Kurantti

Kurantti is a term historically used to refer to a type of government bond or public debt instrument. The word derives from the Italian "corrente," meaning current or circulating, suggesting that these instruments were readily transferable and part of the ongoing financial transactions of the state. In various European countries, particularly from the 17th to the 19th centuries, kurantti bonds played a significant role in financing government expenditures, wars, and infrastructure projects.

These instruments were often issued with fixed interest rates, providing investors with a regular income. The value of kurantti could fluctuate in the market depending on factors such as the issuer's creditworthiness, prevailing interest rates, and the overall economic climate. Some kurantti were considered relatively safe investments, while others carried higher risks but offered potentially greater returns. The development and management of these public debt instruments were integral to the financial administration of states during periods of expanding state power and evolving capitalist economies. The concept of kurantti highlights the early forms of sovereign debt and its role in state finance.