2024-03-29T06:10:22Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:49
2019-09-27T08:51:19Z
7374617475733D696E7072657373
7375626A656374733D45:4533:453332
7375626A656374733D42:4235:423533
7375626A656374733D50:5033:503334
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4731:473138
7375626A656374733D4E:4E32:4E3234
7375626A656374733D45:4535
7375626A656374733D4B:4B33:4B3339
7375626A656374733D45:4530:453030
7375626A656374733D45:4534:453432
7375626A656374733D47:4730
7375626A656374733D4B:4B30
7375626A656374733D50:5033
7375626A656374733D4E:4E32
7375626A656374733D48:4831:483131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/49/
Review of Huerta de Soto´s `Money, Bank Credit, and Economic Cycles´
van den Hauwe, Ludwig
E32 - Business Fluctuations ; Cycles
B53 - Austrian
P34 - Financial Economics
N23 - Europe: Pre-1913
G18 - Government Policy and Regulation
N24 - Europe: 1913-
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
K39 - Other
E00 - General
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
G0 - General
K0 - General
P3 - Socialist Institutions and Their Transitions
N2 - Financial Markets and Institutions
H11 - Structure, Scope, and Performance of Government
This article reviews the first English edition of Prof. Jesús Huerta de Soto´s book `Dinero, Crédito Bancario y Ciclos Económicos´ which first appeared in Spain in 1998.
2006-10-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/49/1/MPRA_paper_49.pdf
van den Hauwe, Ludwig (2006): Review of Huerta de Soto´s `Money, Bank Credit, and Economic Cycles´. Forthcoming in: New Perspectives on Political Economy , Vol. 2, No. 2 (November 2006): pp. 135-141.
en
oai:mpra.ub.uni-muenchen.de:6264
2019-09-26T15:31:21Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E32
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6264/
The Paris Bourse and the international capital flows before 1914
Quennouëlle-Corre, Laure
N23 - Europe: Pre-1913
N2 - Financial Markets and Institutions
This study wanted to pinpoint the different securities transactions’ channels in France, which are quite specific compared to other countries.As a matter of fact, the Paris Bourse could not be well explained without the free market and the deposit banks'transactions. This organisation leads to a three pillar’s system, a specific feature of the Paris Bourse.Despite their disputes, the three intermediaries succeeded in working together and in maintaining fluent flows between the different channels. By this way, they enhanced the stability and the liquidity of the whole market.
2007-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6264/1/MPRA_paper_6264.pdf
Quennouëlle-Corre, Laure (2007): The Paris Bourse and the international capital flows before 1914.
en
oai:mpra.ub.uni-muenchen.de:10778
2019-09-26T20:27:07Z
7374617475733D707562
7375626A656374733D45:4534:453433
7375626A656374733D46:4633:463334
7375626A656374733D4E:4E32:4E3233
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10778/
Un margine di arbitraggio non sfruttato sulla Rendita Italiana a Parigi ?
Tattara, Giuseppe
E43 - Interest Rates: Determination, Term Structure, and Effects
F34 - International Lending and Debt Problems
N23 - Europe: Pre-1913
E44 - Financial Markets and the Macroeconomy
This paper assess the freedom of capital movements between France and Italy in the late 19 century looking at the market for the most important Italian bond, the Rendita Italiana.
Taking into account long time series of Rendita prices both in France and in Italy the paper looks at the possibility of a possible arbitrage profit.
The absence of any arbitrage profit (except for short periods of time) makes the author conclude on the capital mobility between the two markets
2002-04-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10778/1/MPRA_paper_10778.pdf
Tattara, Giuseppe (2002): Un margine di arbitraggio non sfruttato sulla Rendita Italiana a Parigi ? Published in: Rivista di storia economica , Vol. XVIII, No. 2002 (1 April 2002): pp. 51-63.
it
oai:mpra.ub.uni-muenchen.de:10925
2019-09-26T18:02:08Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D4B:4B34:4B3430
7375626A656374733D46:4633:463334
7375626A656374733D4E:4E32:4E3233
7375626A656374733D48:4833:483330
7375626A656374733D48:4836:483633
7375626A656374733D47:4732:473230
7375626A656374733D50:5035:503530
7375626A656374733D46:4634:463430
7375626A656374733D45:4535:453530
7375626A656374733D42:4231:423131
7375626A656374733D47:4731:473130
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10925/
The medieval origins of the 'Financial Revolution': usury, rentes, and negotiablity
Munro, John H.
E62 - Fiscal Policy
K40 - General
F34 - International Lending and Debt Problems
N23 - Europe: Pre-1913
H30 - General
H63 - Debt ; Debt Management ; Sovereign Debt
G20 - General
P50 - General
F40 - General
E50 - General
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
G10 - General
N43 - Europe: Pre-1913
The basic thesis of this article is that the essential origins of the modern ‘financial revolution’ were the late-medieval responses, civic and mercantile, to financial impediments from both Church and State, concerning the usury doctrine, that reached their harmful fruition in the later thirteenth and early fourteenth century. That ‘financial revolution’, in terms of those national institutions for government borrowing and international finance, involving negotiable securities, in the form of annuities or rentes, and bills of exchange, is generally thought to have originated in eighteenth century England; but as James Tracy has earlier shown it first took place, on a fully national basis, in the sixteenth-century Habsburg Netherlands. The major obstacle from the Church was of course the usury doctrine, and more accurately the final evolution of this doctrine in Scholastic theology and canon law, along with the intensification of the campaign against usury from the early thirteenth century. The major obstacles that the State provided, with the spreading stain of ever more disruptive international warfare from the 1280s, were the nationalistic bullionist philosophies and related monetary-fiscal policies (to finance warfare) that together hindered the international flow of specie in later medieval Europe. For public borrowing, one must begin with the contentious policies of Venice, Florence, and other Italian city states in basing their finances on forced loans, which did pay interest, and thus with the usury controversies that erupted, over not just such loans, but the sale of interest-bearing debt certificates in secondary markets. The alternative solution, found elsewhere – first in northern French towns from the 1220s -- and one that would govern European public finance up to the nineteenth century, was to raise funds for urban governments through the sale of rentes, both life-rents (one or two lives) and hereditary or perpetual rents. These were not in fact loans but annuities, and hence they were not usurious, because the buyer of such rentes had no expectation of repayment (unless the government chose to redeem them); instead they represented the purchase of a continuous future stream of income (for at least one lifetime). Those rentiers who sought to regain some part of their invested capital had only one recourse: to seek out buyers in secondary markets. The true efficiency of modern public finance also rested upon the development of such markets and thus upon the development of full-fledged negotiablity; and public finance also depends upon satisfactory instruments to permit low risk, low cost international remittances. The solution to both problems lay in the development of the negotiable bill of exchange. Such bills, at first non-negotiable, emerged in the late thirteenth century as a response to circumvent not only the usury doctrine (to ‘disguise’ interest payments in the exchange rate) but also the almost universal bans on bullion exports. Yet another barrier that medieval English merchants faced was the virtual absence of deposit-banking because of the crown’s strict monopoly on the coinage and money supply, so that the usual origin of such banking, in private money-changing, was unavailable. Although English merchants sought remedies by using transferable commercial bills, they were not truly negotiable, for they had no legal standing in Common Law courts. But from the late thirteenth century, the Crown was incorporating the then evolving international Law Merchant into statutory law, and it also established law merchant courts, which did give such financial instruments some legal standing. In 1436, a London law-merchant court was the first, in Europe, to establish the principle that the bearer of a bill of exchange, on its maturity, had full rights to sue the ‘acceptor’ or payer, on whom it was drawn, for full payment and to receive compensation for damages. From that precedent, and then from those provided by similar law-merchant court verdicts in Antwerp and Bruges (1507, 1527), the Estates General of the Habsburg Low Countries (1537-1541) produced Europe’s first national legislation to ensure the full legal requirements of true negotiability – including the right to sue intervening assignees to whom bills had been transferred in payment. These Estates-General also legalized interest payments (up to 12%), thus permitting open discounting, another obviously essential feature of modern finance, private and public. Antwerp itself, with the foundation of its Bourse in 1531, became the international financial capital of Europe, especially as a secondary market in national rentes – the very instrument that became the foundation of English public finance, in the form of annuities, from the 1690s.
