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Serial defaults, serial profits: Returns to sovereign lending in Habsburg Spain, 1566-1600

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Table 3 reports summary statistics for our data. The average loan amount was 219,000 ducats; some contracts were issued for as little as a few thousand
Table 6 reports the MIRR by family for the 1566 –1600 period. As before, we use the amounts disbursed to calculate a weighted average
Table 6 reveals considerable heterogeneity in the rate of returns at the family level
Table 7 examines the correlates of pro fitability, as originally agreed in each contract
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