A safe asset in early modern Castile, 1543–1714
本文利用定性资料和手工收集的数据库，证明近代早期西班牙卡斯蒂利亚的公共官职成为投资资产，并满足安全资产的所有条件，在逆境中保值增值。
Abstract This article shows how public offices in the early modern period became investment assets in Castile (Spain). Moreover, it demonstrates that offices fulfilled all the conditions for being viewed as safe assets. In particular, through the combination of qualitative sources with a novel hand‐collected database, it shows that offices did not suffer from adverse selection, were traded in liquid secondary markets, and increased their value during periods of economic distress. This research is a pioneer in revealing the existence in early modern times of a haven asset, other than coins and public debt, and showing at the same time the private financial uses of offices.