2002-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10925/2/MPRA_paper_10925.pdf
Munro, John H. (2002): The medieval origins of the 'Financial Revolution': usury, rentes, and negotiablity. Published in: The International History Review , Vol. 25, No. 3 (September 2003): pp. 505-562.
en
oai:mpra.ub.uni-muenchen.de:21820
2019-10-01T07:17:14Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473131
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21820/
‘The Greatest Bubble in History’: Stock Prices during the British Railway Mania
Campbell, Gareth
Turner, John
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G11 - Portfolio Choice ; Investment Decisions
N23 - Europe: Pre-1913
G01 - Financial Crises
Although the British Railway Mania has been described as one of the greatest bubbles in history, it has been largely neglected by academics. This paper attempts to redress this neglect by creating a daily stock price index for the 1843-50 period and by assessing the contribution of the many newly-created railways to the bubble-like pattern in stock prices. The paper then examines whether this bubble-like pattern was due to an increase in the stochastic discount factor arising from an increase in the probability of large-scale adoption of railway technology. We find little evidence to support this hypothesis.
2010-03-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21820/1/MPRA_paper_21820.pdf
Campbell, Gareth and Turner, John (2010): ‘The Greatest Bubble in History’: Stock Prices during the British Railway Mania.
en
oai:mpra.ub.uni-muenchen.de:21821
2019-09-26T09:35:30Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473131
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21821/
Cross-Section of a ‘Bubble’: Stock Prices and Dividends during the British Railway Mania
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G11 - Portfolio Choice ; Investment Decisions
N23 - Europe: Pre-1913
G01 - Financial Crises
Historical ‘bubbles’ are often attributed to mispricing, but the empirical analysis of such episodes has been limited. This paper examines a notable but academically neglected period, known as the British Railway Mania, using a new dataset and a cross-sectional methodology which is unique to the study of historical asset price reversals. The main finding is that the cross-sectional variation in stock prices, in every week of the sample, is explained by the cross-sectional variation in dividends, growth and risk, with no significant differences between the railways and non-railways. This implies that an economic bubble was not responsible for the rise and fall in the prices of railway assets at this time.
2010-03-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21821/1/MPRA_paper_21821.pdf
Campbell, Gareth (2010): Cross-Section of a ‘Bubble’: Stock Prices and Dividends during the British Railway Mania.
en
oai:mpra.ub.uni-muenchen.de:21822
2019-09-29T13:39:49Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4731:473133
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21822/
Leveraging the British Railway Mania: Derivatives for the Individual Investor
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
N23 - Europe: Pre-1913
G13 - Contingent Pricing ; Futures Pricing
G01 - Financial Crises
During the British Railway Mania of the 1840s the promotion and construction of new railways increased dramatically. These new projects were generally financed by shares with uncalled capital, which allowed investors to make payments on an instalment basis over a period of several years. There is evidence that these assets can be regarded as futures or options, implying that investors were purchasing highly leveraged derivatives. The leverage embedded in these assets multiplied both the positive returns during the boom, and the negative returns during the downturn. It also affected the payment schedule for investors as little capital was required initially, but the subsequent ‘calls for capital’ resulted in deleveraging.
2010-03-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21822/1/MPRA_paper_21822.pdf
Campbell, Gareth (2010): Leveraging the British Railway Mania: Derivatives for the Individual Investor.
en
oai:mpra.ub.uni-muenchen.de:22228
2019-09-27T04:49:11Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473131
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22228/
Cross-Section of a ‘Bubble’: Stock Prices and Dividends during the British Railway Mania
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G11 - Portfolio Choice ; Investment Decisions
N23 - Europe: Pre-1913
G01 - Financial Crises
Historical ‘bubbles’ are often attributed to mispricing, but the empirical analysis of such episodes has been limited. This paper examines a notable but academically neglected period, known as the British Railway Mania, using a new dataset and a cross-sectional methodology which is unique to the study of historical asset price reversals. The main finding is that the cross-sectional variation in stock prices, in every week of the sample, is explained by the cross-sectional variation in dividends, growth and risk, with no significant differences between the railways and non-railways. This implies that an economic bubble was not responsible for the rise and fall in the prices of railway assets at this time.
2010-04-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22228/2/MPRA_paper_22228.pdf
Campbell, Gareth (2010): Cross-Section of a ‘Bubble’: Stock Prices and Dividends during the British Railway Mania.
en
oai:mpra.ub.uni-muenchen.de:23577
2019-09-26T16:57:57Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4731:473133
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23577/
Leveraging the British Railway Mania: Derivatives for the Individual Investor
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
N23 - Europe: Pre-1913
G13 - Contingent Pricing ; Futures Pricing
G01 - Financial Crises
This paper analyses the relationship between leverage and asset price ‘bubbles’ by examining an historical episode known as the British Railway Mania. During this period there was a substantial expansion in the number of railways promoted, most of which were financed by shares which could be purchased on an instalment basis. An analysis of a new and comprehensive dataset suggests that these assets can be modelled as futures or options, implying that investors were purchasing highly leveraged derivatives. The leverage embedded in these assets amplified returns and made it possible to obtain exposure to an asset for a small deposit. However, during the downturn negative returns were also magnified and investors had difficulties paying further instalments. Although leverage may have initially increased demand for these assets, they did not become overpriced, possibly due to a substantial increase in their supply.
2010-06-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23577/2/MPRA_paper_23577.pdf
Campbell, Gareth (2010): Leveraging the British Railway Mania: Derivatives for the Individual Investor.
en
oai:mpra.ub.uni-muenchen.de:23580
2019-09-29T04:34:11Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473131
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23580/
Cross-Section of a ‘Bubble’: Dividends during the British Railway Mania
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G11 - Portfolio Choice ; Investment Decisions
N23 - Europe: Pre-1913
G01 - Financial Crises
Although historical asset price ‘bubbles’ are often attributed to irrationality, the empirical analysis of such episodes has been limited. This paper examines a period known as the British Railway Mania, using a new dataset and a cross-sectional methodology which is unique to the study of historical asset price reversals. The results suggest that investors successfully incorporated forecasts of short-term dividend changes into their valuations, but were unable to predict longer-term changes. When short-term growth is controlled for, it appears that the railways were priced consistently with the non-railways for almost the entire episode. These findings may imply that investors had imperfect foresight, but that they acted consistently.
2010-06-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23580/1/MPRA_paper_23580.pdf
Campbell, Gareth (2010): Cross-Section of a ‘Bubble’: Dividends during the British Railway Mania.
en
oai:mpra.ub.uni-muenchen.de:25415
2019-09-28T12:30:21Z
7374617475733D707562
7375626A656374733D4C:4C35:4C3531
7375626A656374733D4E:4E32:4E3233
7375626A656374733D44:4430:443032
7375626A656374733D47:4732:473238
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25415/
The Emergence of the London Stock Exchange as a Self- Policing Club
Stringham, Edward
L51 - Economics of Regulation
N23 - Europe: Pre-1913
D02 - Institutions: Design, Formation, Operations, and Impact
G28 - Government Policy and Regulation
In the early stock market in London there were substantial risks of non-payment and fraud. (Mortimer, 1801) According to Hobbesian theory, we would expect stock markets to develop only after government has implemented rules and regulations to eliminate these problems. The historical account, however, provides evidence that solutions to these problems did not come from the state. This article outlines the emergence of the London Stock Exchange, which was created by eighteenth century brokers who transformed coffeehouses into private clubs that created and enforced rules. Rather than relying on public regulation to enforce contracts and reduce fraud, brokers consciously found a way to solve their dilemmas by forming a self-policing club.
