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The debts of James VI of Scotland

Research output: Contribution to journalArticle

Original languageEnglish
Pages (from-to)926-952
Number of pages27
JournalEconomic History Review
Volume62
Issue number4
DOIs
Publication statusPublished - 1 Jan 2009

Abstract

James VI (1567-1625) was chronically indebted, and this caused him frequent problems. This article presents two series of systematic data that together indicate the main contours of his indebtedness: (1) end-of-year deficits, and (2) hived-off debts which the Crown left unpaid for long periods (sometimes permanently). The hived-off debts, reconstructed individually, constitute a narrative of fiscal policy-making. Instead of a large and catastrophic bankruptcy, James in effect had numerous small bankruptcies. He benefited from an emerging structure of Scottish domestic credit. He eventually repaid many of his debts after succeeding to the English throne in 1603.

ID: 1174966