Financial and Monetary Policy Studies

Explaining Monetary and Financial Innovation

A Historical Analysis

Editors: Bernholz, Peter, Vaubel, Roland (Eds.)

  • Presents an overview of the most important key financial innovations in history
  • Illustrates why, historically, almost all important monetary innovations emerged in small, open and competing states
  • Explains how money emerged and evolved with special analysis of the most important junctions in monetary history
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eBook $179.00
price for USA (gross)
  • ISBN 978-3-319-06109-2
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Hardcover $229.00
price for USA
  • ISBN 978-3-319-06108-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $229.00
price for USA
  • Customers within the U.S. and Canada please contact Customer Service at 1-800-777-4643, Latin America please contact us at +1-212-460-1500 (Weekdays 8:30am – 5:30pm ET) to place your order.
  • Due: November 3, 2016
  • ISBN 978-3-319-38341-5
  • Free shipping for individuals worldwide
About this book

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.

About the authors

Peter Bernholz is Assistant Professor at University of Frankfurt 1964 - 66 and was Ordinarius (Full Professor) at the Technische Universitaet Berlin from 1966 to 1971. 1971-1997 Ordinarius for Economics, especially for Economic Policy and for Monetary and International Economics, and Institute Director at University of Basel, Switzerland. Dean of the Faculty of Philosophy and History 1982 - 83. Several offers of chairs from the universities of Mannheim, Bonn and Kiel. Since retirement asked to offer several courses on the European Monetary and Economic Union at the Institute for European Global Studies, Basel, until 2008. Guest professorships at Massachusetts Institute of Technology 1969, Virginia Polytechnic Institute 1974 and 1978, Institute for Advanced Studies, Vienna, 1980, Stanford University 1981, University of California Los Angeles 1986/87, Australian National University, Canberra, 1993, University of California Irvine 1998, Universita degli Studi di Roma “La Sapienza” 2000, Universitaet Innsbruck 2002. Research Fellow of the Center for Study of Public Choice, George Mason University, Fairfax, Virginia.

Roland Vaubel is Professor of Economics at the University of Mannheim, Germany. He has received a B.A. in Philosophy, Politics and Economics from the University of Oxford, an M.A. from Columbia University, New York, and a doctorate from the University of Kiel, Germany. He has been Professor of Economics at Erasmus University Rotterdam and Visiting Professor of International Economics at the University of Chicago (Graduate School of Business). He is a member of the Advisory Council to the German Federal Ministry of Economics and Technology. He is associate editor of the Review of International Organizations and a member of the editorial boards of the European Journal of Political Economy, Constitutional Political Economy and Cato Journal. He is also a member of the Academic Advisory Council of the Institute of Economic Affairs, London.

Table of contents (13 chapters)

  • The Political Economy of Monetary and Financial Innovation: Introduction and Overview

    Bernholz, Peter (et al.)

    Pages 1-16

  • Silver as a Financial Tool in Ancient Egypt and Mesopotamia

    Mieroop, Marc

    Pages 17-29

  • War and Peace, Imitation and Innovation, Backwardness and Development: The Beginnings of Coinage in Ancient Greece and Lydia

    Schaps, David M.

    Pages 31-51

  • The Emergence and Spread of Coins in Ancient India

    Reddy, Deme Raja

    Pages 53-77

  • The Emergence and Spread of Coins in China from the Spring and Autumn Period to the Warring States Period

    Kakinuma, Yohei

    Pages 79-126

Buy this book

eBook $179.00
price for USA (gross)
  • ISBN 978-3-319-06109-2
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $229.00
price for USA
  • ISBN 978-3-319-06108-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $229.00
price for USA
  • Customers within the U.S. and Canada please contact Customer Service at 1-800-777-4643, Latin America please contact us at +1-212-460-1500 (Weekdays 8:30am – 5:30pm ET) to place your order.
  • Due: November 3, 2016
  • ISBN 978-3-319-38341-5
  • Free shipping for individuals worldwide
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Bibliographic Information

Bibliographic Information
Book Title
Explaining Monetary and Financial Innovation
Book Subtitle
A Historical Analysis
Editors
  • Peter Bernholz
  • Roland Vaubel
Series Title
Financial and Monetary Policy Studies
Series Volume
39
Copyright
2014
Publisher
Springer International Publishing
Copyright Holder
Springer International Publishing Switzerland
eBook ISBN
978-3-319-06109-2
DOI
10.1007/978-3-319-06109-2
Hardcover ISBN
978-3-319-06108-5
Softcover ISBN
978-3-319-38341-5
Series ISSN
0921-8580
Edition Number
1
Number of Pages
X, 366
Number of Illustrations and Tables
63 b/w illustrations
Topics