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Journal articles on the topic 'Merchant banking'
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1
Ang, James S. "On merchant banking." Journal of Financial Services Research 3, no. 1 (1989): 33–53. http://dx.doi.org/10.1007/bf00114077.
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Munn, Charles W., and S. Chapman. "The Rise of Merchant Banking." Economic History Review 38, no. 2 (1985): 305. http://dx.doi.org/10.2307/2597156.
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Chapman, S. D. "Aristocracy and Meritocracy in Merchant Banking." British Journal of Sociology 37, no. 2 (1986): 180. http://dx.doi.org/10.2307/590353.
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Agarwal, Nishant, and Meghna Sharma. "Fraud Risk Prediction in Merchant-Bank Relationship using Regression Modeling." Vikalpa: The Journal for Decision Makers 39, no. 3 (2014): 67–76. http://dx.doi.org/10.1177/0256090920140305.
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Banking industry has gone through one of the worst crisis in recent times, and is still recovering from the after-shocks. However, there were a lot of learnings that banks would have taken away from this crisis. One of them is the need for a robust risk management system. The crisis dealt a blow to the banking system, catching them off guard when it came to foreseeing the risk. Banks, in the credit card business, face financial risk in the form of both credit risk and fraud risk. Sharma and Agarwal (2013) proposed a model for predicting the credit risk from the merchants. This paper builds upon their technique to predict the fraud risk posed by the merchants to the banks. Fraud risk is an important aspect of risk management systems, particularly in the credit space. The uncertainty surrounding the receipt of paybacks calls for designing robust risk prediction models. Fraud risk is very different from credit risk because fraud risk does not follow a pattern. It happens suddenly, and may not always have a trend before it happens. This creates a need for separate model for fraud risk prediction. This paper develops a fraud risk prediction model that uses logistic regression technique, deployed using SAS. The setup of the study is the merchant-bank relationship in the credit card industry. The model developed in this paper triggers on a transaction level, and assigns a ‘probability score of default (PF) to each merchant for a possible fraud risk whenever a transaction is done at the merchant. Such a score warns the management in advance of probable future losses on merchant accounts. Banks can rank order merchants based on their PF score, and instead of working on the entire merchant portfolio, they can focus on the relatively riskier set of merchants. The PF model is validated by comparing the actual defaults with those predicted by the model and a good alignment is found between the two. The results show that the model can capture 62 percent frauds in the first decile when the transactions are sorted by the probability of fraud computed by the model.
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Matringe, Nadia. "The Fair Deposit: Credit Reallocation and Trade Finance in the Early Modern Period." Annales. Histoire, Sciences Sociales 72, no. 2 (2017): 275–315. http://dx.doi.org/10.1017/ahsse.2019.13.
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Based on the private records of a prominent sixteenth-century merchant bank (Salviati of Lyon), this article focuses on an important instrument of trade finance in the early modern period: the fair deposit. While the financial history of deposit banking has often been separated from that of merchant banking, this study demonstrates that during the sixteenth century a specific type of deposit banking emerged at fairs, intrinsically connected to merchant banking and international trade. As analysis of the Salviati archives reveals, the fair deposit was an instrument of both clearing and credit, sustaining the financing of large-scale European trade. Credit mostly derived from international trade and banking, where it was reinjected almost immediately. Investments were stimulated by the numerous advantages offered by the fairs held at Lyon: licit lending at interest, a choice of investments, and the possibility of making purchases and rapid transfers. Loans to local and foreign businessmen nourished the trade of commodities and, above all, the exchange business, conferring on Lyon a crucial position in the European trade and exchange system. This form of deposit banking was closely related to the development of merchant banks that worked mostly on commission, drawing substantial profits from it without becoming specialists or even deposit banks.
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Huda, Farzana, and Tanbir Ahmed Chowdhury. "Merchant Banking Operation: A Case Study of Selected Merchant Banks in Bangladesh." Asian Journal of Finance & Accounting 9, no. 1 (2017): 116. http://dx.doi.org/10.5296/ajfa.v9i1.10712.