2002
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25415/1/MPRA_paper_25415.pdf
Stringham, Edward (2002): The Emergence of the London Stock Exchange as a Self- Policing Club. Published in:
en
oai:mpra.ub.uni-muenchen.de:29839
2019-10-13T04:58:22Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4731:473133
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29839/
Bubbles and Leverage
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
N23 - Europe: Pre-1913
G13 - Contingent Pricing ; Futures Pricing
G01 - Financial Crises
This paper analyses the relationship between leverage and asset price bubbles. During an important historical bubble there was a substantial expansion in the number of railways promoted, most of which were financed by shares which could be purchased on an instalment basis. An analysis of a new and comprehensive dataset suggests that these assets can be modelled as futures or options, implying that investors were purchasing highly leveraged derivatives. The leverage embedded in these assets amplified returns and made it possible to obtain exposure to an asset for a small deposit. However, during the downturn negative returns were also magnified and investors had difficulties paying further instalments. Although leverage may have initially increased demand for these assets, they did not become overpriced, possibly due to a substantial increase in their supply.
2010-06-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29839/1/MPRA_paper_29839.pdf
Campbell, Gareth (2010): Bubbles and Leverage.
en
oai:mpra.ub.uni-muenchen.de:29840
2019-10-05T16:37:25Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473131
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29840/
Bubbling Dividends
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G11 - Portfolio Choice ; Investment Decisions
N23 - Europe: Pre-1913
G01 - Financial Crises
Although historical asset price ‘bubbles’ are often attributed to irrationality, the empirical analysis of such episodes has been limited. The results presented in this paper suggest that during an historical price reversal, investors successfully incorporated forecasts of short-term dividend changes into their valuations, but were unable to predict longer-term changes. When short-term growth is controlled for, it appears that the railways were priced consistently with the non-railways for almost the entire episode. These findings may imply that investors had imperfect foresight, but that they acted consistently.
2010-06-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29840/1/MPRA_paper_29840.pdf
Campbell, Gareth (2010): Bubbling Dividends.
en
oai:mpra.ub.uni-muenchen.de:29850
2019-10-02T16:45:33Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32:4E3234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29850/
Diaspora entrepreneurial networks in the Black Sea and Greece, 1870-1917
Louri, Helen
Pepelasis Minoglou, Ioanna
N23 - Europe: Pre-1913
N10 - General, International, or Comparative
N24 - Europe: 1913-
This study follows the socio-economic aspects of the Greek entrepreneurial network in southern Russia in 1870-1917 using largely new material from Russian archives. The multi-dimensional character of Greek merchants (often being industrialists and landowners) and the close links established between the Greek trade, banking and shipping networks are confirmed. Their contribution to the Greek economy via foreign government loans raised in the international capital market is enquired. Finally, the decline of the diaspora is found to be a long drawn-out process which began in Odessa in the 1870s and spread to the eastern ports of the Black Sea prior to the Balkan Wars and World War I, thus predating the October revolution of 1917.
1997
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29850/1/MPRA_paper_29850.pdf
Louri, Helen and Pepelasis Minoglou, Ioanna (1997): Diaspora entrepreneurial networks in the Black Sea and Greece, 1870-1917. Published in: Journal of European Economic History , Vol. 26, No. 1 (1997): pp. 69-104.
en
oai:mpra.ub.uni-muenchen.de:31518
2019-09-27T08:15:06Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D45:4533:453330
7375626A656374733D4E:4E30:4E3030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/31518/
Evolution or revolution? a study of price and wage volatility in England, 1200-1900
Casson, Catherine
Fry, J. M.
Casson, Mark
N23 - Europe: Pre-1913
E30 - General
N00 - General
Using annual data 1209-1914, this paper examines whether there are structural breaks in the movements of prices and wages that correspond to the major ‘revolutions’ identified in historical narratives. Econometric modelling of trend and volatility in prices and wages confirms the importance of the Commercial Revolution and the Glorious Revolution, but suggests that the Industrial Revolution may be better described in evolutionary terms. The evidence also points to a late medieval revolution at the time of the Good Parliament, shortly after the Black Death and just before the Peasant’s Revolt. This supports Britnell and Campbell’s commercialisation hypothesis - that the institutional pre-conditions for the Industrial Revolution began to develop at a very early date.
2011-06-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/31518/1/MPRA_paper_31518.pdf
Casson, Catherine and Fry, J. M. and Casson, Mark (2011): Evolution or revolution? a study of price and wage volatility in England, 1200-1900.
en
oai:mpra.ub.uni-muenchen.de:37160
2019-10-03T18:24:43Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4E:4E31:4E3133
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37160/
Was Italy ever on gold?
Tattara, Giuseppe
N23 - Europe: Pre-1913
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
N13 - Europe: Pre-1913
F31 - Foreign Exchange
This article deals with the evolution of the Italian economy in the last part of the nineteenth century and the beginning of the twentieth century with particular emphasis on money and banking. It also deals with the problem of the huge Italian public debt.
In this context it examines the exchange rate regime and presents a model of exchange rate determination for the years 1872-1913.
An important element of Italian policy was the committment of limiting the fluctuations in the exchange rate while isolating the process of money creation from external shocks. This process was rather different from the classic adjustment process envisaged by the "Gold Standard Myth"
2000
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37160/1/MPRA_paper_37160.pdf
Tattara, Giuseppe (2000): Was Italy ever on gold? Published in: , Vol. isbn 0, (2000): pp. 18-68.
en
oai:mpra.ub.uni-muenchen.de:40403
2019-09-29T08:08:42Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D48:4831:483131
7375626A656374733D4B:4B30:4B3030
7375626A656374733D44:4430:443032
7375626A656374733D4E:4E34:4E3434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40403/
Standardizing the fiscal state: cabal tax farming as an Intermediate Institution in early-modern England and France
Noel D., Johnson
Mark, Koyama
N23 - Europe: Pre-1913
H11 - Structure, Scope, and Performance of Government
K00 - General
D02 - Institutions: Design, Formation, Operations, and Impact
N44 - Europe: 1913-
How did modern and centralized fiscal institutions emerge? We develop a model that explains (i) why pre-industrial states relied on private individuals to collect taxes; (ii) why after 1600 both England and France moved from competitive methods for collecting revenues to allocating the right to collect taxes to a small group of financiers—a intermediate institution that we call cabal tax farming—and (iii) why this centralization led to investments in fiscal capacity and increased fiscal standardization. We provide detailed historical evidence that supports our prediction that rulers abandoned the competitive allocation of tax rights in favor of cabal tax farming in order to gain access to inside credit and that this transition was accompanied by investments in standardization. Finally (iv) we show why this intermediate institution proved to be self-undermining in England where it was quickly replaced by direct collection, but lasted in France until the French Revolution.
