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  • 5 - Money, Credit and Banking, 1000–1500

  • from Section II - The Medieval Economy, 1000–1500
  • General editor Pedro Lains, Universidade de Lisboa
  • Edited by Leonor Freire Costa, Universidade de Lisboa, Regina Grafe, European University Institute, Florence, Alfonso Herranz-Loncán, Universitat de Barcelona, David Igual-Luis, Universidad de Castilla-La Mancha, Vicente Pinilla, Universidad de Zaragoza, Hermínia Vasconcelos Vilar, Universidade de Évora, Portugal
  • Book:
    An Economic History of the Iberian Peninsula, 700–2000
    Published online:
    22 February 2024
    Print publication:
    29 February 2024, pp 130-157

  • Summary

    This chapter describes the key changes in terms of money, credit and banking in the 1000 to 1500 period within the various kingdoms. It highlights how after a period of late monetization, each Christian kingdom transitioned to centralized models that were well-articulated with their European counterparts while keeping important distinctive traits. Nevertheless, the demand for means of payment on behalf of kings, merchants and other agents stimulated the development of credit. The need for credit spanned the entire Peninsula and the urban/rural divide. Thus, all countries saw the emergence of lively credit markets for (mostly private) borrowers, buttressed by functioning courts and regulations. These markets involved both specialists and non-specialists, but it was only in the Crown of Aragon where financial agents transitioned to institutionalized banks.