Peter Robinson
- Published in print:
- 2020
- Published Online:
- May 2021
- ISBN:
- 9781789622539
- eISBN:
- 9781800341524
- Item type:
- book
- Publisher:
- Liverpool University Press
- DOI:
- 10.3828/liverpool/9781789622539.001.0001
- Subject:
- Literature, Poetry
Poetry & Money: A Speculation is a study of relationships between poets, poetry, and money from Chaucer to contemporary times. It begins by showing how trust is essential to the creation of value in ...
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Poetry & Money: A Speculation is a study of relationships between poets, poetry, and money from Chaucer to contemporary times. It begins by showing how trust is essential to the creation of value in human exchange, and how money can, depending on conditions, both enable and disable such trustfully collaborative generations of value. Drawing upon a vast range of poetry for its exemplifications, the book includes studies of poetic hardship, religious verse and debt redeeming, the South Sea Bubble and the financial revolution, debates upon metallic and paper currency in the eighteenth and nineteenth centuries, as well as modernist struggles with the gold standard, depression, inflation, and the realised groundlessness of exchange value. With its practitioner’s attention to the minutiae of poetic technique, it considers analogies between words and coins, and between poetic rhythm and the circulation of currencies in an economy. Through its close readings of poems over many centuries directly or indirectly engaged with money, it proposes ways in which, while we cannot escape monetary economies, we can resist, to some extent, being ensnared and diminished by them – through a fresh understanding of values money may serve to enable, ones which are nevertheless beyond price.Less
Poetry & Money: A Speculation is a study of relationships between poets, poetry, and money from Chaucer to contemporary times. It begins by showing how trust is essential to the creation of value in human exchange, and how money can, depending on conditions, both enable and disable such trustfully collaborative generations of value. Drawing upon a vast range of poetry for its exemplifications, the book includes studies of poetic hardship, religious verse and debt redeeming, the South Sea Bubble and the financial revolution, debates upon metallic and paper currency in the eighteenth and nineteenth centuries, as well as modernist struggles with the gold standard, depression, inflation, and the realised groundlessness of exchange value. With its practitioner’s attention to the minutiae of poetic technique, it considers analogies between words and coins, and between poetic rhythm and the circulation of currencies in an economy. Through its close readings of poems over many centuries directly or indirectly engaged with money, it proposes ways in which, while we cannot escape monetary economies, we can resist, to some extent, being ensnared and diminished by them – through a fresh understanding of values money may serve to enable, ones which are nevertheless beyond price.
Niv Horesh
- Published in print:
- 2009
- Published Online:
- October 2013
- ISBN:
- 9780300143560
- eISBN:
- 9780300143621
- Item type:
- book
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300143560.001.0001
- Subject:
- Economics and Finance, Economic History
As China emerges as a global powerhouse, this book examines its economic past and the shaping of its financial institutions. A comparative study of foreign banking in prewar China, it surveys the ...
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As China emerges as a global powerhouse, this book examines its economic past and the shaping of its financial institutions. A comparative study of foreign banking in prewar China, it surveys the impact of British overseas banknotes on China's economy before the outbreak of the Sino-Japanese War in 1937. Focusing on the two leading British banks in the region, the book assesses the favorable and unfavorable effects of the British presence in China, with particular emphasis on Shanghai, and traces instructive links between the changing political climate and banknote circulation volumes. Drawing on recently declassified archival materials, the author revises previous assumptions about China's prewar economy, including the extent of foreign banknote circulation and the economic significance of the May Thirtieth Movement of 1925.Less
As China emerges as a global powerhouse, this book examines its economic past and the shaping of its financial institutions. A comparative study of foreign banking in prewar China, it surveys the impact of British overseas banknotes on China's economy before the outbreak of the Sino-Japanese War in 1937. Focusing on the two leading British banks in the region, the book assesses the favorable and unfavorable effects of the British presence in China, with particular emphasis on Shanghai, and traces instructive links between the changing political climate and banknote circulation volumes. Drawing on recently declassified archival materials, the author revises previous assumptions about China's prewar economy, including the extent of foreign banknote circulation and the economic significance of the May Thirtieth Movement of 1925.
Howard Bodenhorn
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195147766
- eISBN:
- 9780199832910
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195147766.003.0005
- Subject:
- Economics and Finance, Economic History
The Suffolk Bank of Boston established a regional clearinghouse system known as the Suffolk system. Traditional interpretations of the system emphasize the benefits created by the system's clearing ...