2012-07-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40403/1/MPRA_paper_40403.pdf
Noel D., Johnson and Mark, Koyama (2012): Standardizing the fiscal state: cabal tax farming as an Intermediate Institution in early-modern England and France.
en
oai:mpra.ub.uni-muenchen.de:40926
2019-09-27T03:56:54Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D48:4837
7375626A656374733D4E:4E34:4E3433
7375626A656374733D50:5031:503136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40926/
War for Profit: Macroculture, Corsairs and partnership companies
Kyriazis, Nicholas
Metaxas, Theodore
N23 - Europe: Pre-1913
H7 - State and Local Government ; Intergovernmental Relations
N43 - Europe: Pre-1913
P16 - Political Economy
In the present paper we propose that in states with relatively weak central
authorities, decision makers had to develop market oriented organisation solutions to
successfully face a grave external threat, and these solutions proved to be efficient.
Using an interdisciplinary approach that combines institutional theory, history
and strategy, we analyse the concept of macroculture and then a case study, the use of
corsairs (privateers) by England and the United Provinces (Dutch Republic) in the late
16th and early 17th centuries. We also propose that the development of partnership
companies went hand in hand for commercial and military purposes.
Lastly, we suggest that a market led decentralised type of war as practiced by
English and Dutch privateers proved to be economically efficient and superior to the
centrally planed war operations of the Spanish empire.
2012-05-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40926/2/MPRA_paper_40926.pdf
Kyriazis, Nicholas and Metaxas, Theodore (2012): War for Profit: Macroculture, Corsairs and partnership companies.
en
oai:mpra.ub.uni-muenchen.de:40996
2019-09-27T13:45:11Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D48:4837
7375626A656374733D4E:4E34:4E3433
7375626A656374733D50:5031:503136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40996/
War for profit: macroculture, corsairs and partnership companies
Kyriazis, Nicholas
Metaxas, Theodore
N23 - Europe: Pre-1913
H7 - State and Local Government ; Intergovernmental Relations
N43 - Europe: Pre-1913
P16 - Political Economy
In the present paper we propose that in states with relatively weak central
authorities, decision makers had to develop market oriented organisation solutions to
successfully face a grave external threat, and these solutions proved to be efficient.
Using an interdisciplinary approach that combines institutional theory, history
and strategy, we analyse the concept of macroculture and then a case study, the use of
corsairs (privateers) by England and the United Provinces (Dutch Republic) in the late
16th and early 17th centuries. We also propose that the development of partnership
companies went hand in hand for commercial and military purposes.
Lastly, we suggest that a market led decentralised type of war as practiced by
English and Dutch privateers proved to be economically efficient and superior to the
centrally planed war operations of the Spanish empire.
2012-05-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40996/2/MPRA_paper_40996.pdf
Kyriazis, Nicholas and Metaxas, Theodore (2012): War for profit: macroculture, corsairs and partnership companies.
en
oai:mpra.ub.uni-muenchen.de:52123
2019-09-27T04:37:10Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E34:4E3433
7375626A656374733D4F:4F31
7375626A656374733D4F:4F34:4F3433
7375626A656374733D50:5034:503438
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52123/
Customary versus Civil Law within Old Regime France
Le Bris, David
N23 - Europe: Pre-1913
N43 - Europe: Pre-1913
O1 - Economic Development
O43 - Institutions and Growth
P48 - Political Economy ; Legal Institutions ; Property Rights ; Natural Resources ; Energy ; Environment ; Regional Studies
Law and finance theory emphasizes the negative consequences of civil law on financial and, subsequently, economic development. Before the Revolution, French territory was strictly divided according to the legal regime. Since the Middle-Ages, the southern part of France was under Justinian civil law and the north was under customary laws which, as with common law, gave more flexibility to judges and less right to the state. This dichotomy offers the unique opportunity to test the law and finance theory free from cross-country bias. Using fiscal revenues across 79 Departments from 1817-1821, we test if Departments under civil law, over the centuries and up to 15 years ago, exhibit lower financial and economic outcomes. We find that civil law Departments do exhibit lower economic performances but this difference is not robust when controlled for fundamental factors. The civil law appears even to have a positive effect in many specifications. Old Regime France does not confirm the law and finance theory.
2013
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52123/1/MPRA_paper_52123.pdf
Le Bris, David (2013): Customary versus Civil Law within Old Regime France.
en
oai:mpra.ub.uni-muenchen.de:52976
2019-09-27T10:04:52Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E34:4E3433
7375626A656374733D4F:4F31
7375626A656374733D4F:4F34:4F3433
7375626A656374733D50:5034:503438
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/52976/
Customary versus Civil Law within Old Regime France
Le Bris, David
N23 - Europe: Pre-1913
N43 - Europe: Pre-1913
O1 - Economic Development
O43 - Institutions and Growth
P48 - Political Economy ; Legal Institutions ; Property Rights ; Natural Resources ; Energy ; Environment ; Regional Studies
Law and finance theory emphasizes the negative consequences of civil law on financial and, subsequently, economic development. Before the Revolution, French territory was strictly divided according to the legal regime. Since the Middle-Ages, the southern part of France was under Justinian civil law and the north was under customary laws which, as with common law, gave more flexibility to judges and less right to the state. This dichotomy offers the unique opportunity to test the law and finance theory free from cross-country bias. Using fiscal revenues across 79 Departments from 1817-1821, we test if Departments under civil law, over the centuries and up to 15 years ago, exhibit lower financial and economic outcomes. We find that civil law Departments do exhibit lower economic performances but this difference is not robust when controlled for fundamental factors. The civil law appears even to have a positive effect in many specifications. Old Regime France does not confirm the law and finance theory.
2013
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/52976/8/MPRA_paper_52976.pdf
Le Bris, David (2013): Customary versus Civil Law within Old Regime France.
en
oai:mpra.ub.uni-muenchen.de:55472
2019-09-27T02:07:41Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E38:4E3833
7375626A656374733D4E:4E39:4E3933
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/55472/
A moneylender in Venice: Costantino Bogdano ‘da Patrasso’, c. 1800-44
Pepelasis, Ioanna Sapfo
Tzavara, Angeliki
N23 - Europe: Pre-1913
N83 - Europe: Pre-1913
N93 - Europe: Pre-1913
Research on the practices of the moneylender, a permanent yet shadowy fixture of society, has focused on England in the early modern period. This paper, however, examines the business operations of Costantino Bogdano, a Greek moneylender active in Venice (c. 1800-44). At a time of transition in finance and cash shortage, Bogdano offered credit at a ‘just’ interest rate with competitive terms, combining profit with enlightened self-interest. Individuals from all walks of life repeatedly turned to him for money without ‘fear of losing their property’. He was patient, granted extensions for repayment and did not prosecute his bad debtors. The incidence of default was rare, testifying to a cautious choice of clientele. He required the usual guarantees of mortgages and jewels and also relied on implicit guarantees from family members linked to one another with bonds of trust. This strategy proved to be financially viable because he died a wealthy man.
2011
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/55472/1/MPRA_paper_55472.pdf
Pepelasis, Ioanna Sapfo and Tzavara, Angeliki (2011): A moneylender in Venice: Costantino Bogdano ‘da Patrasso’, c. 1800-44.
en
oai:mpra.ub.uni-muenchen.de:56168
2014-12-08T14:14:33Z
oai:mpra.ub.uni-muenchen.de:61115
2019-10-02T16:48:03Z
7374617475733D707562
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473131
7375626A656374733D4E:4E32:4E3233
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/61115/
Myopic Rationality in a Mania
Campbell, Gareth
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G11 - Portfolio Choice ; Investment Decisions
N23 - Europe: Pre-1913
G01 - Financial Crises
The rationality of investors during asset price bubbles has been the subject of considerable debate. An analysis of the British Railway Mania, which occurred in the 1840s, suggests that investors may have been myopic, as their expectations were only accurate in the short-term, but they remained rational, as they acted in a utility maximising manner given their expectations. Investors successfully incorporated forecasts of short-term dividend changes into their valuations, but were unable to predict longer-term changes. When short-term growth is controlled for, it appears that the railways were priced consistently with the non-railways throughout the entire episode.
