Institutional Change, And Markets For Public Debt

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Chapter Summary

This chapter demonstrates how growing demands in the area of government funding helped increase the power of Holland's public sector and forced it to develop an institutional framework for the capital market. It deals with the establishment of collective public debt. The chapter discusses the alternatives the counts had for public debt. It also argues that the rulers only gained access to foreign capital markets with the help of the public sector. The chapter further explains how the public sector also managed to sell renten in the emerging domestic capital markets. In the 13th century funded debt was much less expensive than floating debt, and moreover, renten did not require repayment. For succeeding counts the possibilities of selling renten were good. Increasing demands for funding also forced the public sector to maximize the efficiency of taxation and improve its possibilities for selling renten.

Keywords: capital markets; government funding; Holland; public debt; renten



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