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The Suffolk Bank of Boston established a regional clearinghouse system known as the Suffolk system. Traditional interpretations of the system emphasize the benefits created by the system's clearing operations and effective coinsurance scheme. Although the system created such benefits, it did so by intimidating and coercing member banks. The system is analyzed using modern theories of networks, including membership externalities and appropriate pricing rules. Because the Suffolk Bank did not set efficient prices for its services, an alternative network was established and the system collapsed.Less
The Suffolk Bank of Boston established a regional clearinghouse system known as the Suffolk system. Traditional interpretations of the system emphasize the benefits created by the system's clearing operations and effective coinsurance scheme. Although the system created such benefits, it did so by intimidating and coercing member banks. The system is analyzed using modern theories of networks, including membership externalities and appropriate pricing rules. Because the Suffolk Bank did not set efficient prices for its services, an alternative network was established and the system collapsed.
Howard Bodenhorn
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195147766
- eISBN:
- 9780199832910
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195147766.003.0008
- Subject:
- Economics and Finance, Economic History
Modern interpretations of free banking argue that lightly regulated banking systems are either unstable and undesirable, or that free competition in banking generates the same favorable outcomes as ...
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Modern interpretations of free banking argue that lightly regulated banking systems are either unstable and undesirable, or that free competition in banking generates the same favorable outcomes as competition in any other industry. The historical evidence shows that America's experience with free banking can support either position depending on the time and place under study. Free banking laws in antebellum America induced massive entry and, often, equally rapid exit in its early years (sometimes referred to as wildcatting), but later experience was more favorable. After 1845, failure rates among free banks fell to about the same rate as chartered banks. Free banking created some perverse incentives for banks, however. Free banks under‐issued banknotes relative to profit‐maximizing banks and free banknote issues demonstrated less seasonal elasticity. Both features were the result of the requirement that free banks hold unbalanced portfolios, top heavy with government bonds.Less
Modern interpretations of free banking argue that lightly regulated banking systems are either unstable and undesirable, or that free competition in banking generates the same favorable outcomes as competition in any other industry. The historical evidence shows that America's experience with free banking can support either position depending on the time and place under study. Free banking laws in antebellum America induced massive entry and, often, equally rapid exit in its early years (sometimes referred to as wildcatting), but later experience was more favorable. After 1845, failure rates among free banks fell to about the same rate as chartered banks. Free banking created some perverse incentives for banks, however. Free banks under‐issued banknotes relative to profit‐maximizing banks and free banknote issues demonstrated less seasonal elasticity. Both features were the result of the requirement that free banks hold unbalanced portfolios, top heavy with government bonds.
Antoin E. Murphy
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198286493
- eISBN:
- 9780191596674
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828649X.003.0011
- Subject:
- Economics and Finance, History of Economic Thought
Details the role of the General Bank and its note‐issuing capacity and the conversion of the General Bank into the Royal Bank.
Details the role of the General Bank and its note‐issuing capacity and the conversion of the General Bank into the Royal Bank.
Antoin E. Murphy
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198286493
- eISBN:
- 9780191596674
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828649X.003.0017
- Subject:
- Economics and Finance, History of Economic Thought
The attempt to cool down the System through the reduction of the value of shares and banknotes produced a dramatic loss of confidence in the System, and Law was put under house arrest. The ...
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The attempt to cool down the System through the reduction of the value of shares and banknotes produced a dramatic loss of confidence in the System, and Law was put under house arrest. The complexities of running the System forced the Regent to bring Law back into power and to exile the Pâris brothers.Less
The attempt to cool down the System through the reduction of the value of shares and banknotes produced a dramatic loss of confidence in the System, and Law was put under house arrest. The complexities of running the System forced the Regent to bring Law back into power and to exile the Pâris brothers.
Antoin E. Murphy
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198286493
- eISBN:
- 9780191596674
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828649X.003.0019
- Subject:
- Economics and Finance, History of Economic Thought
The growing collapse of the System was mirrored by the restoration of gold and silver along with the public burning of banknotes, the continued fall in the price of the Mississippi Company's shares, ...