2012-01-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/61115/1/MPRA_paper_61115.pdf
Campbell, Gareth (2012): Myopic Rationality in a Mania. Published in: Explorations in Economic History , Vol. 49, No. 1 (2012): pp. 75-91.
en
oai:mpra.ub.uni-muenchen.de:64632
2019-09-26T08:12:37Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/64632/
The costs and benefits of microfinance. The market for Dutch East India Company transportbriefen in 18th century Amsterdam
Malinowski, Mikołaj
N23 - Europe: Pre-1913
Transport-letters became a popular financial instrument without a use of a physical collateral and financial journalism. How was it possible for a system of salary loans obtained with the trade in the VOC transport-letters based on the intermediation of a secondary market to work sustainably?’. In order to address this issue, several problems need to be investigated. The first sub-question is: ’how was there a primary market for these instruments possible, i.e. how could they create a credible commitment in the eyes of any buyer of a transport-letter? The second sub-question is: ‘how were the asymmetries of information overcome in the secondary market?’. The third sub-question that needs to be answered is about the long-term sustainability of the system: ‘how could the buyers, given the lack of a relevant financial journalism, assess the risk correctly and purchase the instruments at the right price?’. Had it been different, the system would have collapsed as the buyers would have gone bankrupt or the sailors would have not obtained credit at such a high expense.
There are many ideas grouped around contract theory and information economics that provide theoretical insights as to how such a system could exist. According to Avner Greif, ‘a possibility of an ex-ante commitment to being able and willing to fulfil contractual obligations ex-post’ is a precondition for any deal to be signed. In his view, institutional developments can explain changes in the markets. This is because they have the power to mitigate the risks and allow debtors to make a credible commitment as perceived by the always sceptical creditors.
This article argues that the instrument worked despite the above mentioned problems because: (1) there were institutions mitigating the possible asymmetries of information and risks, allowing the employees to make a credible commitment, as well as allowing the traders to exchange the transport-letters; (2) due to specialisation of the buyers of the transport-letters and their domination in the market, the system was sustainable; despite the lack of financial journalism providing them with a ready information, large portfolios allowed lenders to gain knowledge and assess the risk correctly.
2012-11-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/64632/2/MPRA_paper_64632.pdf
Malinowski, Mikołaj (2012): The costs and benefits of microfinance. The market for Dutch East India Company transportbriefen in 18th century Amsterdam. Published in: Social and Economic History Annals , Vol. 1, No. 72 (2012): pp. 15-44.
en
oai:mpra.ub.uni-muenchen.de:68255
2019-09-26T13:08:43Z
7374617475733D756E707562
7375626A656374733D4D:4D34:4D3431
7375626A656374733D4D:4D34:4D3432
7375626A656374733D4D:4D34:4D3438
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E32:4E3234
7375626A656374733D4E:4E38:4E3833
7375626A656374733D4E:4E38:4E3834
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68255/
Fraud and Financial Scandals: A Historical Analysis of Opportunity and Impediment
Toms, Steven
M41 - Accounting
M42 - Auditing
M48 - Government Policy and Regulation
N23 - Europe: Pre-1913
N24 - Europe: 1913-
N83 - Europe: Pre-1913
N84 - Europe: 1913-
The paper presents a conceptual framework of financial fraud based on the historical interaction of opportunity and impediment. In the long run the character of opportunity is determined by the technical characteristics of assets and their unique, unknowable or unverifiable features. Impediment is promoted by consensus about the real value of assets, such that through active governance processes, fraudulent deviations from real value can be easily monitored. Active governance requires individuals in positions of responsibility to exercise a duty of care beyond merely being honest themselves. Taking a long run historical perspective and reviewing a selection of British financial frauds and scandals, from the South Sea Bubble to the Global Financial Crisis, the paper notes the periodic occurrence of waves of opportunity and the evolutionary response of passive governance mechanisms.
2015-12-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68255/1/MPRA_paper_68255.pdf
Toms, Steven (2015): Fraud and Financial Scandals: A Historical Analysis of Opportunity and Impediment.
en
oai:mpra.ub.uni-muenchen.de:68652
2019-09-27T03:38:01Z
7374617475733D756E707562
7375626A656374733D46:4633:463331
7375626A656374733D46:4633:463336
7375626A656374733D47:4730:473031
7375626A656374733D47:4731:473135
7375626A656374733D48:4836:483633
7375626A656374733D4D:4D31:4D3133
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68652/
The 1719-20 stock euphoria: a pan-European perspective
Condorelli, Stefano
F31 - Foreign Exchange
F36 - Financial Aspects of Economic Integration
G01 - Financial Crises
G15 - International Financial Markets
H63 - Debt ; Debt Management ; Sovereign Debt
M13 - New Firms ; Startups
N23 - Europe: Pre-1913
N43 - Europe: Pre-1913
The French Mississippi Bubble, British South Sea Bubble and Dutch Windhandel were part of a 1719-20 pan-European equity boom that involved many more countries than hitherto thought. Drawing on extensive archival research, the paper establishes that speculation and stock euphoria spanned from Portugal to Russia, and from Sicily to Sweden. As such, it demonstrates that 1720 European financial markets were largely driven by common forces. Comparing all the projects (successful or unsuccessful) for joint-stock companies promoted around 1720, the paper underlines three aspects that shed new light on this first transnational financial bubble. First, these projects bring to the fore a two-speed Europe: while the most advanced economies focused on innovative business sectors (in particular marine insurance), the least developed were catching up with a model that was more than one century old, namely the privileged company for long-distance trade and colonization. Second, French and British experiments with public debt engineering (that fuelled the Mississippi and South Sea Bubbles) were emulated throughout Europe; in almost every country there were schemes geared to improving public finances. Third, the timing of the global equity boom was more diachronic than previously thought, suggesting that contemporaries did not expect that a stock market crash somewhere should necessarily generate a contagion effect.
2014-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68652/1/MPRA_paper_68652.pdf
Condorelli, Stefano (2014): The 1719-20 stock euphoria: a pan-European perspective.
en
oai:mpra.ub.uni-muenchen.de:69672
2019-09-26T22:19:56Z
7374617475733D707562
7375626A656374733D41:4132
7375626A656374733D41:4132:413233
7375626A656374733D42:4230
7375626A656374733D42:4231
7375626A656374733D42:4231:423131
7375626A656374733D42:4231:423135
7375626A656374733D42:4235
7375626A656374733D49:4932
7375626A656374733D49:4933
7375626A656374733D49:4933:493338
7375626A656374733D4E:4E30
7375626A656374733D4E:4E30:4E3031
7375626A656374733D4E:4E31
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E32:4E3235
7375626A656374733D4E:4E33
7375626A656374733D4E:4E34
7375626A656374733D50:5030
7375626A656374733D50:5035
7375626A656374733D5A:5A30
7375626A656374733D5A:5A31:5A3131
7375626A656374733D5A:5A31:5A3132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/69672/
Kontribusi Sarjana Muslim bagi Peradaban Eropa: Melacak Akar Sejarah dan Perkembangan Ekonomi
Jaelani, Aan
A2 - Economic Education and Teaching of Economics
A23 - Graduate
B0 - General
B1 - History of Economic Thought through 1925
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
B15 - Historical ; Institutional ; Evolutionary
B5 - Current Heterodox Approaches
I2 - Education and Research Institutions
I3 - Welfare, Well-Being, and Poverty
I38 - Government Policy ; Provision and Effects of Welfare Programs
N0 - General
N01 - Development of the Discipline: Historiographical; Sources and Methods
N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations
N10 - General, International, or Comparative
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
N23 - Europe: Pre-1913
N25 - Asia including Middle East
N3 - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy
N4 - Government, War, Law, International Relations, and Regulation
P0 - General
P5 - Comparative Economic Systems
Z0 - General
Z11 - Economics of the Arts and Literature
Z12 - Religion
The development of economic thought in the Islamic tradition started since the beginning of the first century of the Hijrah. This period is a time when the scientific works about how to achieve economic progress and strengthen the country through foreign trade intangibles movements in the West, known as mercantilism in the economic literature. At this stage of history, after the transmission of Greek ideas, the Muslim scholars to innovate and enrich life interpretations of thought in the world at large, then gradually those ideas into decline and forgotten in history. However, these ideas are not recognized by Western scholars, resulting in a missing link that led to the "great gap" in the history of the world economy.
