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UID:3ee95b93c452e314f47291ff5b4e5fdd
CATEGORIES:Seminars
CREATED:20210914T145020
SUMMARY:Lunch Seminar: François Velde - Chicago FED
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong>Monetary Crisis and Reform in 17th c. Naples</strong>" with Lili
 a Costabile</p><p>Abstract:</p><p style="text-align: justify;">In 1622 a ma
 jor foreign exchange and monetary crisis broke out in Naples. We examine th
 e origins of the crisis, going back to the mid-1550s. A sequence of events 
 (in particular policy decisions by the government) led to the replacement o
 f full-bodied coinage by a mixture of inside money, issued by banks, and ov
 ervalued small denominations susceptible to clipping and counterfeiting. Th
 e clipped coins circulated at par domestically but the local currency depre
 ciated on foreign markets. Contemporaries struggled to understand the probl
 em and various solutions were attempted. When it became known that a planne
 d reform might impose costs on coin-holders the exchange rate collapsed.</p
 >
DTSTAMP:20260911T051737Z
DTSTART:20211026T130000Z
DTEND:20211026T140000Z
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