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The growing collapse of the System was mirrored by the restoration of gold and silver along with the public burning of banknotes, the continued fall in the price of the Mississippi Company's shares, and John Law's enforced departure from France.Less
The growing collapse of the System was mirrored by the restoration of gold and silver along with the public burning of banknotes, the continued fall in the price of the Mississippi Company's shares, and John Law's enforced departure from France.
Cormac Ó Gráda
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198205982
- eISBN:
- 9780191676895
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198205982.003.0007
- Subject:
- History, British and Irish Modern History, Economic History
Short-term fluctuations in the Irish economy before the Great Famine cannot be measured with precision, but the outlines may be gauged from a variety of contemporary data. For example, the ...
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Short-term fluctuations in the Irish economy before the Great Famine cannot be measured with precision, but the outlines may be gauged from a variety of contemporary data. For example, the half-yearly accounts of the Bank of Ireland help chronicle the ebbs and flows in economic activity after the mid-1780s. The bank's income rose from less than 30,000 pounds per half-year in the 1780s to more than 100,000 pounds in the 1800s. It fell off in nominal terms thereafter until the early 1820s, and the late 1830s saw a further fall. The long-run evolution in the bank's fortunes was a reflection both of macroeconomic trends and the evolving banking structure, but the numbers also reflect the severe downturns in the wake of 1815 and the Great Famine. This chapter examines trends and fluctuations in a number of economic indicators in Ireland before the Great Famine, including aggregate banknote circulation, profits accruing to agencies (or branches) of the Bank of Ireland, bankruptcies, agricultural output, agricultural exports, and conacre rents.Less
Short-term fluctuations in the Irish economy before the Great Famine cannot be measured with precision, but the outlines may be gauged from a variety of contemporary data. For example, the half-yearly accounts of the Bank of Ireland help chronicle the ebbs and flows in economic activity after the mid-1780s. The bank's income rose from less than 30,000 pounds per half-year in the 1780s to more than 100,000 pounds in the 1800s. It fell off in nominal terms thereafter until the early 1820s, and the late 1830s saw a further fall. The long-run evolution in the bank's fortunes was a reflection both of macroeconomic trends and the evolving banking structure, but the numbers also reflect the severe downturns in the wake of 1815 and the Great Famine. This chapter examines trends and fluctuations in a number of economic indicators in Ireland before the Great Famine, including aggregate banknote circulation, profits accruing to agencies (or branches) of the Bank of Ireland, bankruptcies, agricultural output, agricultural exports, and conacre rents.
Keith Hart
- Published in print:
- 2017
- Published Online:
- January 2018
- ISBN:
- 9780262035750
- eISBN:
- 9780262338332
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262035750.003.0017
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Based on his first fieldwork in Ghana in the 1960s, the author recounts a story of being offered Confederate US banknotes for conversion, and uses this story to recount how he funded his initial ...
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Based on his first fieldwork in Ghana in the 1960s, the author recounts a story of being offered Confederate US banknotes for conversion, and uses this story to recount how he funded his initial period of anthropological research through money changing and money lending. He made quite a good living this way, so much so that he began to feel guilty about amassing such wealth. So, he spread it around, hiring research assistants. Instead of discharging the debt he felt he owed, however, this only increased it, as he became positioned as a big man who was expected to redistribute wealth to the people. Such grey zones in fieldwork spotlight the ethical quandaries of credit, debt and money in the anthropological encounter as well as in the making of the modern world.Less
Based on his first fieldwork in Ghana in the 1960s, the author recounts a story of being offered Confederate US banknotes for conversion, and uses this story to recount how he funded his initial period of anthropological research through money changing and money lending. He made quite a good living this way, so much so that he began to feel guilty about amassing such wealth. So, he spread it around, hiring research assistants. Instead of discharging the debt he felt he owed, however, this only increased it, as he became positioned as a big man who was expected to redistribute wealth to the people. Such grey zones in fieldwork spotlight the ethical quandaries of credit, debt and money in the anthropological encounter as well as in the making of the modern world.
John Greenwood
- Published in print:
- 2007
- Published Online:
- September 2011
- ISBN:
- 9789622098909
- eISBN:
- 9789882207004
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789622098909.003.0007
- Subject:
- Economics and Finance, South and East Asia
This chapter looks back on how the Hong Kong dollar was stabilised in October 1983. It presents a combination of theoretical discussion and historical narrative of the events between late September ...