2015-12-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/69672/1/MPRA_paper_69672.pdf
Jaelani, Aan (2015): Kontribusi Sarjana Muslim bagi Peradaban Eropa: Melacak Akar Sejarah dan Perkembangan Ekonomi. Published in: Festival & Seminar Tahunan Seni & Peradaban Tingkat Internasional , Vol. 1, No. Menuju Perdamaian Dunia Melalui Islam Berkemajuan Mencerahkan Keadaban Bangsa-bangsa (23 February 2016): pp. 1-28.
id
oai:mpra.ub.uni-muenchen.de:73266
2019-09-28T06:46:25Z
7374617475733D756E707562
7375626A656374733D47:4732
7375626A656374733D47:4732:473231
7375626A656374733D4B:4B31
7375626A656374733D4B:4B31:4B3131
7375626A656374733D4E:4E32:4E3233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/73266/
A Pound of Flesh for the King
Garcia, Daniel
G2 - Financial Institutions and Services
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
K1 - Basic Areas of Law
K11 - Property Law
N23 - Europe: Pre-1913
This paper provides a simple model of banking in the shadow of expropriation, which sheds light on the credit markets of XIIIth Century England and the economic reforms introduced by the Angevin Kings. We argue that the fear of expropriation induced bankers to liquidate loans early and reduced the volume of trade in the credit
market. To solve this commitment problem, the nobility imposed a restriction on the ability of the king to profit from the loans that fell into his hands. The subsequent demise of these reforms was likely to contribute to the decay of Jewish bankers under
Henry III and their eventual expulsion in 1290.
2016-08-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/73266/1/MPRA_paper_73266.pdf
Garcia, Daniel (2016): A Pound of Flesh for the King.
en
oai:mpra.ub.uni-muenchen.de:73902
2019-09-27T16:42:39Z
7374617475733D707562
7375626A656374733D47:4732:473233
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E32:4E3235
7375626A656374733D4E:4E33:4E3335
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/73902/
Finansal İstikrar ve Para Vakıfları Etkisi: Rumeli Para Vakıfları Örnekleri
Bulut, Mehmet
Korkut, Cem
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
N2 - Financial Markets and Institutions
N23 - Europe: Pre-1913
N25 - Asia including Middle East
N35 - Asia including Middle East
Vakıflar, İslam toplumlarında yardımlaşmanın ve toplumsal dayanışmanın yanında sosyal ve ekonomik hayatın önemli unsurları olarak karşımıza çıkmaktadır. Vakıfların en önemli özelliği bu yardımlaşma ve dayanışmayı kurumsal hale getirmeleridir. Osmanlı Devleti’nde toplumsal hayatta çok önemli bir yer tutan vakıflar, Osmanlı Devleti’nin bir vakıf medeniyeti olarak anılmasına vesile olmuştur. Yapılan akademik çalışmalar ve analizler de vakıfların ekonomik sistemde merkez hazinesi ve tımar sisteminin hemen arkasında üçüncü bir ekonomik kurum olarak ortaya çıktığını göstermektedir. Bu sebeple, Osmanlı ekonomik yapısı üzerine yapılacak çalışmalarda vakıfların rolünü incelemek de oldukça önemlidir. Bu vakıfların bir türü “para (nukud) vakıfları” bu çalışmanın konusunu oluşturacaktır. Birincil kaynaklardan incelenen vakfiyeler üzerinden para vakıfların kuruluşları ve dayandıkları İslami arka plan incelenecektir. Ayrıca bu vakıfların uyguladıkları kâr oranlarının uzun dönemli analizi üzerinde durulacaktır. Aynı dönemlerde Avrupa’da uygulanan faiz oranları ile Osmanlı para vakıflarının kâr oranlarının karşılaştırması yapılacaktır. Bölge olarak Rumeli’nin seçilmesi de bu bölge hakkında para vakıfları hakkında yeterli derecede çalışma olmamasından ötürüdür.
We meet waqf not only institutions provided the assistance and social solidarity between people but also an important elements of social and economic life in Islamic societies. The most important feature of waqf is to make this cooperation and solidarity institutional. The waqfs that had a very important place in social life in the Ottoman State have been instrumental that Ottoman State is a civilization of waqfs. Academic studies and analysis also shows that waqf system was third place in economic institutions after central treasury and timar system in economic system (Özcan, 2008, p. 143). Therefore, it is important to examine the role of waqf in studies on Ottoman economic structure. One type of this waqfs, “cash waqfs” will be subject of this study. The establishment procedure of cash waqfs and Islamic background of cash waqfs will be examined from primary sources (waqfiyahs). Moreover, we will emphasized long-term analysis on the profit rates that were determined by cash waqfs. The comparison between the European interest rates and profit rates of Ottoman cash waqfs at same era will be made. The region of Rumelia is selected as subject because there are not enough works about cash waqfs in this region.
2016-05-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/73902/1/MPRA_paper_73902.pdf
Bulut, Mehmet and Korkut, Cem (2016): Finansal İstikrar ve Para Vakıfları Etkisi: Rumeli Para Vakıfları Örnekleri. Published in: Journal of Islamic Economics and Finance - İslam Ekonomisi ve Finansı Dergisi , Vol. 2, No. 1 (1 June 2016): pp. 55-76.
tr
oai:mpra.ub.uni-muenchen.de:76414
2019-09-26T17:02:39Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E34:4E3433
7375626A656374733D5A:5A31
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/76414/
The Greek merchant fleet as a national navy during the war of independence 1800-1830
Economou, Emmanouel/Marios/Lazaros
Kyriazis, Nicholas
Prassa, Annita
N23 - Europe: Pre-1913
N43 - Europe: Pre-1913
Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
We analyse the emergence of the Greek merchant navy in the wider European context after the Treaty of Vienna, in particular that of the maritime islands - Hydra, Spetsai and Psara - during the end of the 18th to the beginning of the 19th century, when Greece was still a part of the Ottoman Empire. We examine the structure of the merchant fleet and the impetus it received after they could raise mainly the Russian flag as a flag of opportunity. We trace its history as blockade runners for France during the Napoleonic wars and the necessity to be armed in order to face the challenge of the Barbary corsairs (from Algiers, Tunis and Tripoli). These armed merchantmen and their crews, who had gained valuable experience during the Napoleonic Wars and by fighting against the Barbary corsairs, formed the nucleus of Greece’s navy during the War of Independence of 1821-1830. Combining superior naval skill and “terror weapons” as, for example, fireships, the Greek armed merchantmen achieved a number of astonishing victories against the Ottoman navy which was superior in numbers and tonnage (including dedicated ships of the line), thus contributing crucially to Greece’s independence.