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In Bangladesh the establishment of merchant bank added value to the stock market which plays a vital role in the progress of economic development. This study tried to analyze the performance of Lanka Bangla Investment Ltd., Prime Finance Capital Management Ltd., IDLC Investment Ltd. and Uttara Finance and Investment Ltd. Seven trend equations have been tested for different activities of the selected merchant banks. It is observed that the selected merchant banks were able to achieve a stable growth of investment in securities, margin loan to clients, brokerage commission, capital gain/loss from securities, portfolio management services, issue management fees, corporate advisory fees and underwriting commission during the period of 2011-2015. Among them the trend equation of investment in securities, margin loan to clients, and corporate advisory fees are positive incase of all the selected merchant banks. Square of correlation coefficient (r2) has also been tested for all trend equations. The r2 of interest income from merchant bank, portfolio management services, settlement and transaction fees and documentation fees, is more than 0.5. It indicates the prospect of merchant banks in Bangladesh is bright.
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Plekhanova, A. M., and A. А. Shirapov. "Formation of Banking in Western Transbaikalia in 19th Century: Merchant Initiatives." Nauchnyi dialog, no. 6 (June 24, 2021): 392–407. http://dx.doi.org/10.24224/2227-1295-2021-6-392-407.
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An analysis of the contribution of regional merchants to the process of forming a system of credit and financial institutions in the territory of Western Transbaikalia is presented in the article. The history of both successful and unsuccessful attempts to create bank ing institutions in the region has been reconstructed on the basis of reporting and officework documentation stored in the funds of the State Archives of the Republic of Buryatia and the Irkutsk Region, the Russian State Historical Archive. It was found that the creation of the regional banking system was based not on the state, but on the private initiative; the key role in the process was played by the merchants. According to the authors, in the process of organizing banks and loan offices, representatives of the merchants were guided not only by making a profit, but envisaged the use of part of the proceeds for charitable purposes. It was revealed that merchant initiatives were caused not only by the desire to expand the opportunities for entrepreneurial activity, but also by the desire to contribute to the development of the native land. It is concluded that the Transbaikal merchants played an important role in the socio-economic development of Western Transbaikalia and became the main driving force in integrating the region’s economy into the all-Russian financial system.
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Safley, Thomas Max. "Business Failure and Civil Scandal in Early Modern Europe." Business History Review 83, no. 1 (2009): 35–60. http://dx.doi.org/10.1017/s0007680500000192.
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The failure of one of the most prominent German merchant-banking houses of the early sixteenth century, Ambrosius and Hanns, the Brothers Höchstetter, and Associates, serves as the point of departure for an exploration of why early modern merchants failed and what the consequences of failure were. This single example illuminates a variety of issues: state engagement in commerce and finance; legal development of bankruptcy procedures; economic strategies against failure and scandal. It reveals the limits of modern economic theories of economic crisis and development.
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Meek, C. "Merchant Families, Banking and Money in Medieval Lucca." English Historical Review CXXII, no. 495 (2007): 237–38. http://dx.doi.org/10.1093/ehr/cel425.
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ACCOMINOTTI, OLIVIER. "London Merchant Banks, the Central European Panic, and the Sterling Crisis of 1931." Journal of Economic History 72, no. 1 (2012): 1–43. http://dx.doi.org/10.1017/s0022050711002427.
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The Central European panic of the spring 1931 is often presented as a cause of the sterling crisis of September. But what was the transmission channel? This article explores how the continent's financial troubles affected Britain's banking system. The freeze of Central European assets created a liquidity strain for London merchant banks because they had accepted (guaranteed) the commercial bills of German merchants. I use new balance sheet data to quantify this shock and explore how the liquidity crisis contributed to the sterling crisis. The evidence demonstrates that international contagion was crucial in transmitting the 1931 global financial crisis.
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Sisdianto, Ersi, and Harrys Pratama Teguh. "Effect of Understanding Product Services Shariah Banking Interest of Traders in Submitting Loan: Case Study in Pasar Anyar, Serang, Banten." AL-FALAH : Journal of Islamic Economics 5, no. 1 (2020): 96. http://dx.doi.org/10.29240/alfalah.v5i1.1457.