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This chapter looks back on how the Hong Kong dollar was stabilised in October 1983. It presents a combination of theoretical discussion and historical narrative of the events between late September and mid-October when the new scheme was adopted. It examines why the “interest rate weapon” failed, and discusses some of the international political events (the Sino-British negotiations over the future of Hong Kong) and local dramas (the run on the supermarkets) that formed the background to the currency crisis. It also discusses important issues in currency stabilisation such as the choice of monetary standard, whether to adopt partial or full convertibility of HKD banknotes to USD at the fixed rate, the choice of currency, and the choice of exchange rate. It also outlines the institutional arrangements of the new scheme, anticipating some of the later discussion of the cash arbitrage process.Less
This chapter looks back on how the Hong Kong dollar was stabilised in October 1983. It presents a combination of theoretical discussion and historical narrative of the events between late September and mid-October when the new scheme was adopted. It examines why the “interest rate weapon” failed, and discusses some of the international political events (the Sino-British negotiations over the future of Hong Kong) and local dramas (the run on the supermarkets) that formed the background to the currency crisis. It also discusses important issues in currency stabilisation such as the choice of monetary standard, whether to adopt partial or full convertibility of HKD banknotes to USD at the fixed rate, the choice of currency, and the choice of exchange rate. It also outlines the institutional arrangements of the new scheme, anticipating some of the later discussion of the cash arbitrage process.
Donald Malcolm Reid
- Published in print:
- 2015
- Published Online:
- January 2016
- ISBN:
- 9789774166891
- eISBN:
- 9781617976759
- Item type:
- chapter
- Publisher:
- American University in Cairo Press
- DOI:
- 10.5743/cairo/9789774166891.003.0012
- Subject:
- History, Ancient History / Archaeology
The conclusion summarizes the archaeological and museum themes covered from World War I to the Egyptian Revolution of 1952, using the symbolism on coins, stamps, and banknotes along with other media ...
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The conclusion summarizes the archaeological and museum themes covered from World War I to the Egyptian Revolution of 1952, using the symbolism on coins, stamps, and banknotes along with other media to show shifting ideological emphases. The revolution quickly completed the Egyptianization of personnel in the Antiquities Service and universities, but a range of old-new challenges still lay ahead. The book concludes with a glance ahead to Nasser's shift from Egyptian to Arab nationalism and the UNESCO-sponsored campaign to salvage the monuments and archaeology of Nubia ahead of their flooding by the High Dam at Aswan.Less
The conclusion summarizes the archaeological and museum themes covered from World War I to the Egyptian Revolution of 1952, using the symbolism on coins, stamps, and banknotes along with other media to show shifting ideological emphases. The revolution quickly completed the Egyptianization of personnel in the Antiquities Service and universities, but a range of old-new challenges still lay ahead. The book concludes with a glance ahead to Nasser's shift from Egyptian to Arab nationalism and the UNESCO-sponsored campaign to salvage the monuments and archaeology of Nubia ahead of their flooding by the High Dam at Aswan.
Ulrich Bindseil
- Published in print:
- 2019
- Published Online:
- July 2020
- ISBN:
- 9780198849995
- eISBN:
- 9780191884429
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198849995.003.0003
- Subject:
- Economics and Finance, Economic History
The essence of central banking is the issuance of central bank money—being itself defined as dominant financial money used at a large scale for payments and being of the highest possible credit and ...
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The essence of central banking is the issuance of central bank money—being itself defined as dominant financial money used at a large scale for payments and being of the highest possible credit and liquidity quality amongst all financial assets, such that payment through it is accepted as settlement of any other financial claim. This chapter elaborates on the nature of central bank money and reviews the pre-1800 theory and practice of central bank money issuance. It is shown that the nature of central bank money and its benefits were well understood by early authors. Moreover, the 25 central banks that issued (or at least aimed at) issuing central bank money before 1800 are introduced. The types of central bank money (deposits, banknotes, certificates of deposits) are briefly reviewed.Less
The essence of central banking is the issuance of central bank money—being itself defined as dominant financial money used at a large scale for payments and being of the highest possible credit and liquidity quality amongst all financial assets, such that payment through it is accepted as settlement of any other financial claim. This chapter elaborates on the nature of central bank money and reviews the pre-1800 theory and practice of central bank money issuance. It is shown that the nature of central bank money and its benefits were well understood by early authors. Moreover, the 25 central banks that issued (or at least aimed at) issuing central bank money before 1800 are introduced. The types of central bank money (deposits, banknotes, certificates of deposits) are briefly reviewed.
