Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period
By specifying the specie on which returns were to be repaid respondentia was an efficient instrument to carry trade in which silver was «essential» for the continuation of commerce. As silver was imported as specie, where a multiplicity of means of payments existed and silver was the preferred money...
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Firenze University Press
2025
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| Online Erişim: | ONIX_20241220_9791221503470_228 |
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| _version_ | 1869524784738467840 |
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| author | Irigoin, Alejandra |
| author_browse | Irigoin, Alejandra |
| author_facet | Irigoin, Alejandra |
| author_sort | Irigoin, Alejandra |
| collection | Directory of Open Access Books |
| description | By specifying the specie on which returns were to be repaid respondentia was an efficient instrument to carry trade in which silver was «essential» for the continuation of commerce. As silver was imported as specie, where a multiplicity of means of payments existed and silver was the preferred money, it performed as foreign currency. Without common standards for foreign coins created issues for trade, the pricing of specie, and exchange rates. Eighteenth century Europeans alternatively used respondentia or bills depending on the monetary context, casting a doubt on the inherent efficiency of a cashless means of payment. Bills of exchange did not circulate outside Europe where cash had a premium. As the intermediary Europe developed means to regulate the price of foreign coins and exchange rates. Elsewhere respondentia had an advantage over bills; it allowed to hedge against uncertainty and propitiated arbitrage profits. |
| format | Online |
| id | doab-20.500.12854ir-149873 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | Firenze University Press |
| publisherStr | Firenze University Press |
| record_format | ojs |
| spelling | doab-20.500.12854ir-1498732025-07-21T15:45:24Z Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period Irigoin, Alejandra Respondentia Private trade finance thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history By specifying the specie on which returns were to be repaid respondentia was an efficient instrument to carry trade in which silver was «essential» for the continuation of commerce. As silver was imported as specie, where a multiplicity of means of payments existed and silver was the preferred money, it performed as foreign currency. Without common standards for foreign coins created issues for trade, the pricing of specie, and exchange rates. Eighteenth century Europeans alternatively used respondentia or bills depending on the monetary context, casting a doubt on the inherent efficiency of a cashless means of payment. Bills of exchange did not circulate outside Europe where cash had a premium. As the intermediary Europe developed means to regulate the price of foreign coins and exchange rates. Elsewhere respondentia had an advantage over bills; it allowed to hedge against uncertainty and propitiated arbitrage profits. 2025-01-16T18:15:01Z 2025-01-16T18:15:01Z 2024-12-20T12:36:10Z 2024 chapter ONIX_20241220_9791221503470_228 2975-1195 https://library.oapen.org/handle/20.500.12657/96433 9791221503470 https://directory.doabooks.org/handle/20.500.12854/149873 eng Datini Studies in Economic History open access image/jpeg Attribution 4.0 International https://library.oapen.org/bitstream/20.500.12657/96433/1/41443.pdf Firenze University Press 10.36253/979-12-215-0347-0.30 10.36253/979-12-215-0347-0.30 2ec4474d-93b1-4cfa-b313-9c6019b51b1a 9791221503470 26 Florence open access |
| spellingShingle | Respondentia Private trade finance thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history Irigoin, Alejandra Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period |
| title | Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period |
| title_full | Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period |
| title_fullStr | Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period |
| title_full_unstemmed | Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period |
| title_short | Chapter Respondentia: The alternative contract for global trade finance in the Early Modern period |
| title_sort | chapter respondentia the alternative contract for global trade finance in the early modern period |
| topic | Respondentia Private trade finance thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history |
| topic_facet | Respondentia Private trade finance thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history |
| url | ONIX_20241220_9791221503470_228 |
| work_keys_str_mv | AT irigoinalejandra chapterrespondentiathealternativecontractforglobaltradefinanceintheearlymodernperiod |