Informal monitors can sometimes substitute for formal law enforcement. Monitors hired to minimize cheating, however, are themselves vulnerable to collusion and extortion. I focus on one such informal monitor – the fair authorities at the trade fairs at Champagne – asking why the fairs...

The paper investigates the role of speculation in the Liverpool cotton futures market between 1921 and 1929. The analysis is based on historical descriptions of the working of speculation in commodity markets and is related to the tenets of behavioural finance. The model posits the existence of...

We develop a parsimonious finance and endogenous growth model with microeconomic frictions in entrepreneurship and a role for credit constraints. We demonstrate that though an efficiency-growth relation will always exist, the efficiency-depth-growth relation may not. This has implications for...

A cikk a tulipánmániával foglalkozó tanulmány folytatása (Madarász [2009]). A Déltengeri Társaság 1720-as fellendülése és kipukkadása mindmáig egyike a pénzügyi történelem leghíresebb és leggyakrabban emlegetett buborékainak. A közgazdaságtanban a buborék sokáig nem...

A cikk a tulipánmániával foglalkozó tanulmány folytatása (Madarász [2009]). A Déltengeri Társaság 1720-as fellendülése és kipukkadása mindmáig egyike a pénzügyi történelem leghíresebb és leggyakrabban emlegetett buborékainak. A közgazdaságtanban a buborék sokáig nem...

From 1884 to 1914, the Privileged National Bank of the Kingdom of Serbia managed to establish and maintain relatively stable monetary conditions. On the one hand, its interest rates and lending policy contributed to the lowering and stabilization of exceptionally high market interest rates, and...

The paper gives an overview of foreign government loans to Serbia from 1862 to 1914. It considers the reasons for borrowing abroad and the conditions under which foreign banks placed Serbian government bonds on the European capital markets. Special attention is paid to the phenomenon of foreign...

This article analyses the stability of bimetallism in the mid-18th century for the case of two large centres that had different legal ratios and only one international market ratio. A new theoretical framework is articulated for the situation of international independence to set legal bimetallic...

This study analyses the impact of Protestantism on interest rates in England from the 16th century to the Industrial Revolution. One of many myths about the usury doctrine - the prohibition against demanding anything above the principal in a loan (mutuum) - is that it ceased to be observed in...

In this paper we present a new method for estimating market integration under a commodity money system such as that which existed in Europe until the demise of the gold standard. The approach is based on the analysis of deviations between exchange rates and parity, which under conditions of a...