Public Debt and the Quality of Investors in Rome and the Pontifical State Between the 16th and 18th Centuries

The Roman market was a paragon of effective public debt management. The reason for this success was the confidence that the Camera Apostolica (Apostolic Chamber), the main government body, was able to inspire throughout the centuries, thanks to the low risk and the relatively higher returns paid, compared to other instruments, though the area did not provide significant investment alternatives. This article will describe and study the organization, the use and the actors of the Roman public debt through a long-run analysis, setting it within the European financial system.