Vũ Quốc Thúc
- Published in print:
- 2020
- Published Online:
- May 2020
- ISBN:
- 9781501745126
- eISBN:
- 9781501745140
- Item type:
- chapter
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9781501745126.003.0003
- Subject:
- History, Asian History
This chapter discusses the experiences and challenges faced by the former governor of the National Bank of Vietnam. It also describes his experiences prior to the bank's establishment, as Vietnam ...
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This chapter discusses the experiences and challenges faced by the former governor of the National Bank of Vietnam. It also describes his experiences prior to the bank's establishment, as Vietnam negotiated with France in the Four-Party Conference on the various issues related to the transfer of sovereignty. During this time, Vietnam had inherited from the French government an empty treasury, a disheartened French business community, and a bureaucracy entrenched in antiquated colonial methods. It was against this gloomy backdrop that American aid began to arrive, first to help Northerners resettle in their new land, and later, to fund the import of American consumer goods for general public consumption, an initiative known as the Commercial Import Program. The chapter also discusses the 1956 Banknote Exchange Scandal, which highlighted the flaws inherent in the banknote counting process.Less
This chapter discusses the experiences and challenges faced by the former governor of the National Bank of Vietnam. It also describes his experiences prior to the bank's establishment, as Vietnam negotiated with France in the Four-Party Conference on the various issues related to the transfer of sovereignty. During this time, Vietnam had inherited from the French government an empty treasury, a disheartened French business community, and a bureaucracy entrenched in antiquated colonial methods. It was against this gloomy backdrop that American aid began to arrive, first to help Northerners resettle in their new land, and later, to fund the import of American consumer goods for general public consumption, an initiative known as the Commercial Import Program. The chapter also discusses the 1956 Banknote Exchange Scandal, which highlighted the flaws inherent in the banknote counting process.
Niv Horesh
- Published in print:
- 2013
- Published Online:
- September 2014
- ISBN:
- 9780804787192
- eISBN:
- 9780804788540
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804787192.003.0006
- Subject:
- Economics and Finance, Economic History
The chapter offers a brief overview of British banking in prewar China before the outbreak of the Sino-Japanese War in 1937. Focusing on the two leading British banks in Shanghai, it traces ...
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The chapter offers a brief overview of British banking in prewar China before the outbreak of the Sino-Japanese War in 1937. Focusing on the two leading British banks in Shanghai, it traces instructive links between the changing political climate and banknote circulation volumes.Less
The chapter offers a brief overview of British banking in prewar China before the outbreak of the Sino-Japanese War in 1937. Focusing on the two leading British banks in Shanghai, it traces instructive links between the changing political climate and banknote circulation volumes.
Leo Flynn
- Published in print:
- 2019
- Published Online:
- March 2021
- ISBN:
- 9780198794561
- eISBN:
- 9780191927874
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198759393.003.229
- Subject:
- Law, EU Law
Article 106 EC The European Central Bank shall have the exclusive right to authorise the issue of euro banknotes within the Union. The European Central Bank and the national central banks may issue ...
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Article 106 EC The European Central Bank shall have the exclusive right to authorise the issue of euro banknotes within the Union. The European Central Bank and the national central banks may issue such notes. The banknotes issued by the European Central Bank and the national central banks shall be the only such notes to have the status of legal tender within the Union.
Less
Article 106 EC The European Central Bank shall have the exclusive right to authorise the issue of euro banknotes within the Union. The European Central Bank and the national central banks may issue such notes. The banknotes issued by the European Central Bank and the national central banks shall be the only such notes to have the status of legal tender within the Union.
John Schulz
- Published in print:
- 2008
- Published Online:
- October 2013
- ISBN:
- 9780300134193
- eISBN:
- 9780300150490
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300134193.003.0009
- Subject:
- History, Latin American History
This chapter describes the pressure that arose from certain groups of planters to make available medium-term credit for agriculture. The two prime ministers in power after abolition, Joao Alfredo and ...
