By Marjolein 't Hart, Joost Jonker, Jan Luiten van Zanden
This e-book is the 1st complete review of Dutch monetary background from the 16th century to the current day. it really is replete with facts and figures drawn from clean learn for the main parts that decided the advance of public finance, foreign money and banking. It offers a step by step description of the evolution of the monetary structures in a single of the pioneer international locations of contemporary finance.
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Additional resources for A Financial History of the Netherlands
These basic traits of the Dutch state endured until 1795, when French troops invaded the country and put an end to the old regime. Of direct significance was the fact that no unified tax system was implemented, apart from the customs duties (taxes on imports and exports) and some minor levies. Efforts to create a larger degree of financial unanimity among the federated provinces failed. Opposition to the central policies from The Hague was manifest and strong. Most recalcitrance against the attempts to impose central fiscal measures was demonstrated in the east.
Frequent debasements by many a monarchical state as to their currencies disrupted the stability of interest rates elsewhere. Such abuses were avoided in this republican state, although the crisis of the 1570s did invite the authorities to adopt such practices also. 5 per cent in 1573. The additional revenue was intended as a public loan, yet the funds were never repaid to the owners. The yield must have been approximately 250,000 guilders. Another time around 1575-7 the mint was used as afiscalmeasure as the States of Holland issued the leeuwedaalder at 32 stuivers, three stuivers above their intrinsic value, the extra revenue to be used for warfare, with a yield of 1,000,000 guilders.
The relatively well-off were eager to buy one or more public bonds, which were offered by the local tax receivers in coupons of various sizes. In this respect the Dutch Republic differed again from most other states, where public debts were held mainly by officials (such as in France), by bankers (as in London) or by foreign merchants (as in Sweden). Women were counted among thefinancierstoo: estimations run at about two-fifths of the total. The purchase of Dutch public bonds brought grist to the mills of the investors: in the second half of the seventeenth century, 8 to 10 million guilders were paid in interest to the multitude of debt holders annually (De Vries and Van der Woude 1995, p.