The End of the Emperor's Reign the State Debt - Edubirdie

University:
Arizona State University
Course:
HST 200 | Historical Themes
Academic year:

2024
Views:

491

Pages:

2
Author:

Thuyoul US

ASU HST 200 (Historical Themes) THE END OF THE EMPEROR'S REIGN: THE STATE DEBT The amount of debt accumulated in juros at the time of the Emperor's abdication in 1556 cannot be determined with full precision. Ramón Carande refuses to address the "overwhelming problem" of totalizing the debt aggregated in juros despite having amassed vast amounts of incomplete information about the treasury obligations during various periods of the reign (Carande, III, 1967). Our only option is to make educated guesses based on the numbers we are aware of. We are able to approximate the long-term debt at the conclusion of this reign to be around 15 million ducats based on a number of signals regarding the weight of the property. Carande estimates that the situated's numbers-which he acknowledges are not comprehensive— would have risen to almost 800,000 ducats in 1552, or 60% of the average person's income (Carande, 11, 1965). The principle of the debt at that time required to be at least Il million ducats, valued at the then-current rate of the juros when removing (which was 14,000 per thousand, or 7.14%, although there were lower interest rates). Due to the sales of juros, the deficit on ordinary income grew from 1552 to 1556 by more than 25% as a result of the next four years' deficit (1553 was 3.3 million ducats, and so on for the remainder), reaching over a million ducats by the conclusion of the reign (Carande, III, 1967). This means that between 1552 and 1556, the main amount of the debt may have increased to almost IS million ducats, which is equal to the whole Crown of Castile's six-year revenue at the income level mentioned above. The yearly sum allotted for the payment of juros revenues was nearly one million ducats in 1556. This was a portion of the total, unfixed income that was estimated at 2,600,000 ducats at the end of the Emperor's reign, and it accounted for nearly 70% of the value of the Crown's ordinary income, which was later valued at 1,348,000 ducats, according to a report from 1556 (Ulloa, 1977).

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