Overview
- Highlights the achievements and financial innovation of the public banks of Naples
- Showcases the lessons learned for financial resiliency of the banks of Naples, a striking contrast to most of the other financial systems in Europe, which did not fare as well when confronted by the same shocks of war, natural disasters, or disease
- Reflects on how to deal better with the ongoing problems stemming from the financial crisis of 2007-08
- Includes Foreword by Ignazio Visco, the Governor of the Bank of Italy
Part of the book series: Palgrave Studies in the History of Finance (PSHF)
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About this book
As Ignazio Visco, Governor of the Bank of Italy, says in his Foreword, all economic policy makers today need to re-examine our history to help them confront the challenges of today. This edited volume focuses specifically on the theme of financial innovation and how financial resiliency was achieved in Naples. To highlight both the achievements of the public banks of Naples and their lessons for financial resiliency, the book focuses on financial crises and how they were overcome in Naples in contrast to other European financial systems.
The first section focuses on the development of the public banks unique to Naples. The second section compares those with other banking systems and how they responded to the same shock in 1622, caused by the full mobilization of European belligerents to finance their efforts in the Thirty Years War. The next section compares lessons learned in the rest of Europe over the next century and a half. The final section comes back to original start of the narrative arc to suggest ways that today’s policymakers and thinkers could use the historical experience of the public banks of Naples to deal better with the ongoing problems stemming from the financial crisis of 2007-08.
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Keywords
Table of contents (16 chapters)
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Front Matter
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The Rise of Modern Banking in Naples
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Front Matter
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Comparative Perspectives on the Rise of Public Banks
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Front Matter
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Comparative Perspectives on the Spread of Public Banks
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Front Matter
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Lessons from the Past for the Future?
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Front Matter
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Editors and Affiliations
About the editors
Lilia Costabile is Full Professor of Economics at the University of Naples Federico II. She received her PhD at the University of Cambridge, where she is also Life Member of Clare Hall. In 2016 she received the Prize of the President of the Italian Republic, awarded by the Accademia dei Lincei, for her research in Economics. She is currently involved in a project on “Minimalism and Activism in Central Banking: Lesson from the History of Economic Thought” funded by the ECB through ESHET. She has published widely in academic journals and is the author of a book on Malthus: Sviluppo e ristagno della produzione capitalistica as well as the editor of Istituzioni e sviluppo economico nel Mezzogiorno, and Institutions for Social Well-Being: Alternatives for Europe.
Larry Neal is Emeritus Professor of Economics at the University of Illinois at Urbana-Champaign, and Research Associate of the National Bureauof Economic Research. Co-editor of the 2-volume Cambridge History of Capitalism, and the 4-volume History of Financial Crises, his books include The Rise of Financial Capitalism: International Capital Markets in the Age of Reason, ‘I am not master of events’: The Speculations of John Law and Lord Londonderry in the Mississippi and South Sea Bubbles, and A Concise History of International Finance: From Babylon to Bernanke.
Bibliographic Information
Book Title: Financial Innovation and Resilience
Book Subtitle: A Comparative Perspective on the Public Banks of Naples (1462-1808)
Editors: Lilia Costabile, Larry Neal
Series Title: Palgrave Studies in the History of Finance
DOI: https://doi.org/10.1007/978-3-319-90248-7
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2018
Hardcover ISBN: 978-3-319-90247-0Published: 15 October 2018
Softcover ISBN: 978-3-030-07973-4Published: 08 February 2019
eBook ISBN: 978-3-319-90248-7Published: 28 September 2018
Series ISSN: 2662-5164
Series E-ISSN: 2662-5172
Edition Number: 1
Number of Pages: XXXVI, 372
Number of Illustrations: 20 b/w illustrations, 15 illustrations in colour
Topics: Financial History, Banking