Instabilità finanziaria e intervento pubblico: Venezia 1600-1630

This contribution presents a case study on one of the stablest and most developed financial environments of early modern Europe, the Venetian Republic, in a challenging period of financial instability which found its roots in monetary speculation. This instability nevertheless did not give way to real episodes of crisis, thanks to the strict public control over Venetian financial market. Being monetary policy a major problem for pre-industrial governments, the reaction was prompt and accurate enough to deter more serious consequences, but was indeed put into practice in financial markets. The solid (and long-tested) financial environment that Venice enjoyed in the early 17th century - when the city was still a lively international hub, until the eve of the plague in 1631 - surely helped to cope with difficulties; this case, then, can also be assessed as a proof for the efficacy of Venetian financial policies. The case study refers to a single - but enough well documented - attempt to speculate on the value of gold coins in Venice. It is more appropriately a micro-case, since it took place (with the immediate reply of government) in the space of a few days in September 1608, but it represents the usual conduct on behalf of early modern Venetian government, creating a dialogue between the offices and the actors involved. This strategy proved successful and probably helps to explain the long resilience to decline in the 17th century.