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Purpose: This study aims to determine the extent of understanding the influence of Sharia banking services products to the merchant interest in applying for loans, another goal was to determine whether the higher level of understanding, the higher the rate of interest applied for a loan. In fact in the district Newer no Sharia Banking Firm and Rural Sharia. There are only 2 Baitul Mal wa Tamwil, it was his existence can not meet the needs of traders to obtain loans in opening a business. Design/Method/Approach : The method used is descriptive analysis method is intended to illustrate how the influence of product understanding Sharia banking services to the merchant interest in applying for loans. The data provided will be processed using chi square and contingency coefficient. The data used consist of interest and the dependent variable is the independent variable is the understanding of the product. The study of the respondents have an understanding of Sharia Banking sufficient to Sharia banking products with 20% and 10% who do not understand. Respondents have sufficient interest to apply for a loan on Sharia banking is 10% interest and 10% had no interestFindings: The influence of the understanding of product and services of Islamic banking on the interest market traders Anyar in applying for loans indicate their relationship fairly closely between two variables, no interest and did not understand at 10%, interest but not understood by 20%, no interest but understood by 20% and interest and understanding by 60%. Sampling technique used is by means of questionnaires and interviews.Originality/Values: The main contribution of this study concern on determine extent of understanding the influence of Sharia banking services products to the merchant interest in applying for loans
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McDowell, Linda, and Gillian Court. "Missing Subjects: Gender, Power, and Sexuality in Merchant Banking." Economic Geography 70, no. 3 (1994): 229. http://dx.doi.org/10.2307/143992.
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Leonard, Karen Isaksen. "Family Firms in Hyderabad: Gujarati, Goswami, and Marwari Patterns of Adoption, Marriage, and Inheritance." Comparative Studies in Society and History 53, no. 4 (2011): 827–54. http://dx.doi.org/10.1017/s0010417511000429.
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Scholars are looking again at banking and mercantile families in India's early modern history, responding to the challenge issued by Claude Markovits in the epilogue of his 2008 volume,Merchants, Traders, Entrepreneurs, to “return the merchant to South Asian history.” Some of the underlying assumptions and questions being asked are old and some are new. My own longstanding assumption, upon which this article relies, has been that bankers and merchants played multiple and important roles with respect to states in South Asia, and that their relations with non-kin officials and other political actors determined their success or failure and sometimes the success or failure of a state, most notably, the Mughal state. Questions are again being raised about “trust,” assumed to be a leading attribute of and asset to financial networks (especially in long-distance trade diasporas), and the notion so commonly put forward by scholars to explain the success of Hindu banking and mercantile communities. Recent work by Francesca Trivellato has found that membership in the Sephardic trade diaspora facilitated but did not guarantee trust or cooperation: the Sephardic merchants relied on non-Jewish as well as Jewish agents and networks of information, and evolving legal norms guided their business activities.
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Pravettoni, Gabriella, Salvatore Nuccio Leotta, Claudio Lucchiari, and Raffaella Misuraca. "Usability and Trust in E-Banking." Psychological Reports 101, no. 3_suppl (2007): 1118–24. http://dx.doi.org/10.2466/pr0.101.4.1118-1124.
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This study assessed the role of usability in trust of e-banking services. A questionnaire was administered to 185 Italian undergraduate working students who volunteered for the experiment ( M age = 30.5 yr., SD = 3.1). Participants were differentiated on computer ability (Expert, n = 104; Nonexpert, n = 81) and e-banking use (User, n = 93; Nonusers, n = 92). Analysis showed that the website usability of e-banking services did not play a very important role for the User group. Instead, institution-based trust, e.g., the trust in the security policy of the Web merchant, customers, and the overall trust of the bank were the crucial factors in the adoption of e-banking.
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Miah, Mohammad Dulal, Yasushi Suzuki, and S. M. Sohrab Uddin. "The impact of COVID-19 on Islamic banks in Bangladesh: a perspective of Marxian “circuit of merchant’s capital”." Journal of Islamic Accounting and Business Research 12, no. 7 (2021): 1036–54. http://dx.doi.org/10.1108/jiabr-11-2020-0345.
