Journal ArticleDOI
Goldsmith-Banking: Mutual Acceptance and Interbanker Clearing in Restoration London*
TLDR
In the second half of the 17th century, London's goldsmith-bankers formed a system of banking through mutual debt acceptance and interbanker clearing as mentioned in this paper, which created positive externalities for member bankers and promoted the use of bank supplied media of exchange during the Financial Revolution in England.About:
This article is published in Explorations in Economic History.The article was published on 1997-10-01. It has received 89 citations till now. The article focuses on the topics: Clearing & Financial Revolution.read more
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Institutions and the path to the modern economy
TL;DR: In this article, the authors present a multi-disciplinary perspective to study endogenous institutions and their dynamics, including the influence of the past, the ability of institutions to change, and the difficulty to study them empirically and devise a policy aimed at altering them.
Book ChapterDOI
Commitment, Coercion and Markets: The Nature and Dynamics of Institutions Supporting Exchange
TL;DR: In this article, the authors examine the factors determining market expansion, that is, the extent to which impersonal exchange among more individuals in more transactions over time and space is potentially welfare enhancing.
BookDOI
The Cambridge economic history of modern Britain
Roderick Floud,Paul Johnson +1 more
TL;DR: O'Rourke et al. as mentioned in this paper discussed the UK's economic growth during the long twentieth century and highlighted the role of the public sector in the UK economy during the deindustrial revolution, 1870-2010.
Posted Content
The Extralegal Development of Securities Trading in Seventeenth Century Amsterdam
TL;DR: Glaeser, Johnson, and Shleifer as mentioned in this paper examined the first stock market, the Amsterdam Bourse, and found that a reputation mechanism enabled extralegal trading of relatively sophisticated contracts including short sales, forward contracts, and options.
Posted Content
Money and Banking in Search Equilibrium
TL;DR: The authors developed a new theory of money and banking based on the old story in which goldsmiths start accepting deposits for safe keeping, then their liabilities begin circulating as media of exchange, then they begin making loans.
References
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Journal ArticleDOI
Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England
TL;DR: In this article, the authors study the evolution of the constitutional arrangements in seventeenth-century England following the Glorious Revolution of 1688 and argue that the new institutions allowed the government to commit credibly to upholding property rights.
Journal ArticleDOI
The Transactions Demand for Cash: An Inventory Theoretic Approach
TL;DR: In this article, a simple model and reality is presented for the analysis of the simple model with respect to the real world, and the consequences of the analysis are discussed. But the analysis is limited.
Journal ArticleDOI
A Model of the Demand for Money by Firms
Merton H. Miller,Daniel Orr +1 more
TL;DR: In this paper, a model of cash flows and the costs of cash management for business firms is presented, with assumptions underlying the model, and optimal values of the policy parameters are derived.
Posted ContentDOI
The Role of Demandable Debt in Structuring Optimal Banking Arrangements
TL;DR: Demandable-debt finance by banks warrants explanation because it entails costs of bank suspension, liquidation, and idle reserve holdings as mentioned in this paper, and an explanation is developed in which demandable debt provides incentive-compatible intermediation where the banker has comparative advantage in allocating investment funds but may act against the interests of uninformed depositors.