Financial policies in the Papal States, 1790s–1848: a comparative study of Napoleonic Europe
Christopher Korten
Journal of Modern Italian Studies, Volume 23, 2018 - Issue 3, Pages 234-255

Abstract

This article discusses the financial policies of the Papal States from the late eighteenth to the mid-nineteenth century in relation to the rest of Europe, and especially Italy. Its crucial starting point is the Napoleonic economic reforms, which had important and often lasting effects throughout its former empire. French reliance on debt reduction and heavy though equitable taxation improved the financial conditions of most European lands even as they convulsed from the protracted wars. The economic austerity prior to 1814 forced post-Napoleonic Europe to make decisions on the degree of continuity on these two financial fronts. Political instability beginning in the 1820s for some, and the early 1830s and late 1840s for the rest, upset the rather tenuous financial position that most lands found themselves in. For the Papal States, the Napoleonic period improved its financial position to the detriment of ecclesiastical institutions. The period also revealed the inherent flaws in its financial system, necessitating a decentralized approach to the restoration, relying on individual (or institutional) initiatives and large foreign loans, in lieu of overarching policies. By the 1850s, a further lack of financial control induced the renewal of Peter’s Pence.

https://www.tandfonline.com/doi/abs/10.1080/1354571X.2018.1459406