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Purpose This paper aims to assess the probable impact of COVID-19 on the Islamic banking system in Bangladesh. More specifically, it attempts to test the hypothesis that Islamic banks are exposed to increased risk because of their role as a provider of “merchant capital” including financing for trade, commerce and working capital, which are believed to be severely disrupted by the COVID-19. Design/methodology/approach The paper draws upon the Marxian tradition on the identification of the circuit of “merchant capital” separated from the circuit of “interest-bearing capital.” Moreover, the research adopts the balance sheet approach to trace the sectoral distribution of investment as well as sources of income of Islamic banks. Findings The research supports the hypothesis that the investment pattern of Islamic banks is skewed toward the trade and merchant’s financing. More than two-third of Islamic banks’ investment, and income thereof, is concentrated on working capital and trade finance. As these sectors are largely vulnerable to the economic shock resulting from COVID-19, Islamic banks in Bangladesh are likely to be affected through this channel. Research limitations/implications The research focuses only on Islamic banks in Bangladesh. Further study can assess the impact of COVID-19 on conventional and Islamic banks in other countries to find similarities and differences with the findings of the current research. Practical implications The finding of this research will be useful for bank managers, policymakers and users of financial services. In particular, this study provides important information useful for regulators in devising appropriate policies which aim to mitigate the adverse impact of COVID-19. Originality/value To the best of the authors’ knowledge, this is the first study that attempts to examine the impact of COVID-19 on Islamic banking system in Bangladesh, a country where Islamic banks occupy one-third of the total banking system’s assets.
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coss, peter. "Merchant families, banking and money in medieval Lucca – Thomas W. Blomquist." Economic History Review 59, no. 4 (2006): 856–57. http://dx.doi.org/10.1111/j.1468-0289.2006.00369_13.x.
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Obafemi, Frances Susan, Olumide Ayodele, and Friday Ebong. "The Sources of Efficiency in the Nigerian Banking Industry." International Journal of Finance & Banking Studies (2147-4486) 2, no. 4 (2013): 78–91. http://dx.doi.org/10.20525/ijfbs.v2i4.164.
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The paper employed a two-stage Data Envelopment Analysis (DEA) approach to examine the sources of technical efficiency in the Nigerian banking sub-sector. Using a cross section of commercial and merchant banks, the study showed that the Nigerian banking industry was not efficient both in the pre-and-post-liberalization era. The study further revealed that market share was the strongest determinant of technical efficiency in the Nigerian banking Industry. Thus, appropriate macroeconomic policy, institutional development and structural reforms must accompany financial liberalization to create the stable environment required for it to succeed. Hence, the present bank consolidation and reforms by the Central Bank of Nigeria, which started with Soludo and continued with Sanusi, are considered necessary, especially in the areas of e banking and reorganizing the management of banks.
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BATTILOSSI, STEFANO. "Financial innovation and the golden ages of international banking: 1890–1931 and 1958–81." Financial History Review 7, no. 2 (2000): 141–75. http://dx.doi.org/10.1017/s0968565000000093.
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Stefano Battilossi, Financial innovation and the golden ages of international banking: 1890–1931 and 1958–81Throughout the twentieth century, the internationalisation of banking was both a factor for, and an ensuing aspect of, rising globalisation. During the period 1890–1931, commercial banks of industrialised countries promoted organisational and process innovations that successfully challenged the dominance of merchant banks in international financial intermediation. International banking re-emerged from interwar nationalistic retrenchment during the late 1950s, when banks exploited regulatory asymmetries to foster the emergence of Eurocurrency markets. Eurobanks provided not only global liquidity redistribution but also portfolio transformation services to corporate and sovereign customers. Financial innovations related to Eurobanking mark a secular discontinuity as they proved to be vehicles of a banking revolution, based on competition, deregulation and wholesale-market funding.
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Lim, Guan Hua. "Going from Regulation to Supervision: Support for Paradigm Shift from an Efficiency Study of the Merchant Banking Industry In Singapore." Review of Pacific Basin Financial Markets and Policies 05, no. 01 (2002): 31–51. http://dx.doi.org/10.1142/s0219091502000705.
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Increasingly we are witnessing a paradigm shift from checklist style regulations of financial institutions to one that emphasizes supervision and the role of the marketplace. Advocates of this new paradigm argue that the size and financial strength of a financial institution does not necessarily equate to excellence and efficiency. This paper offers as evidence from an efficiency study of the merchant banking industry in Singapore that such a paradigm shift is appropriate. The findings of the study indicate that the efficiencies of the merchant banks do not appear to change much over time, profit and cost efficiencies are un-correlated, and that size is not a reliable indicator of efficiency.
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VANATTA, SEAN H. "Charge Account Banking: A Study of Financial Innovation in the 1950s." Enterprise & Society 19, no. 2 (2018): 352–90. http://dx.doi.org/10.1017/eso.2017.42.
