As Ignazio Visco, Governor of the Bank of Italy, says in his
Foreword, all economic policy makers today need to re-examine our
history to help them confront the challenges of today. This edited
volume focuses specifically on the theme of financial innovation
and how financial resiliency was achieved in Naples. To highlight
both the achievements of the public banks of Naples and their
lessons for financial resiliency, the book focuses on financial
crises and how they were overcome in Naples in contrast to other
European financial systems. The first section focuses on the
development of the public banks unique to Naples. The second
section compares those with other banking systems and how they
responded to the same shock in 1622, caused by the full
mobilization of European belligerents to finance their efforts in
the Thirty Years War. The next section compares lessons learned in
the rest of Europe over the next century and a half. The final
section comes back to original start of the narrative arc to
suggest ways that today's policymakers and thinkers could use the
historical experience of the public banks of Naples to deal better
with the ongoing problems stemming from the financial crisis of
2007-08.
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