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The State of Milan began to develop an efficient Public Debt system which replaced the forced loans previously issued by the capital of the Duchy, to the Crown since the middle decades of the sixteenth century. The new system was seen as a safe and sound investment bonds buyeurs and it enjoyed a warm welcome. The progressive rise of the Milanese Public Debt does not seem to have damaged the local real economy. In fact, an analysis based sources enable us to suggest that the expansion of a long term public debt founded on revenues obtained from taxes had clear pro-cycle effects on the economy of the Duchy, fostering the economic expansion in the second half of the sixteenth century and strengthening the economic reorganization followed after 1620

Entre mercado financiero y economía: la deuda pública en el Estado de Milán bajo los Austrias