2016-02-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/76414/1/MPRA_paper_76414.pdf
Economou, Emmanouel/Marios/Lazaros and Kyriazis, Nicholas and Prassa, Annita (2016): The Greek merchant fleet as a national navy during the war of independence 1800-1830.
en
oai:mpra.ub.uni-muenchen.de:80058
2019-09-26T18:59:44Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3134
7375626A656374733D4C:4C32:4C3236
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E38:4E3833
7375626A656374733D4F:4F33:4F3333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/80058/
Network preferences and the growth of the British cotton textile industry, c.1780-1914
Toms, Steven
L14 - Transactional Relationships ; Contracts and Reputation ; Networks
L26 - Entrepreneurship
N23 - Europe: Pre-1913
N83 - Europe: Pre-1913
O33 - Technological Change: Choices and Consequences ; Diffusion Processes
The paper considers the dual aspect of social networks in terms of 1) product innovators and developers and 2) the providers of finance. The growth of networks can be explained as a function of incumbents and entrants’ preferences to link with specific nodes defined according to the underlying duality. Such preferences can be used to explain network evolution and growth dynamics in the cotton textile industry, from being the first sector to develop in the industrial revolution through to its maturity. The network preference approach potentially explains several features of the long run industry life cycle:
1. The early combination of innovators with access to extensive credit networks, protected by entry barriers determined by pre-existing network structures, leading to lower capital costs for incumbents and rapid productivity growth, c.1780-1830.
2. The spread of innovation and productivity through value chain linkages during the nineteenth century.
3. The trust movement, joint stock and personal capitalism: the emergence of large firms and a preference for regional financial markets in Lancashire and Scotland.
4. The consolidation of regional instead of national business groups which help explain the decline of the industry.
The paper uses case studies of firms, networks, and market institutions based on a mixture of archival evidence, drawn mainly from the financial records of a large sample of cotton firms, and contemporary publications. It stresses human interactions (as opposed to population ecology mechanisms) as determinants of the character, scale and scope of network evolution. Intergenerational features of the networks are identified and classified by these characteristics. Networks were typically bounded in terms of product innovators and less bounded in terms of finance providers. Consequently, finance providers tend to provide the impetus for the rate of network growth in expansion, maturity and contraction phases.
2017-07-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/80058/2/MPRA_paper_80058.pdf
Toms, Steven (2017): Network preferences and the growth of the British cotton textile industry, c.1780-1914.
en
oai:mpra.ub.uni-muenchen.de:82821
2019-09-26T23:25:09Z
7374617475733D756E707562
7375626A656374733D46:4633:463331
7375626A656374733D46:4633:463336
7375626A656374733D47:4730:473031
7375626A656374733D47:4731:473135
7375626A656374733D48:4836:483633
7375626A656374733D4D:4D31:4D3133
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/82821/
The 1719-20 stock euphoria: a pan-European perspective
Condorelli, Stefano
F31 - Foreign Exchange
F36 - Financial Aspects of Economic Integration
G01 - Financial Crises
G15 - International Financial Markets
H63 - Debt ; Debt Management ; Sovereign Debt
M13 - New Firms ; Startups
N23 - Europe: Pre-1913
N43 - Europe: Pre-1913
The French Mississippi Bubble, British South Sea Bubble and Dutch Windhandel were part of a 1719-20 pan-European equity boom that involved many more countries than hitherto thought. Drawing on extensive archival research, the paper establishes that speculation and stock euphoria spanned from Portugal to Russia, and from Sicily to Sweden. As such, it demonstrates that 1720 European financial markets were largely driven by common forces. Comparing all the projects (successful or unsuccessful) for joint-stock companies promoted around 1720, the paper underlines three aspects that shed new light on this first transnational financial bubble. First, these projects bring to the fore a two-speed Europe: while the most advanced economies focused on innovative business sectors (in particular marine insurance), the least developed were catching up with a model that was more than one century old, namely the privileged company for long-distance trade and colonization. Second, French and British experiments with public debt engineering (that fuelled the Mississippi and South Sea Bubbles) were emulated throughout Europe; in almost every country there were schemes geared to improving public finances. Third, the timing of the global equity boom was more diachronic than previously thought, suggesting that contemporaries did not expect that a stock market crash somewhere should necessarily generate a contagion effect.
2014-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/82821/1/MPRA_paper_82821.pdf
Condorelli, Stefano (2014): The 1719-20 stock euphoria: a pan-European perspective.
en
oai:mpra.ub.uni-muenchen.de:84204
2019-09-26T10:29:56Z
7374617475733D707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423135
7375626A656374733D47:4732:473233
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E32:4E3235
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/84204/
XV. ve XIX. Yüzyıllar Arasında Osmanlı Para Vakıfları ve Modern Finans Kurumlarının Karşılaştırılması
Korkut, Cem
Bulut, Mehmet
B12 - Classical (includes Adam Smith)
B15 - Historical ; Institutional ; Evolutionary
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
N23 - Europe: Pre-1913
N25 - Asia including Middle East
Most of the services provided by modern states to their citizens today were provided by the waqfs during the Ottoman period. The fact that the influence of Islamic religion on the social life was high was one of the most important factors driving people to establish the waqfs. The waqfs founded by philanthropists financed such social needs as religious services, education and infrastructure. The cash waqfs (CWs) were one of the waqf types that financed the needs of the society. The CWs whose capital was cash money provided financial sources to entrepreneurs who were in need of cash according to Islamic methods. The CWs continued to function until the last period of the Ottomans. That the Ottomans used CWs to carry out the functions of the modern financial institutions of Europe is important to understand the Ottoman economic and financial mentality. By using the primary sources, this study aims to analyze the Ottoman economic mentality through studying CWs. In addition, the financial institutions operating in Europe in the same
Günümüzde modern devletler tarafından vatandaşlara sağlanan çoğu hizmetler, Osmanlı döneminde vakıflar tarafından sağlanıyordu. İslâm dininin toplumsal hayat üzerindeki etkisinin yüksek olması insanları vakıf kurmaya iten önemli etkenlerin başında geliyordu. Hayırseverler tarafından kurulan vakıflar, dini hizmetler, eğitim, altyapı vb. toplumsal ihtiyaçları finanse etmekteydi.
Para vakıfları, toplumun ihtiyaçlarını finanse eden vakıf türlerinden birisidir. Sermayesi nakit paradan oluşan bu vakıflar ihtiyacı olan girişimcilere İslâmî usullere göre finansman sağlamıştır. Para vakıfları Osmanlıların son dönemlerine kadar işleyişini devam ettiren kurumlar olmuştur. Osmanlıların, aynı dönemde Avrupa’daki modern finansal kurumların gelişmesine karşı para vakıfları ile bu kurumların işlevlerini yerine getirmesi, Osmanlı iktisadi ve finansal zihniyetini anlamak açısından önemlidir. Bu çalışmanın amacı birincil kaynaklarından incelenen para vakıfları ile Osmanlı iktisadi zihniyetini analiz etmektir. Ayrıca aynı dönemde faaliyet gösteren ve para vakıfları ile çağdaş olarak Avrupa’da faaliyet gösteren finansal kurumlar da incelenecek ve iktisadi zihniyetler arasında karşılaştırma yapılmaya çalışılacaktır.
