Different Indeed: Portuguese Sovereign Debt from 1500 to 1796

This paper presents the main findings of a project on Portuguese sovereign credit from 1500 to 1797. After presenting the institutional framework of the main credit instrument (juro) , we analyse the evolution of the interest rates, debt stocks, and debt-to- GDP and debt-to-revenue ratios, with some international comparisons. We find that, when seen in a comparative mirror, the Portuguese sovereign credit had some outstanding features: despite the sound credibility of the debt instrument used (juro) and low interest rates, debt stocks and levels were comparatively moderate.