The author presents the evolving role of credit in the economic history, specifically between the 11th century and the 1990s. Referring to early credit transactions, she presents typical parties to the agreement, the forms of credit, the scale on which it was used as well as its main appropriations. The paper also discusses particular credit terms, e.g. relating to interest rate or security. Credit originated in the Italian city-states such as Florence, Venice and Genoa. Until the end of the Middle Ages, those cities functioned as trade and credit centres. Loans were incurred mainly to finance trade, warfare and the needs of the powerful of those times, both lay and ecclesiastic. Although initially credit amounted to a personal obligation, as early as 13th century it took on the written form of a bill of exchange. Credits were granted at very high rates, close to those charged by usurers; it was most often secured by a pledge on estate. The character of the feudal economy, the Church's criticism of usury and the high risk involved, all prevented credit from becoming more widespread among the society at large. With the advent of trade revolution, the centre of credit transactions moved to the Netherlands, from where, at the turn of the 17th century, it shifted to England. In the era of colonial expansion, credit was used to finance new conquests and the subsequent trade with the colonies. At the same time, the costs of maintaining the court, administration and the army as well as war expenses continued to be financed this way. This time however, credit was used on a much greater scale, and the amounts had risen. Domestic creditors entered the scene. International trade markets and fairs where credit transactions had previously taken place had lost their significance in favour of banks and exchanges. Payment by bill of exchange had become widespread; the first Treasury bonds were issued. In the 17th century the first two central banks were created, in Sweden and in England, a fact which was related to the credit requirements of these countries. Soon however, credit activity became the domain of private banks. Industrial revolution contributed to the growing importance of credit in financing industry and international trade. It provided an important source of capital when workshops were being extended, new machinery purchased and when finally workshops turned into factories. In the 18th century, England consolidated its position as - among other things - the world's banker in the area of trade credit. On the continent, it was only after the revolution of 1848 that many joint stock banks were established, which helped finance various industrial enterprises, the construction of railways, insurance companies, etc. Through their ability to grant loans, banks started to wield influence on the development of industry, transport, trade and agriculture, thus contributing to the general economic progress of their respective countries. However, the union of industrial and bank credit proved dangerous in times of crisis. The Great Depression of 1929-33 resulted in the collapse of the credit system, and, consequently, the collapse of several banks. The situation was aggravated by the fact that credit tied together economies of different countries. The 20th century witnessed two world wars, leading to a massive indebtedness of the warring countries. The necessity to finance the warfare and the subsequent reconstruction of the afflicted economies put the United States, who became the creditor of the world, in a new dominant position. After WW II, different banking and credit systems developed in the respective command and market economy zones. The former gave rise to many distortions stemming from vast state intervention in the economy. In the command economy countries, credit lost its role as an economic variable and tool of influencing agents' economic decisions. In contrast, market economies created many new forms of credit, new transnational credit institutions, and witnessed a growing role of credit in almost all areas of economic activity.