2017-12-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/84204/1/MPRA_paper_84204.pdf
Korkut, Cem and Bulut, Mehmet (2017): XV. ve XIX. Yüzyıllar Arasında Osmanlı Para Vakıfları ve Modern Finans Kurumlarının Karşılaştırılması. Published in: ADAM AKADEMİ Sosyal Bilimler Dergisi , Vol. 2017, No. 2 (31 December 2017): pp. 167-194.
tr
oai:mpra.ub.uni-muenchen.de:89888
2019-09-28T18:06:36Z
7374617475733D756E707562
7375626A656374733D46:4633:463331
7375626A656374733D47:4730:473031
7375626A656374733D47:4731
7375626A656374733D47:4731:473130
7375626A656374733D47:4731:473134
7375626A656374733D47:4731:473135
7375626A656374733D47:4731:473139
7375626A656374733D4E:4E32:4E3233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/89888/
Price momentum and the 1719-20 bubbles: A method to compare and interpret booms and crashes in asset markets
Condorelli, Stefano
F31 - Foreign Exchange
G01 - Financial Crises
G1 - General Financial Markets
G10 - General
G14 - Information and Market Efficiency ; Event Studies ; Insider Trading
G15 - International Financial Markets
G19 - Other
N23 - Europe: Pre-1913
This paper attempts to address one major problem with bubble studies: the difficulty to rigorously compare assets bubbles (that is to say compare them via quantitative data, rather than simply anecdotal evidence). The idea of the paper is to use a metric that is not the level of price itself, but that is connected to it. This metric is price momentum (i.e. the magnitude and speed of price changes). Momentum is measured with a technical indicator: the Relative Strength Index (RSI). The RSI is popular among traders, yet it is not normally used as a tool of comparison. In particular, there appears to be no academic study that has hitherto employed the RSI as a metric to compare different booms and crashes. Likewise, it seems that the RSI was never applied to early modern markets (such as the Mississippi and South Sea Bubbles), or to early 20th century markets (such as the 1929 crash). The paper does all this (based on historical securities prices). Furthermore, it develops news concepts and metrics (such as “strong momentum with low volatility”, “momentum efficiency”, and accumulated RSI readings) that are connected to the notion of momentum. These concepts, in turn, are interpreted through the lens of archival evidence. The result is a new method of analysis – which is not concerned with market forecasting, but only with comparison and historical interpretation – that sheds new light on the 1719 20 bubbles themselves.
2018-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/89888/1/MPRA_paper_89888.pdf
Condorelli, Stefano (2018): Price momentum and the 1719-20 bubbles: A method to compare and interpret booms and crashes in asset markets.
en
oai:mpra.ub.uni-muenchen.de:104298
2020-12-03T07:25:21Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3231
7375626A656374733D4E:4E32:4E3232
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E32:4E3234
7375626A656374733D4E:4E32:4E3235
7375626A656374733D4E:4E32:4E3236
7375626A656374733D4E:4E32:4E3237
7375626A656374733D5A:5A31:5A3132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/104298/
Fathoming slavery: feudalism, African bondage, globalisation and beyond
Saccal, Alessandro
N20 - General, International, or Comparative
N21 - U.S. ; Canada: Pre-1913
N22 - U.S. ; Canada: 1913-
N23 - Europe: Pre-1913
N24 - Europe: 1913-
N25 - Asia including Middle East
N26 - Latin America ; Caribbean
N27 - Africa ; Oceania
Z12 - Religion
Wherever dechristianisation could not have possibly materialised, in those polities which abandoned God to start with, since the Fall to the eschaton, slavery was never substantially execrated, having continued to this day, net of abolitionism, in globalisation. Thence the perduring Arab slave trade over one millenium and the improbability of an end to the Atlantic one absent abolitionism, which would have withal flowed indeed into globalisation. No sooner was Western Europe by contrast dechristianised at heart, in the tares of Protestantism, than the internal slave raids ended together with the tutelage of feudalism.
2020-11-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/104298/1/MPRA_paper_104298.pdf
Saccal, Alessandro (2020): Fathoming slavery: feudalism, African bondage, globalisation and beyond.
en
oai:mpra.ub.uni-muenchen.de:107951
2021-05-26T01:31:52Z
7374617475733D756E707562
7375626A656374733D4B:4B34:4B3430
7375626A656374733D4E:4E30
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3233
7375626A656374733D5A:5A31:5A3130
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/107951/
A discussion regarding the economic and legal rights of women in Classical Athens (508-323 BCE)
Economou, Emmanouel/Marios/Lazaros
K40 - General
N0 - General
N20 - General, International, or Comparative
N23 - Europe: Pre-1913
Z10 - General
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
This paper sheds some light to the position of women in Classical Greece regarding their economic and legal rights including property rights and standing in marriage. In essence, the paper cautions against sweeping generalizations about the view of women in Ancient Greece as lower-class citizens and offers a more nuanced view of women.
2020-03-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/107951/1/MPRA_paper_107951.pdf
Economou, Emmanouel/Marios/Lazaros (2020): A discussion regarding the economic and legal rights of women in Classical Athens (508-323 BCE).
en
oai:mpra.ub.uni-muenchen.de:108308
2021-06-17T15:45:39Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/108308/
Pratica degli affari e prescrizioni morali: interesse e sconto nei manuali di aritmetica mercantile (secoli XVI-XVIII)
Zanini, Andrea
N23 - Europe: Pre-1913
Catholic Church’s usury restrictions and their effects on business life have long attracted scholars’ attention. Several essays reconstruct the evolution of usury doctrine and its relations with the diffusion of new contracts and financial techniques to enable the payment of interest. This paper aims to investigate the real influence of the Church’s precepts on financial transactions starting from a different observation point. The most important source used in this work is commercial arithmetic textbooks printed in Italy from the beginning of the 16th century to the end of the 18th century and specifically devoted to businessmen. Although quite limited from a theoretical point of view, these books reflect coeval business practice. In particular, they contain several examples illustrating calculation techniques, including problems concerning interest and discount. Many authors try to give suggestions to their readers, as well as some ethical and moral advice, showing whether, in their opinion, a specific financial practice was licit or not. Therefore, these textbooks represent a useful source to shed light upon the influence of the Church’s usury precepts on the business world in the early modern age.
2021-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/108308/1/MPRA_paper_108308.pdf
Zanini, Andrea (2021): Pratica degli affari e prescrizioni morali: interesse e sconto nei manuali di aritmetica mercantile (secoli XVI-XVIII).
it
oai:mpra.ub.uni-muenchen.de:108636
2021-07-30T10:08:40Z
7374617475733D756E707562
7375626A656374733D47:4732:473230
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/108636/
Ενωμένες Επαρχίες (Ολλανδία): Ένα διαχρονικό ιστορικό υπόδειγμα επιτυχημένης θεσμικής εξέλιξης μιας οικονομίας
Economou, Emmanouel/Marios/Lazaros
G20 - General
N23 - Europe: Pre-1913
N43 - Europe: Pre-1913
Στη διάρκεια του 17ου αιώνα, οι Εν.Ε, παρά τη μικρή έκταση και πληθυσμό τους (μόλις 2 εκατομμύρια) ήταν ένα από τα ισχυρότερα κράτη του κόσμου με το μεγαλύτερο εμπορικό ναυτικό, που τους έδωσε την ονομασία “οι αμαξιλάτες της θάλασσας” και έναν ιδιαίτερα ισχυρό στρατό και στόλο μέχρι περίπου το 1750, όταν τον ξεπέρασε η Μ. Βρετανία, με το υψηλότερο παγκόσμιο ΑΕΠ Κατά Κεφαλήν.
2019-03-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/108636/1/MPRA_paper_108636.pdf
Economou, Emmanouel/Marios/Lazaros (2019): Ενωμένες Επαρχίες (Ολλανδία): Ένα διαχρονικό ιστορικό υπόδειγμα επιτυχημένης θεσμικής εξέλιξης μιας οικονομίας.
el