Financial Innovation and Resilience

• Highlights the achievements and financial innovation of the public banks of Naples
• Showcases the lessons learned for financial resiliency of the banks of Naples, a striking contrast to most of the other financial systems in Europe, which did not fare as well when confronted by the same shocks of war, natural disasters, or disease
• Reflects on how to deal better with the ongoing problems stemming from the financial crisis of 2007-08

Auteur
Lilia Costabile is Full Professor of Economics at the University of Naples Federico II. She received her PhD at the University of Cambridge, where she is also Life Member of Clare Hall. In 2016 she received the Prize of the President of the Italian Republic, awarded by the Accademia dei Lincei, for her research in Economics. She is currently involved in a project on "Minimalism and Activism in Central Banking: Lesson from the History of Economic Thought" funded by the ECB through ESHET. She has published widely in academic journals and is the author of a book on Malthus: Sviluppo e ristagno della produzione capitalistica as well as the editor of Istituzioni e sviluppo economico nel Mezzogiorno, and Institutions for Social Well-Being: Alternatives for Europe.

Larry Neal is Emeritus Professor of Economics at the University of Illinois at Urbana-Champaign, and Research Associate of the National Bureau of Economic Research. Co-editor of the 2-volume Cambridge History of Capitalism, and the 4-volume History of Financial Crises, his books include The Rise of Financial Capitalism: International Capital Markets in the Age of Reason, 'I am not master of events': The Speculations of John Law and Lord Londonderry in the Mississippi and South Sea Bubbles, and A Concise History of International Finance: From Babylon to Bernanke.

Contenu

Chapter 1. The Pattern of Central Bank Development: Past, Present and Future; C. A. E. Goodhart.- Part I. The Rise of Modern Banking in Naples. Chapter 2. The Public Banks of Naples between Financial Innovation and Crisis; Lilia Costabile and Eduardo Nappi.- Chapter 3. Before the Public Banks: Innovation and Resilience by Charities in Fifteenth Century Naples; Rosalba Di Meglio.- Chapter 4. Between Assistance and Credit: The Evolution of the Neapolitan Banking System (16 th 17 th Century); Paola Avallone and Raffaella Salvemini.- Chapter 5. The Investments of Neapolitan Public Banks: a Long Run View (1587-1863); Francesco Balletta, Luigi Balletta and Eduardo Nappi.- Part II. Comparative Perspectives on the Rise of Public Banks.- Chapter 6. The Variety of Financial Innovations in European War Finance during the Thirty Years' War; Larry Neal.-Chapter 7. A Tale of Three Banking Systems: Florence, Genoa and Venice in the Renaissance; Luciano Pezzolo.- Chapter 8. Conflicts, Financial Innovations, and Economic Trends in the Italian States during the Thirty Years' War; Giuseppe De Luca and Marcella Lorenzini.- Chapter 9. Experimenting with Paper Money during the English Civil Wars and Interregnum: Monetisation versus Securitisation, 1643-1663; D'Maris Coffman.- Part III. Comparative Perspectives on the Spread of Public Banks.- Chapter 10. Neapolitan Banks in the Context of Early Modern Europe; François Velde.- Chapter 11 The Institutional Foundations of Successful Public Borrowing Models of Public Banks in Habsburg Austria and Habsburg Naples 17001800; Clemens Jobst.- Chapter 12. John Law: a Twenty-first Century Banker in the Eighteenth Century; Antoin E. Murphy.- Chapter 13. The Bank of Amsterdam's Search for Success and Stability; Stephen Quinn and William Roberds.- Part IV. Lessons from the Past for the Future?.- Chapter 14. Banks, Financial Markets, and the Development of International Currencies; Barry Eichengreen.- Chapter 15. Public Banks, Public Orientation and the Great Financial Crisis of 2007-2008; Gerald Epstein and Devika Dutt.- Chapter 16. Profit and Non-Profit Motives in the Public Banks of Naples: An Old Model in Modern Perspective; Adriano Giannola.