Debt policy under constraints: Philip II, the Cortes, and Genoese bankers
研究了菲利普二世时期卡斯蒂利亚的国内公共债务制度，发现通过城市议会管理的分散化税收增强了债务可信度，短期债务危机源于长期债务偿债负担过重而非流动性问题。
Under P hilip II , C astile was the first country with a large nation‐wide domestic public debt. A new view of that fiscal system is presented that is potentially relevant for other fiscal systems in E urope before 1800. The credibility of the debt, mostly in perpetual redeemable annuities, was enhanced by decentralized funding through taxes administered by cities making up the R ealm in the C ortes. The accumulation of short‐term debt depended on refinancing through long‐term debt. Financial crises in the short‐term debt occurred when the service of the long‐term debt reached the revenues of its servicing taxes. They were not caused by liquidity crises and were resolved after protracted negotiations in the C ortes by tax increases and interest rate reductions.