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This chapter describes the pressure that arose from certain groups of planters to make available medium-term credit for agriculture. The two prime ministers in power after abolition, Joao Alfredo and the viscount of Ouro Preto, advanced funds to the planters through the banking system, and, taking advantage of a favorable international situation, permitted banks to issue banknotes convertible into gold. Ouro Preto, who governed during the final five months of the empire, sought to regain the planters' allegiance to the monarchy by lending them large amounts of public funds. Although these loans saved neither the declining coffee barons of the Paraiba Valley nor the monarchy itself, easy money provoked a speculative boom known as the Encilhamento.Less
This chapter describes the pressure that arose from certain groups of planters to make available medium-term credit for agriculture. The two prime ministers in power after abolition, Joao Alfredo and the viscount of Ouro Preto, advanced funds to the planters through the banking system, and, taking advantage of a favorable international situation, permitted banks to issue banknotes convertible into gold. Ouro Preto, who governed during the final five months of the empire, sought to regain the planters' allegiance to the monarchy by lending them large amounts of public funds. Although these loans saved neither the declining coffee barons of the Paraiba Valley nor the monarchy itself, easy money provoked a speculative boom known as the Encilhamento.
Francesca Trivellato
- Published in print:
- 2019
- Published Online:
- September 2019
- ISBN:
- 9780691178592
- eISBN:
- 9780691185378
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691178592.003.0002
- Subject:
- Business and Management, Finance, Accounting, and Banking
This chapter examines the quotation claiming that Jews invented marine insurance and bills of exchange, which can be read from a compilation of maritime laws assembled with commentary by a provincial ...
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This chapter examines the quotation claiming that Jews invented marine insurance and bills of exchange, which can be read from a compilation of maritime laws assembled with commentary by a provincial French lawyer, Étienne Cleirac, published in Bordeaux under the title Us et coustumes de la mer (Usages and Customs of the Sea). By adding bills of exchange to his commentary on marine insurance, Cleirac paired two credit contracts that by the mid-seventeenth century had become indispensable to long-distance trade and were handled by merchants of all sorts. By this time, marine insurance was no longer considered usurious. In contrast, bills of exchange continued to ignite fierce debates over usury. The ease with which bills of exchange could be passed from one person to another generated the erroneous but indelible impression that they were like paper money. However, unlike banknotes, they were not fully negotiable, nor were payers obliged to accept them.Less
This chapter examines the quotation claiming that Jews invented marine insurance and bills of exchange, which can be read from a compilation of maritime laws assembled with commentary by a provincial French lawyer, Étienne Cleirac, published in Bordeaux under the title Us et coustumes de la mer (Usages and Customs of the Sea). By adding bills of exchange to his commentary on marine insurance, Cleirac paired two credit contracts that by the mid-seventeenth century had become indispensable to long-distance trade and were handled by merchants of all sorts. By this time, marine insurance was no longer considered usurious. In contrast, bills of exchange continued to ignite fierce debates over usury. The ease with which bills of exchange could be passed from one person to another generated the erroneous but indelible impression that they were like paper money. However, unlike banknotes, they were not fully negotiable, nor were payers obliged to accept them.
Niv Horesh
- Published in print:
- 2009
- Published Online:
- October 2013
- ISBN:
- 9780300143560
- eISBN:
- 9780300143621
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300143560.003.0003
- Subject:
- Economics and Finance, Economic History
This chapter describes the history and banknote circulation patterns of the chartered banks. The Chartered Bank of India, Australia, and China (CBIAC) was established in the City of London in 1853 ...
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This chapter describes the history and banknote circulation patterns of the chartered banks. The Chartered Bank of India, Australia, and China (CBIAC) was established in the City of London in 1853 through the provision of a Royal Charter similar to the one given in 1851 to the first British overseas bank in Asia: the Oriental Bank Corporation. Its story and balancesheet figures are used as the basis for a comparative discussion of the role that British and other foreign banknotes played in the Chinese economy before World War II. The CBIAC's operations in Southeast Asia had to accommodate competition by an increasingly vigorous Chinese banking sector. Overseas Chinese firms began to complement foreign banking hegemony in the region from the 1920s, with family-owned modern enterprises such as the Ho Hong, Chinese Commercial Bank, Overseas Chinese Bank, and Sze Hai Tong setting the tone.Less
This chapter describes the history and banknote circulation patterns of the chartered banks. The Chartered Bank of India, Australia, and China (CBIAC) was established in the City of London in 1853 through the provision of a Royal Charter similar to the one given in 1851 to the first British overseas bank in Asia: the Oriental Bank Corporation. Its story and balancesheet figures are used as the basis for a comparative discussion of the role that British and other foreign banknotes played in the Chinese economy before World War II. The CBIAC's operations in Southeast Asia had to accommodate competition by an increasingly vigorous Chinese banking sector. Overseas Chinese firms began to complement foreign banking hegemony in the region from the 1920s, with family-owned modern enterprises such as the Ho Hong, Chinese Commercial Bank, Overseas Chinese Bank, and Sze Hai Tong setting the tone.
