Money, Banks and Finance in Economic Thought

Money and banks in the context of early nineteenth-century liberal revolutions

Cardoso José Luís, University of Lisbon

This contribution will focus on the doctrinal and political discussions on money, credit and public debt in the context of the Portuguese liberal revolution of 1820. The first Portuguese bank (Banco de Lisboa) was founded in 1821, in a period of significant economic and political change. The new political situation, which marked the end of the absolutist regime and the beginning of a constitutional monarchy, has created an opportunity for lively debates in the public sphere around topics related to monetary theories and policies. The control of the issuing of paper money and the management of public debt were particularly relevant topics that were subject to scrutiny in parliamentary debates and public opinion making (pamphlets and journals). These topics were closely associated to the constitution of the Banco de Lisboa. The paper will also aim at a comparative approach with similar historical experiences of liberal revolutions in Southern Europe, stressing the links between political change and banking activities.

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Keywords: Money, public debt, Bank of Lisbon, liberal revolutions

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