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This study takes a step toward reconceptualizing the process of financialization, the reorientation of the US economy toward financial services that scholars view as a product of the 1970s economic shocks and subsequent regulatory liberalization. Instead, I argue that financialization was equally dependent on the gradual development of new financial technologies and business practices within the political and regulatory environment of the early postwar era. I do so by examining a cohort of small U.S. banks, which in the early 1950s began experimenting with a novel form of consumer credit: the charge account credit service. These plans allowed consumers to shop at a variety of local merchants using a single bank charge card. Bankers, though, developed charge account plans not as a conduit for consumer lending but as a business service, which enabled their small-merchant customers to compete with the credit plans offered by expanding department stores. In this way, charge account banking conformed with the 1950s political economy of finance, in which commercial bankers primarily lent to businesses and were still wary of consumer credit. Although they operated differently than the credit cards consumers know today, charge account banking plans were still a necessary first step toward this later financial technology, paving the way for commercial bankers to invest in unsecured card-based credit in the decades that followed.
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Brinil, Herdehet. "Transaksi Tarik Tunai Melalui Merchant dalam Penggunaan Kartu Kredit." Lambung Mangkurat Law Journal 2, no. 2 (2017): 205. http://dx.doi.org/10.32801/lamlaj.v2i2.45.
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The change of the society in the sector of social and economy has encouragedthe need for application of plastic card system. The problems in this thesisare related with the legal relation between bank as card issuer and the card holder,rights and obligations of the bank and the customer as card holder, and protection tothe card holder from the perspective of Act Number 8 of 1999 concerning ConsumerProtection. Utilization of a credit card not only gives benefit, but also finally it maybring about problems and complaints from the customers. Thus, legal protection tothe customers in the utilization of the credit card. The legal issues of this thesis arehow the legal relation between customer, bank, and merchant are, and how the legalprotection is provided to the customer as the user of credit card for cash drawingtransaction through merchant and why the said transaction is prohibited by Bank ofIndonesia. The utilization of credit card arises different legal relation among bank,customer, and merchant. Customer as consumer of credit card is placed in a weakbargaining position. The method used in this is normative legal research by collectingdata through library research, using primary, secondary, and tertiary resources,namely by studying various reading resources such as books, literatures, statutoryregulations, and through electronic media (internet). This research recommendsthat the marketing of banking products and services should pay more attention in theobligation of the card holder and the bank, procedure and requirements in issuing acard must conducted selectively, and Bank of Indonesia as central bank should playmore role as supervisor to the banking products particularly credit cards.
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Pettegree, Andrew. "The Exile Churches and the Churches ‘Under the Cross’: Antwerp and Emden During the Dutch Revolt." Journal of Ecclesiastical History 38, no. 2 (1987): 187–209. http://dx.doi.org/10.1017/s0022046900023046.
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In the middle years of the sixteenth century Antwerp reached the zenith of its economic power. With ninety thousand inhabitants it was far from being the largest city in Europe, but its pre-eminence as a centre for European trade was now universally acknowledged. As a money market, commodity market and, above all, as a centre of the cloth trade Antwerp had by 1550 eclipsed its rivals in Flanders and Brabant and made itself indispensable to merchants from all over the continent. Germans made up the largest contingent among Antwerp's foreign merchant community, but there were substantial numbers of both Portuguese, still dominant in the international spice trade, and Italians, who had first introduced the sophisticated financial and accounting techniques which were now developed to a new peak of refinement in Antwerp. The concentration of capital in the city was an inducement to every major banking house to maintain a permanent representation there, as did their most regular clients, the princely houses of Europe. The real foundation of Antwerp's greatness, however, was the trade in English broadcloths, established there since the turn of the century and carried on by an English merchant community that numbered three or four hundred by 1560. All this frenetic economic activity was presided over with studied negligence by the city elders, whose tradition of minimum controls was calculated to avoid alarming an extremely heterogeneous trading community.
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ZARINEBAF-SHAHR, FARIBA. "SHIREEN MAHDAVI, For God, Mammon, and Country (Boulder, Colo.: Westview Press, 1999). Pp. 304." International Journal of Middle East Studies 33, no. 2 (2001): 293–95. http://dx.doi.org/10.1017/s0020743801222065.
