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Extra resources for A New Interpretation of Information Rate
For this reason, secondary market juros helped to develop the financial system in Castile. 34 On the other hand, the public debt secondary market took advantage of the development of ALONSO GARCÍA, ‘GOVERNMENT DEBTS AND FINANCIAL MARKETS IN CASTILE’ 41 the financial system. 35 It is clear that the increased number of juros would not have been possible without a developed financial market which permitted transactions with the reigning monarch’s agents and other merchants. Financing Embassies: Money Transfer from Castile to other Countries So far we have dealt with the tax system and financiers in Castile.
Other financiers employed brokers to make their transactions at the fair. Some of these agents were servants of the main financier. 15 Rodrigo Álvarez de Madrid and Fernando de Palma, both citizens of Málaga, worked together. However other brokers were independent financiers: Francisco de Berlanga was an important tax farmer of Aranda de Duero16 and, a few years before, had had a company with Juan de Gumiel and Sevillian Pedro del Alcázar. It is very significant that Juan de Gumiel was the son of Nuño de Gumiel, exchequer of Philip I.
In short, as the parliament took on the whole political power after the Glorious Revolution the road would have been paved for funding the debt, with the resulting decline of the interest rate and the development of the financial market. This was due to the credibility of the parliament as a debtor and above all as a unique body responsible for a fiscal policy as well as the more effective enforcement of property rights. 63 The link between efficiency of public debt and constitutional power would therefore seem quite weak.