Financial History Review最新文献

Central bank digital currencies: an old tale with a new chapter 中央银行数字货币：旧故事新篇章

IF 0.7

Financial History Review Pub Date : 2024-09-18 DOI: 10.1017/s0968565024000076

Michael D. Bordo, William Roberds

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Media tone and trading activity on the Sydney Stock Exchange 1901–1950 1901-1950 年悉尼证券交易所的媒体声调和交易活动

IF 0.7

Financial History Review Pub Date : 2024-09-18 DOI: 10.1017/s0968565024000040

Grant Fleming, Zhangxin (Frank) Liu, David Merrett, Simon Ville

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1930: first modern crisis 1930 年：第一次现代危机

IF 0.7

Financial History Review Pub Date : 2024-04-08 DOI: 10.1017/s0968565023000124

Gary Gorton, Toomas Laarits, Tyler Muir

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Liquidating government debt and creating a secondary asset market: trading patterns, market behavior and prices on government liabilities in Sweden, c. 1719–1765 清算政府债务和创建二级资产市场：约 1719-1765 年瑞典政府债务的交易模式、市场行为和价格

IF 0.7

Financial History Review Pub Date : 2024-04-04 DOI: 10.1017/s0968565024000015

Peter Ericsson, Patrik Winton

{"title":"Liquidating government debt and creating a secondary asset market: trading patterns, market behavior and prices on government liabilities in Sweden, c. 1719–1765","authors":"Peter Ericsson, Patrik Winton","doi":"10.1017/s0968565024000015","DOIUrl":"https://doi.org/10.1017/s0968565024000015","url":null,"abstract":"This article studies a previously unknown asset market in eighteenth-century Sweden. It emerged as a result of a partial default in 1719, when large amounts of recently released fiat coins were converted into government liabilities. These could only be redeemed as a customs duty on international trade, the licent. As merchants had to acquire such assets to conduct their trade, tens of thousands of transactions were carried out on a secondary market over a period of more than 45 years. Networks of local merchants bought assets from initial holders and sold them on to intermediaries or merchants, who deposited the liabilities with a newly established government agency, the Debt Office. Here, hundreds of account holders could transfer the value of their deposits between them. When a licent payment was due, the amount was deducted from the merchant's account. Prices on the liabilities were low and sometimes volatile, but the long-term trend was rising. We have distinguished three types of market participants: a small group of very active users, most of them professional dealers or brokers; merchants who traded on a regular basis as they needed to pay the licent, or when a favorable opportunity appeared; and finally, those who traded sporadically. The emergence of this market was part of a financial expansion that occurred in many European countries at the same time, the closest equivalent being the segmented default in France after the abolition of John Law's system. This study aims to broaden our understanding of eighteenth-century financial developments, which have rarely been studied in a semi-peripheral European economy.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"54 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140593750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Credit networks and business dynamics in a viceregal capital: Santafé de Bogotá in the age of Charles III 代治时期首都的信贷网络和商业动态：查理三世时代的圣菲波哥大

IF 0.7

Financial History Review Pub Date : 2024-02-12 DOI: 10.1017/s0968565023000112

Oscar M. Granados, James V. Torres

{"title":"Credit networks and business dynamics in a viceregal capital: Santafé de Bogotá in the age of Charles III","authors":"Oscar M. Granados, James V. Torres","doi":"10.1017/s0968565023000112","DOIUrl":"https://doi.org/10.1017/s0968565023000112","url":null,"abstract":"This article provides aggregate data on credit flows in Santafé de Bogotá, the capital of the Viceroyalty of New Granada (present-day Colombia, Ecuador and western Venezuela). By perusing a thorough report submitted to Bourbon authorities on notarial transactions, which included both ecclesiastical and non-ecclesiastical loans in the city, the article estimates the volume and size of lending activity while exploring how distinct types of credit interacted and shaped the business milieu of the region. It argues that by the late 1770s, Catholic Church lending had ceased to be the main source of investable funds in the region, with merchants and other non-ecclesiastical investors injecting growing funds into sectors traditionally avoided by ecclesiastical lenders such as commerce, mining and manufacturing. Network analysis suggests that merchants became brokers between different credit sources, alleviating information asymmetries and opening the credit market to borrowers with collateral and institutional restrictions willing to pay higher interest rates. Finally, by focusing on New Granada, the largest gold producer of the Spanish Empire, the article identifies some distinctive credit patterns that are different from those developed in silver-driven economies such as New Spain and Peru. Thus, the article provides new paths to study Latin American financial history.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"65 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139763965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Public debt as private liquidity: the Poincaré experience (1926–1929) 作为私人流动资金的公债：波恩卡莱的经验（1926-1929 年）

