Download Studies in the Byzantine Monetary Economy c. 300-1450 by Michael F. Hendy PDF

By Michael F. Hendy

This ebook represents an try and depict the overdue Roman and Byzantine financial financial system in its fullest attainable social, monetary and administrative context, with the purpose of building the fundamental dynamics in the back of the construction of the coinage, the main mechanisms affecting its distribution, and the overall features of its behaviour as soon as in move. The publication comprises 4 major sections, on financial system and society, on finance, and at the stream and construction of coinage, and has made an unrivalled contribution within the box of overdue classical, Byzantine and medieval fiscal historical past. The textual content is totally supported through the huge citation of translated resources, and by means of maps, tables and plates.

Show description

Read or Download Studies in the Byzantine Monetary Economy c. 300-1450 PDF

Best money & monetary policy books

On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory (Lib Works Ludwig Von Mises PB)

The 3 treatises in at the Manipulation of cash and credits have been written in German among 1923 and 1931. jointly they contain a few of Mises's most crucial contributions to financial and trade-cycle theories and represent a precursor to Mises's significant paintings, Human motion. within the first essay, "Stabilization of the financial Unit from the perspective of Theory," written throughout the interval of German hyperinflation, Mises discusses the results of the fluctuating buying strength of paper cash.

The Enchanted World

During this seminal e-book, Alain Lipietz, one among France's so much unique Marxist economists, explores the function of cash and credits within the motives of the Eighties international hunch. Lipietz provides a cogent and convincing argument that conventional Marxist e

The Yen Appreciation and the International Economy

Concurring with the choice of the G-5 international locations to understand the yen throughout the Plaza accord was once of momentous importance for Japan simply because this was once the sharpest appreciation one of the top currencies within the contemporary prior. Doubling the price of the forex in one of these brief time-span can have resulted in a stifling of the financial system.

Additional info for Studies in the Byzantine Monetary Economy c. 300-1450

Example text

In contrast, “enough money, badly distributed” means that there is sufficient money in the economy to finance efficient trade, but only if those with surplus money will lend it to those who have cash-flow constraints at zero interest. 3. ” Finally, we have the case of “not enough money,” meaning that there is no way to finance the competitive equilibrium outcomes, even if zero interest loans were permitted. 6 The phrase “in a competitive market” refers to the assumption that all agents act as price-takers.

We may interpret this agency as a government central bank with motivations different from those of utility maximizing consumers. Giving it the same resources as the monopolistic moneylender yields some extra modeling issues when there is just enough or more than enough money. t. t. m + 1+ρ − b¯ ≥ 0 (λ¯ ) (cash-flow constraint) d¯ − b¯ + p¯ q¯ − d¯ ≥ 0 (μ) ¯ (budget constraint) m+ 1+ρ ¯ d¯ ≥ 0, 0 ≤ q¯ ≤ a. b, max ϕ Also, the endogenous rate of interest is formed as before: 1+ρ = d + d¯ . 2 is that here the bank is willing to lend all of its money at an interest rate of ρ = 0.

We also remark that all of these results are valid only so long as the budget ¯ But constraint (μ) ¯ is satisfied. This is equivalent to p¯ q¯ ≥ d. a 1 m1 − m2 p¯ q¯ ≥ d¯ ⇒ √ ≥ (1 + λ) 2 + λ 2 1+λ m2 λm1 λ m1 + m2 or . 18) doesn’t hold). This rate is positive) and the ratio m1m+m 2 is the case where constraint (μ) ¯ holds tightly. 7 Hence we may assume that all three constraints (λ), (λ¯ ), and (μ) ¯ hold tightly. The fact that the borrowers have an extra “meaningful” constraint here will imply that there is a basic asymmetry to the game, causing p to be different from p¯ .

Download PDF sample

Rated 4.77 of 5 – based on 4 votes