Niv Horesh
- Published in print:
- 2009
- Published Online:
- October 2013
- ISBN:
- 9780300143560
- eISBN:
- 9780300143621
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300143560.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter discusses the different aspects of the Hong Kong and Shanghai Banking Cooperation (HSBC) and its note issue in Shanghai. Banknotes first issued by the HSBC in 1866 helped resuscitate ...
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This chapter discusses the different aspects of the Hong Kong and Shanghai Banking Cooperation (HSBC) and its note issue in Shanghai. Banknotes first issued by the HSBC in 1866 helped resuscitate financial markets during the late Imperial era and the demand for these banknotes shot up amid the political and economic disintegration that typified warlordism in the early Republican period. The fiduciary principles in the HSBC Ordinance were partly inspired by nineteenth-century Scottish banking practices, whereby private banks enjoyed lucrative note-issue prerogatives. The surging popularity of quasi-foreign notes in China coincided with the phase-out of HSBC's Southeast Asian issue in the 1910s. The Banks' argumentation had to be adapted to suit the tastes of Treasury regulators, whose main concern, during that period, was the money supply in colonial Hong Kong.Less
This chapter discusses the different aspects of the Hong Kong and Shanghai Banking Cooperation (HSBC) and its note issue in Shanghai. Banknotes first issued by the HSBC in 1866 helped resuscitate financial markets during the late Imperial era and the demand for these banknotes shot up amid the political and economic disintegration that typified warlordism in the early Republican period. The fiduciary principles in the HSBC Ordinance were partly inspired by nineteenth-century Scottish banking practices, whereby private banks enjoyed lucrative note-issue prerogatives. The surging popularity of quasi-foreign notes in China coincided with the phase-out of HSBC's Southeast Asian issue in the 1910s. The Banks' argumentation had to be adapted to suit the tastes of Treasury regulators, whose main concern, during that period, was the money supply in colonial Hong Kong.
Niv Horesh
- Published in print:
- 2009
- Published Online:
- October 2013
- ISBN:
- 9780300143560
- eISBN:
- 9780300143621
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300143560.003.0005
- Subject:
- Economics and Finance, Economic History
This chapter describes the Hong Kong and Shanghai Banking Cooperation (HSBC) and its China note issue in the late Republican era, 1925–1937. The May Thirtieth Incident broke out in Shanghai in 1925, ...
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This chapter describes the Hong Kong and Shanghai Banking Cooperation (HSBC) and its China note issue in the late Republican era, 1925–1937. The May Thirtieth Incident broke out in Shanghai in 1925, when a labor dispute in a Japanese textile factory situated in a British-policed concession area rapidly escalated into bloody demonstrations and a year-long nationalist boycott against British goods, sweeping across other treaty ports and Hong Kong. HSBC capped its entire outport issue in anticipation of further anti-foreign agitation during the Nanjing decade. The Chinese petitions were even wider off the mark as regards HSBC, whose circulation volume on the Mainland declined sometime after 1927, and whose managers had by then become insecure about their future prospects on the Mainland and reluctant to engage in massive silver trafficking for fears of antagonizing the Chinese and British authorities.Less
This chapter describes the Hong Kong and Shanghai Banking Cooperation (HSBC) and its China note issue in the late Republican era, 1925–1937. The May Thirtieth Incident broke out in Shanghai in 1925, when a labor dispute in a Japanese textile factory situated in a British-policed concession area rapidly escalated into bloody demonstrations and a year-long nationalist boycott against British goods, sweeping across other treaty ports and Hong Kong. HSBC capped its entire outport issue in anticipation of further anti-foreign agitation during the Nanjing decade. The Chinese petitions were even wider off the mark as regards HSBC, whose circulation volume on the Mainland declined sometime after 1927, and whose managers had by then become insecure about their future prospects on the Mainland and reluctant to engage in massive silver trafficking for fears of antagonizing the Chinese and British authorities.