According to the passage context, Cazel's point of view of the Crusades is a period of the economic boom in the money market.
This is evident when he stated that "the borrowing and lending necessary for most crusaders stimulated credit formation and the development of credit institutions and instruments."
Cazel's argument about the economic situation that resulted from the Crusades is that the economic situation boosted the real estate market and benefited the bourgeoises of the Crusades period majorly.
One way the 12th-century economy affected the development of the Crusades is that the period's activities led to inflation.
This is evident when he stated that "the transformation of gold and silver altar ornaments into coin for crusaders may have helped heighten the inflation that occurred during the Crusades.
Hence, in this case, it is concluded that Cazel tried to explain his perspective of Crusaders' activities in terms of the ongoing economic activities.
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