ENGLISH

Explaining Monetary and Financial Innovation: A Historical Analysis

By Peter Bernholz , Roland Vaubel (eds.)

Book information

Publisher
Springer International Publishing
Year
2014
ISBN
978-3-319-06108-5, 978-3-319-06109-2
DOI
10.1007/978-3-319-06109-2
Language
english
Format
PDF
Filesize
8 MB (8269810 bytes)
Series
Financial and Monetary Policy Studies 39
Edition
1
Pages
366\370
Time added
2014-11-10 20:00:00
Financial Economics; Macroeconomics/Monetary Econo

Description

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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