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The Economic Crisis of 1619 to 1623

  • Charles P. Kindleberger (a1)

Various states in the Holy Roman Empire prepared for the Thirty Years' War by creating new mints and debasing the subsidiary coinage. The process spread through Gresham's Law: bad money was taken by debasing states to their neighbors and exchanged for good. The neighbor typically defended itself by debasing its own coin. The resulting hyperinflation was terminated early in the war by an agreement to return to the Imperial Augsburg Ordinance of 1559. The Kipper- und Wipperzeit, as the period is called, illuminates the geographic spread of financial crises, German hypennflations of this century, and current proposals for “free banking.”

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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Howard E. Ellis , German Monetary Theory, 1905–1933 (Cambridge, MA, 1934).

J. S. Gould , “The Trade Depression of the Early 1620s,” Economic History Review, 2nd series, 7 (081954), pp. 8190.

C. P. Kindleberger , Manias, Panics and Crashes: A History of Financial Crises, 2nd edn. (New York, 1989).

Barry E. Supple , “Thomas Mun and the Commercial Crisis, 1623,” Bulletin of the Institute of Historical Research, 27 (051954), pp. 9194.

Barry E. Supple , “Currency and Commerce in the Early Seventeenth Century,” Economic History Review, 2nd ser., 10 (051957), pp. 239–55.

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The Journal of Economic History
  • ISSN: 0022-0507
  • EISSN: 1471-6372
  • URL: /core/journals/journal-of-economic-history
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