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State Cash Resources and State Building in Europe 13th-18th century

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Katia Béguin
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Anne L. Murphy

Political Construction and the Management of Public Resources

Credit Finance in the Middle Ages: Loans to the English Crown 1272–1345

Adrian R. Bell, Chris Brooks et Tony K. Moore

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Extrait du texte

The following is a summary of some of the key findings of an ESRC-funded project (Grant number RES-062-23-0733) based at the ICMA centre, Henley Business School, University of Reading. This study applied modern financial analysis and theories to the early history of sovereign debt, in this case the credit arrangements between the ‘Three Edwards’, kings of England 1272–1377, and a succession of Italian merchant societies. For the kings, regular access to credit was crucial for the smooth running of governmental administration as well as financing their ambitious foreign policies, while the merchants hoped to benefit from interest payments and also by securing favourable access to English markets, especially for wool. This short chapter will briefly sketch the chronological relationship between the English kings and successive merchant societies, and then explore some key questions in further detail, namely the returns expected by the merchants, how these loans were funded, and whethe...

Auteurs

Adrian R. Bell is Professor of the History of Finance and Head of School at the ICMA Centre, Henley Business School, University of Reading. His research focuses on medieval finance, the life of the medieval soldier and the economics of professional football. He has co-directed several funded projects involving the construction and use of large databases; his most recent book is The English Wool Market, c.1230–1327 (with Chris Brooks and Paul Dryburgh). He is currently co-investigator on a Leverhulme Trust-funded project on medieval foreign exchange. He has recently published: (with C. Brooks and T. Moore) ‘The credit relationship between Henry III and merchants of Douai and Ypres, 1247–1270’, Economic History Review, 67 (1), 2014, pp. 123–145; (with C. Sutcliffe) ‘Valuing medieval annuities: were corrodies underpriced?‘, Explorations in Economic History, 47 (2), 2010, pp. 142–157; (with C. Brooks and T. Moore) Accounts of the English crown with Italian merchant societies, 1272–1345, List and Index Society, 2009; (with C. Brooks and P. Dryburgh) The English wool market c. 1230–1307, Cambridge, Cambridge University Press, 2007.

Chris Brooks is Professor of Finance and Director of Research at the ICMA Centre, Henley Business School. He holds a PhD and a BA in Economics and Econometrics, both from the University of Reading. His areas of research interest include asset pricing, fund management, behavioural finance, financial history, and econometric analysis and modelling in finance and real estate. Chris is author of the first introductory econometrics textbook targeted at finance students, Introductory econometrics for finance (Cambridge, Cambridge University Press, 2014), which is now in its third edition. He has recently published: (with A. Bell and T. Moore) ‘The credit relationship between Henry III and merchants of Douai and Ypres, 1247–1270’, Economic History Review, 67 (1), 2014, pp. 123–145; (with I. Oikonomou and S. Pavelin) ‘The effects of corporate social performance on the cost of corporate debt and credit ratings’, Financial Review, 49 (1), 2014, pp. 49–75; (with A. Bell and T. Moore) ‘Medieval foreign exchange: a time series analysis, M. Casson and N. Hashimzade (eds.), Large databases in economic history: research methods and case studies. Routledge Explorations in Economic History, Abingdon, Routledge, 2013, pp. 97–123; (with A. Bell and T. Moore) ‘Credit finance in 13th-century England: the Ricciardi of Lucia and Edward I 1272–1294’, in J. Burton, F. Lachaud, P. Schofield, K. Stöber and B. Weiler (eds.), Thirteenth-century England XIII (proceedings of the Paris conference, 2009), Woodbridge, Boydell Press, 2011, pp. 101–116.

Tony Moore is Research Associate at the ICMA Centre, Henley Business School, University of Reading. His research interests focus on the relationship between the centre and locality in medieval England and the history of finance. He previously worked on projects investigating medieval English sovereign debt and the aftermath of the loss of Normandy in 1204. He is currently research associate on a Leverhulme Trust-funded project on medieval foreign exchange. He has recently published: (with A. R. Bell and C. Brooks) ‘The credit relationship between Henry III and the merchants of Douai and Ypres, 1247–1270’, Economic History Review, 67 (2014), pp. 123–145; ‘“Score it upon my taille”. The use (and abuse) of tallies by the medieval exchequer’, Reading Medieval Studies, 39 (2013), pp. 1–24.

© Institut de la gestion publique et du développement économique, 2017

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