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When Credibility Is not Enough: Fiscal Dominance, Monetary Policy, and Exchange Rates in Early Modern Venice

Institutional design does matter in determining the international credibility of a currency. ....

Emilia Romagna , Stefano Ugolini , Donato Masciandaro , Davide Romelli , Professor Of Economics At Trinity College Dublin , Professor Of Economics At University Toulouse , Economics Of Financial Regulation At Bocconi University , Naked Capitalism , Full Professor , Financial Regulation , Bocconi University , Associate Professor , Trinity College Dublin , Monetisation Experiments , Early Modern , Middle Ages , Banco Del Giro , Cretan War , Venetian Banco , Venetian Republic ,