The Debasement of the “Dollar of the Middle Ages”
研究了拜占庭金币在君士坦丁九世统治期间的贬值原因，否定了交易量增加的解释，认为是为支付对佩切涅格人的长期战争而采取的财政措施。
The debasement of the Byzantine gold coin during the reign of Constantine IX Monomachus (1042–1055) marked the end of more than seven centuries of near stability and the beginning of a sharp fall in the coin's gold content. I reject a widely accepted view that the debasement was caused by the increase in the number of transactions in an expanding economy. I explain the debasement as being a measure undertaken to finance the protracted war against the Pechenegs in the latter half of Constantine's reign.I would like to thank Judith Herrin for her help and encouragement and for first suggesting that I look at this problem. I would also like to thank this JOURNAL's editor and three anonymous referees whose comments and recommendations significantly improved this article. Finally, thanks are also due to Richard Brealey, Ian Cooper, Michael Crawford, Julian Franks, Jonathan Goodman, Mervyn King, Michael Metcalf, Robert Mundell, Anthony Neuberger, and Gabriel Stein.