An Accounting History of Credit Money

24 Pages Posted: 1 Apr 2021

See all articles by Maxime Izoulet

Maxime Izoulet

CEMI-Robert de Sorbon / Lycée Germaine Tillon

Date Written: March 13, 2021


This article seeks to demonstrate that the invention of double-entry accounting, during the 13th and 14th centuries in the cities of northern Italy, was at the origin of the emergence of our monetary system: the credit money system. By showing the limits of the monetary histories that currently exist, this article shows that these limits are the consequence of a theoretical unthought: that of the different dimensions of money. It then shows that this problem is particularly well defined by double-entry accounting, which explains its decisive historical importance for the history of money.

Keywords: Accounting, money, credit-money, history of central banks, debt, finance, history of credit.

JEL Classification: A1, B15, B52, E5, N10

Suggested Citation

Izoulet, Maxime, An Accounting History of Credit Money (March 13, 2021). Available at SSRN: or

Maxime Izoulet (Contact Author)

CEMI-Robert de Sorbon / Lycée Germaine Tillon ( email )

68 Avenue Léo Lagrange
Thiers, 63300

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