Credit and parochial charity in fifteenth-century Bruges

In late medieval Bruges, the poor tables, lay-run parochial charitable institutions that fed the resident paupers of the parish, obtained regular income by investing gifts and surplus funds in annuity rents, low-interest loans secured by property. The market in annuity rents provided an important source of inexpensive long-term credit that the merchant bankers, deposit bankers, and pawnbrokers of Bruges did not or could not supply, allowing the property owners of Bruges to draw upon the value of their immovable property without alienating it. Charitable gifts thus not only fed the poor but also kept capital circulating within the urban economy.