Macro Policies 2: Monetary and Financial Prudence, Minimal Public Debt

  • Oleh Havrylyshyn
  • Nora Srzentić
Part of the Palgrave Studies in Economic History book series (PEHS)


Similar to fiscal policy, the historical literature gives a very positive assessment of monetary and currency policy with minimal metallic debasement. Noting consequently low inflation, together with the fiscal prudence discussed in the previous chapter, such credible monetary policy and stable currency, plus sufficient credit availability to fuel commerce, provided in Mediaeval Ragusa the now-traditional pillars of trade expansion and economic development.


Exchange Rate Interest Rate Monetary Policy Silver Content Banking Activity 
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© Oleh Havrylyshyn and Nora Srzentić 2015

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  • Oleh Havrylyshyn
  • Nora Srzentić

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