The debasement puzzle: An essay on medieval monetary history

• 成果类型: Article
• 署名作者: Johns Hopkins University; University of Minnesota System; University of Minnesota Twin Cities
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050700017472
• 发表日期: 1996
• 页码: 789-808
• 关键词: france; money

摘要

We establish several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, we reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. We conclude that debasements pose a challenge to monetary economics.