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WOS:000579856000017 ; This paper investigates the determinants of monetary stability in Europe from the late medieval era until World War I. Through this period, the anchor for monetary policy was the silver or gold value of the monetary unit. States, however, frequently abandoned this anchor, some depreciating their monetary units against silver and gold less than 10-fold and others more than 10,000-fold between 150 0 and 1914. To understand the determinants of these differences, we compile a new and comprehensive monetary history dataset for all major states in Europe and test alternative theories. We find strong evidence that political factors, and in particular, fiscal capacity, political regime and warfare explain patterns of monetary stability. This finding is robust to addressing endogeneity, controlling for the instability induced by the mechanics of the monetary system and accounting for the impacts of new monetary technologies and the advent of fiat standard. (c) 2019 Elsevier B.V. All rights reserved. ; TUBITAK 1001 ProgramTurkiye Bilimsel ve Teknolojik Arastirma Kurumu (TUBITAK) [117K203]; BAGEP 2016 grant from Science Academy, Istanbul ; Seminar participants at Bogazici University, Koc University, Marmara University, Stanford University, University of California, Davis and University of Warwick in Venice and conference participants at the fifth Asian Historical Economics Conference, the third CEPR Economic History Symposium and the twelfth European Historical Economics Society Conference provided invaluable comments on earlier versions of the article. We would also like to thank Robert C. Allen, Michael D. Bordo, Selva Demiralp, Antonio Castro Henriques, Clemens Jobst, Mikolaj Malinowski, Nuno Palma, Michael Pammer, Luciano Pezzolo, Leandro Prados de la Escosura, Jaime Reis, Thomas Scheiber, Rita Martins de Sousa and Francois R. Velde for their comments and generous help with the data. This research project was supported by TUBITAK 1001 Program project number 117K203. K. KivancKaraman was also supported by BAGEP 2016 grant from Science Academy, Istanbul.

Bernhard R. Kroener examines the complex economic, social, and political-cultural interrelationships that have characterized the development of military organizations since the 14th century. He shows the extent to which the armies of the 17th and 18th centuries mirrored their forbearers. The textbook is classically divided into presentation, research, and bibliographic sections.