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Historians of the Dutch Revolt have suggested that the success of the rebellious provinces can be explained by sixteenth-century financial innovations that improved the creditworthiness of the States of Holland. This article claims that this development was triggered by a severe crisis of public finance in these States at the end of the fifteenth century. An analysis of the ensuing reorganization

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Public debt soared in the late-medieval Low Countries: towns borrowed considerable sums from creditors and often ended up defaulting on their financial obligations. The author uses a tax inquiry from 1514 to demonstrate that villages also managed to create funded debt, which they secured on the public body of the village. As a result, around 1500 the majority of the villages in Holland owed annuit