cost of transportation and the risk of piracy, made staples far more expensive in Spain than elsewhere. As a result, Spain's population, and especially Castile's, never dense on the generally very dry, rocky, mountainous peninsula, grew much more slowly than France's; by Louis XIV's time (1661-1715), France had a population greater than that of Spain and England combined. Credit emerged as a widespread tool of Spanish business in the 17th century. The city of Antwerp, in the Spanish Netherlands, lay at the heart of European commerce and its bankers financed most of Charles V's and Philip II's wars on credit. The use of "notes of exchange" became common as Antwerp's banks became increasingly powerful and led to extensive speculation that helped to exaggerate price shifts. Although these trends laid the foundation for the development of capitalism in Spain and Europe as a whole, the total lack of regulation and pervasive corruption meant that small landowners often lost everything with a single stroke of misfortune. Estates in Spain, and especially in Castile, grew progressively larger and the economy became increasingly uncompetitive, particularly during the reigns of Philip III and IV when repeated speculative crises shook Spain. Since the medieval period the Catholic Church had always been important to the Spanish economy. This importance increased greatly in the reigns of Philip III and IV, who had bouts of intense personal piety and church philanthropy, donating large areas of the country to the Church. The later Habsburgs did nothing to promote the redistribution of land. By the end of Charles II's reign, most of Castile was in the hands of a select few landowners, the largest of which by far was the Church. It has been estimated that at the end of the 17th century the holdings of the Spanish church had expanded to include nearly 20% of Castilian land and that the clergy made up as much as 10% of adult males in Castile. Government policy under the succeeding Bourbon dynasty was directed to steadily reducing the Church's vast holdings, which by then had come to be seen as an impediment to the country's development. Art and culture The Spanish Golden Age was a flourishing period of arts and letters in Spain which spanned roughly from 1550 to 1650. Some of the outstanding figures of the period were El Greco, Diego Velázquez, Miguel de Cervantes, and Pedro Calderón de la Barca. El