A thirteenth-century fiscal constitution
The thirteenth century was an era of bold constitutional experiments in Europe. During this age, for the first time in history, fiscal constitutions, i.e., limits on the fiscal prerogatives of the state, emerged. In Portugal, this manifested itself as a monetary constitution that prevented the use o...
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| Veröffentlicht in: | Economic globalization and governance |
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| Format: | UnknownFormat |
| Sprache: | eng |
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2021
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Tag hinzufügen | Zusammenfassung: | The thirteenth century was an era of bold constitutional experiments in Europe. During this age, for the first time in history, fiscal constitutions, i.e., limits on the fiscal prerogatives of the state, emerged. In Portugal, this manifested itself as a monetary constitution that prevented the use of the kings’ minting rights and a hidden tax, namely the 1261 Instrumentum Super Facto Monete, which was presented as a contract. It was a genuine monetary constitution insofar as it had the credible commitment of the state and was enforced by the public, via the Cortes until 1369, when it likely outlived its utility for the markets. The beneficial effects of this constitution in reining potential monetary mischief can be observed in the comparatively low nominal interest rates prevalent in Portuguese capital markets. |
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| ISBN: | 9783030532642 |