IF 0.7

Financial History Review Pub Date : 2024-01-22 DOI: 10.1017/s0968565023000100

Aurélien Espic

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FHR volume 30 issue 2 Cover and Back matter FHR第30卷第2期封面和封底

Financial History Review Pub Date : 2023-08-01 DOI: 10.1017/s0968565023000094

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Adam Smith's reversionary annuity: money's worth, default options and auto-enrollment 亚当·斯密的回归年金:物有所值，默认选项和自动登记

Financial History Review Pub Date : 2023-08-01 DOI: 10.1017/s0968565023000070

Moshe A. Milevsky

{"title":"Adam Smith's reversionary annuity: money's worth, default options and auto-enrollment","authors":"Moshe A. Milevsky","doi":"10.1017/s0968565023000070","DOIUrl":"https://doi.org/10.1017/s0968565023000070","url":null,"abstract":"When Adam Smith – author of Wealth of Nations (1776) and Theory of Moral Sentiments (1759) – was elected a professor at the University of Glasgow in 1751, he also joined an annuity ‘scheme’ that was unique for its time. The Scottish Ministers’ Widows’ Fund, as it was known, offered members of the Presbyterian Church as well as the university a choice of levels at which to contribute investment savings, ranging from 2 to 10 percent of their wages. The life-contingent benefits were in the form of a reversionary annuity to a spouse and/or lump sum death benefit to children. This article (i) describes the scheme in financial and actuarial terms, (ii) values Smith's reversionary annuity and (iii) examines the choices made by individual participants. The specific research contribution is to compile the archival data to measure the extent of insurance anti-selection and to demonstrate that debates around choice architecture, default options and auto-enrollment, which infuse the literature in the twenty-first century, were prevalent in the mid eighteenth. For the record, Adam Smith actively contributed at the highest allowed rate, but it wasn't a ‘good’ investment for him, either ex ante or ex post . As for why, one must read the article.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135051641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The meandering trajectories of financial innovations: commercial paper and its uses in sixteenth-century Lyon's trading networks 金融创新的曲折轨迹:商业票据及其在16世纪里昂贸易网络中的应用

Financial History Review Pub Date : 2023-08-01 DOI: 10.1017/s0968565023000069

Nadia Matringe

{"title":"The meandering trajectories of financial innovations: commercial paper and its uses in sixteenth-century Lyon's trading networks","authors":"Nadia Matringe","doi":"10.1017/s0968565023000069","DOIUrl":"https://doi.org/10.1017/s0968565023000069","url":null,"abstract":"This article explores the complex dynamics of financial innovation in early modern times, challenging linear models of temporal and spatial divisions that tend to shape our understanding of the evolution of financial systems. It supports the idea that innovation should be viewed as a non-linear and contextual process, involving diverse stakeholders and characterised by interactions and unexpected occurrences. The study focuses on the dissemination and trajectories of financial innovations, specifically the bill of exchange and its variation, the ricorsa , as well as the transferability and negotiability of commercial paper. It does so by investigating the interactions and exchanges between merchants and bankers from diverse backgrounds during the sixteenth-century Lyon fairs, using the archival records of one of the first Italian banks in Lyon (Salviati). The study reveals the mutual influence and acculturation among these agents and challenges the compartmentalisation of financial expertise. Through an analysis of transactions recorded in the Salviati bank's ledgers, the article highlights previously unknown uses of commercial paper by Southern merchant communities and discusses the factors that may have hindered the full-scale development of endorsement and discount in the Lyon trading networks, despite their potential benefits. The results provide insights into the intricate nature of financial innovation and the influence of structural and cultural factors on its development.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135051643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Political violence and financial markets in Tsarist Russia 沙俄的政治暴力和金融市场

Financial History Review Pub Date : 2023-08-01 DOI: 10.1017/s0968565023000057

Christopher A. Hartwell

引用次数: 0