Explaining Monetary and Financial Innovation

A Historical Analysis

Business & Finance, Management & Leadership, Production & Operations Management, Economics, Macroeconomics
Cover of the book Explaining Monetary and Financial Innovation by , Springer International Publishing
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Author: ISBN: 9783319061092
Publisher: Springer International Publishing Publication: June 26, 2014
Imprint: Springer Language: English
Author:
ISBN: 9783319061092
Publisher: Springer International Publishing
Publication: June 26, 2014
Imprint: Springer
Language: English

This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.

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