This paper surveys the growing literature on payments. We begin by presenting a simple
model that illustrates the essential function of payments and how this may be implemented …

Cities of Commerce develops a model of institutional change in European commerce based
on urban rivalry. Cities continuously competed with each other by adapting commercial …

Commercial banks are among the oldest and most familiar financial institutions. When they
work well, we hardly notice; when they do not, we rail against them. What are the historical …

Whoever wants to come to a good and sound conclusion must not make up his mind before
paying attention to all arguments, or (as the say goes)“bring the verdict to Senate from …

Логику и структуру книги определила её цель–описать основные тенденции на
современных рынках ценных бумаг в условиях трансформационных процессов конца …

After 1688, Britain underwent a revolution in public finance, and the cost of borrowing
declined sharply. Leading scholars have argued that easier credit for the government, made …

This paper offers a historical perspective on the evolution of central banks as lenders of last
resort (LOLR). Countries differ in the statutory powers of the LOLR, which is the outcome of a …

Publicly owned or commissioned banks were common in Europe from the fifteenth century.
This survey argues that while the early public banks were characterized by great …

In the seventeenth century, Amsterdam and London developed distinctive innovations in
finance through both banks and markets that facilitated the growth of trade in each city. In the …

Modern central banks have come to view payment systems as a key area of strategic
interest, both as part of their responsibilities for financial stability and for the implementation …