Carlos Álvarez-Nogal is Professor of Economic History at Universidad Carlos III de Madrid and Visiting Professor at Stanford University, Caltech and Paris School of Economics. Christophe Chamley is Professor of Economics at Boston University, Emeritus Professor EHESS at the Paris School of Economics, holder of a Cátedra de Excelencia in 2014 at Universidad Carlos III de Madrid, fellow of the Econometric Society and author of Rational Herds: Economic Models of Social Learning (2004).

'Through creative use of primary sources and deep insights from both political economy and financial economics, Álvarez-Nogal and Chamley provide a fresh view of Philip II's struggles with his parliament and the way the outcomes affected the development of Philip's Empire and financial markets in both Spain and elsewhere.' Timothy W. Guinnane, Philip Golden Bartlett Professor of Economic History, Emeritus, Yale University

• Introduction; Part I. Castile in the 16th Century: Markets, Banks and Credit: 1. Castilian cities, Habsburgs, and bankers; 2. The fairs of Medina del Campo; 3. The public banks of Castile; 4. The administration of the royal finances; 5. Royal revenues in Castile; 6. The long-term debt: the juros; 7. Crecimientos: reducing the yields of juros; 8. A model for the public finances in Castile; Part II. The First Years: Triumphant Battles with the Pope, France, the Bankers and the Cortes: 9. The young prince and the financial weapon; 10. First test: the 1557 debt restructuring and the war; 11. The 1560 Cortes: a new relationship; Part III. The Sixties: Turning to the South While the North was Brewing: 12. The bull of the crusade; 13. Taxation in the low countries; 14. The short-term debt: the asientos before 1575; 15. Financing the construction of the Escorial with factorias; Part IV. The Main Confrontation with the Cities and the Crisis of 1575–77: 16. Obstruction in the Cortes (1572–1575); 17. Acceleration towards the crisis: 1575; 18. The Decreto of 1575; 19. The crisis in the credit market; 20. War of attrition between the crown and the cities (1576–77); 21. Resolution; Part V. The Latter Part of the Reign: 22. Financing in Flanders; 23. Exploiting the Armada's disaster: the millones; 24. The Fiesco asiento: from fountains in Castile to streams in Flanders; 25. Mesadas with an option to refinance in juros: the maluenda asiento; 26. The renewal of the service of millones and the decree of 1596; 27. The resolution of the last crisis; Acknowledgments ; Archives; Bibliography; Index.

Carlos Álvarez-Nogal is Professor of Economic History at Universidad Carlos III de Madrid and Visiting Professor at Stanford University, Caltech and Paris School of Economics. Christophe Chamley is Professor of Economics at Boston University, Emeritus Professor EHESS at the Paris School of Economics, holder of a Cátedra de Excelencia in 2014 at Universidad Carlos III de Madrid, fellow of the Econometric Society and author of Rational Herds: Economic Models of Social Learning (2004).

'Through creative use of primary sources and deep insights from both political economy and financial economics, Álvarez-Nogal and Chamley provide a fresh view of Philip II's struggles with his parliament and the way the outcomes affected the development of Philip's Empire and financial markets in both Spain and elsewhere.' Timothy W. Guinnane, Philip Golden Bartlett Professor of Economic History, Emeritus, Yale University

• Introduction; Part I. Castile in the 16th Century: Markets, Banks and Credit: 1. Castilian cities, Habsburgs, and bankers; 2. The fairs of Medina del Campo; 3. The public banks of Castile; 4. The administration of the royal finances; 5. Royal revenues in Castile; 6. The long-term debt: the juros; 7. Crecimientos: reducing the yields of juros; 8. A model for the public finances in Castile; Part II. The First Years: Triumphant Battles with the Pope, France, the Bankers and the Cortes: 9. The young prince and the financial weapon; 10. First test: the 1557 debt restructuring and the war; 11. The 1560 Cortes: a new relationship; Part III. The Sixties: Turning to the South While the North was Brewing: 12. The bull of the crusade; 13. Taxation in the low countries; 14. The short-term debt: the asientos before 1575; 15. Financing the construction of the Escorial with factorias; Part IV. The Main Confrontation with the Cities and the Crisis of 1575–77: 16. Obstruction in the Cortes (1572–1575); 17. Acceleration towards the crisis: 1575; 18. The Decreto of 1575; 19. The crisis in the credit market; 20. War of attrition between the crown and the cities (1576–77); 21. Resolution; Part V. The Latter Part of the Reign: 22. Financing in Flanders; 23. Exploiting the Armada's disaster: the millones; 24. The Fiesco asiento: from fountains in Castile to streams in Flanders; 25. Mesadas with an option to refinance in juros: the maluenda asiento; 26. The renewal of the service of millones and the decree of 1596; 27. The resolution of the last crisis; Acknowledgments ; Archives; Bibliography; Index.

Carlos Álvarez-Nogal is Professor of Economic History at Universidad Carlos III de Madrid and Visiting Professor at Stanford University, Caltech and Paris School of Economics. Christophe Chamley is Professor of Economics at Boston University, Emeritus Professor EHESS at the Paris School of Economics, holder of a Cátedra de Excelencia in 2014 at Universidad Carlos III de Madrid, fellow of the Econometric Society and author of Rational Herds: Economic Models of Social Learning (2004).

'Through creative use of primary sources and deep insights from both political economy and financial economics, Álvarez-Nogal and Chamley provide a fresh view of Philip II's struggles with his parliament and the way the outcomes affected the development of Philip's Empire and financial markets in both Spain and elsewhere.' Timothy W. Guinnane, Philip Golden Bartlett Professor of Economic History, Emeritus, Yale University

• Introduction; Part I. Castile in the 16th Century: Markets, Banks and Credit: 1. Castilian cities, Habsburgs, and bankers; 2. The fairs of Medina del Campo; 3. The public banks of Castile; 4. The administration of the royal finances; 5. Royal revenues in Castile; 6. The long-term debt: the juros; 7. Crecimientos: reducing the yields of juros; 8. A model for the public finances in Castile; Part II. The First Years: Triumphant Battles with the Pope, France, the Bankers and the Cortes: 9. The young prince and the financial weapon; 10. First test: the 1557 debt restructuring and the war; 11. The 1560 Cortes: a new relationship; Part III. The Sixties: Turning to the South While the North was Brewing: 12. The bull of the crusade; 13. Taxation in the low countries; 14. The short-term debt: the asientos before 1575; 15. Financing the construction of the Escorial with factorias; Part IV. The Main Confrontation with the Cities and the Crisis of 1575–77: 16. Obstruction in the Cortes (1572–1575); 17. Acceleration towards the crisis: 1575; 18. The Decreto of 1575; 19. The crisis in the credit market; 20. War of attrition between the crown and the cities (1576–77); 21. Resolution; Part V. The Latter Part of the Reign: 22. Financing in Flanders; 23. Exploiting the Armada's disaster: the millones; 24. The Fiesco asiento: from fountains in Castile to streams in Flanders; 25. Mesadas with an option to refinance in juros: the maluenda asiento; 26. The renewal of the service of millones and the decree of 1596; 27. The resolution of the last crisis; Acknowledgments ; Archives; Bibliography; Index.