The Late Medieval Bullion Famine Reconsidered
重新审视中世纪晚期欧洲的贵金属短缺现象，指出西欧不可能同时出现国际收支逆差和贵金属短缺，并基于新数据证明法国在1360-1415年间不太可能缺银，过剩白银更可能被窖藏而非出口。
The bullion famine, manifested in chronic balance-of-payments deficits with the East, is widely cited as the cause of the great depression of the Renaissance. Adapting the monetary approach to the balance-of-payments model to the medieval commodity money setting this article shows that western Europe could not suffer a balance-of-payments deficits and bullion shortage simultaneously. New data show that it is unlikely that France suffered a shortage of silver from 1360 to 1415. Minting volumes diverged between regions according to economic fortunes. Excess silver stocks were likely hoarded rather than exported.