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The social and economic history of the Qajar period has not received much attention from Iranian or Western scholars. The present book has partly filled this gap by focusing on the biography of a leading Iranian merchant and entrepreneur, Haj Muhammad Hasan Amin al-Zarb. It complements the few existing studies by Issawi (1971), Ashraf (1980), and Natiq (1992) on the economic history of 19th-century Iran. The author shows that the expansion of foreign trade in Iran benefited many native merchants, who successfully used their entrepreneurial skills, experience of the internal market conditions, and family networks to gain an important social and economic place during the 19th century. The Qajar ruler Nasir al-Din Shah encouraged and supported native merchants and provided them with important privileges and concessions. Many leading Iranian merchants, such as Amin al-Zarb, engaged in regional and international trade, set up family firms, and performed important banking functions for the state. Further, they used their capital to invest in manufacturing, mining, communication networks, and education. In the absence of an economic and political infrastructure and state support, their achievements were of limited success. Nevertheless, they left an important legacy of social and political engagement that continued to shape the course of Iranian history in the 20th century.
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Azharuddin, Azharuddin. "LEGAL PROTECTION FOR USERS OF INTERNET BANKING CUSTOMERS FOLLOWING CHANGES IN INFORMATION AND ELECTRONIC TRANSACTIONS LAW." Jurnal Pembaharuan Hukum 6, no. 1 (2019): 54. http://dx.doi.org/10.26532/jph.v6i1.4674.
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The presence of the Internet Banking service has offered a number of convenience and flexibility in conducting transactions, both between the bank and its customers, the bank and merchant, bank with the bank and the customer with the customer. However, this simplicity does not mean no risk. In addition to the Internet Banking service provides convenience, also in fact have some risks. The risk of a new character and is a challenge for practitioners and experts in the field of Internet Banking service to handle it, so it becomes important to discuss the legal efforts to protect customers' personal data in the operation of Internet Banking service after changes in legislation and elektronic information transaction. Forms of protection against customer data in Internet Banking in Indonesia are from several types of regulations that have regulated internet banking, namely Bank Indonesia Regulation Number 9/15 / PBI / 2007 concerning Application of Risk Management in the Use of Information Technology by Commercial Banks and Act No. 19 of 2016 concerning Amendments to Act No. 8 of 2011 concerning Electronic Information and Transactions along with the Financial Services Authority Act in the section on consumer protection
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Franklin, James. "Risk-driven global compliance regimes in banking and accounting: the new Law Merchant." Law, Probability and Risk 4, no. 4 (2005): 237–50. http://dx.doi.org/10.1093/lpr/mgl007.
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Dzomira, Shewangu. "Plastic Money and Electronic Banking Services Espousal vis-a-viz Financial Identity Theft Fraud Risk Awareness in a Developing Country." Journal of Economics and Behavioral Studies 9, no. 5 (2017): 255–64. http://dx.doi.org/10.22610/jebs.v9i5.1928.
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Exploitation of plastic money coupled with electronic banking services has come as expediency to financial establishment customers in Zimbabwe. This paper sought to analyze plastic money and electronic banking services espousal vis-a-viz financial identity theft fraud risk awareness in Zimbabwe banking sector via banks’ websites. The theoretical underpinning for this study is Routine Activity Theory. The study used qualitative content analysis research technique for examination of the text content data through the consistent taxonomy process of coding and classifying themes or patterns to submit a painstaking considerate of financial identity theft fraud awareness by the banking sector in Zimbabwe. A sample size of 14 banks (including commercial, merchant and building societies) was used and the banks were arbitrarily chosen on the basis of website accessibility and ease of use of the data. The study findings suggest that there is very little financial identity theft awareness in Zimbabwe by the banking sector through their websites to the general public whilst there is amplified adoption of plastic money and electronic banking adoption. This study proposes a need to amplify the information and inform plastic card and electronic banking customers of the types of financial identity theft fraud. Plastic card and electronic banking is an urgent area to focus on for banking institutions and should inexorably capitalize in it. Financial identity theft information should be easily retrievable and conveyed in a manner that makes reasonableness to the varied customers.
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Wojciechowski, Rafał. "Kilka uwag o regulacji prawnej przedsiębiorczości w późnym średniowieczu." Przegląd Prawa i Administracji 114 (August 10, 2018): 675–91. http://dx.doi.org/10.19195/0137-1134.114.45.
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SOME REMARKS ON LEGAL REGULATION OF ENTREPRENEURSHIP IN THE LATE MIDDLE AGESThe author analyzes main issues of legal regulation of entrepreneurship in the late Middle Ages. At the beginning, the concepts of “law merchant” and “commercial law” were compared. The author then indicated the signifi cance of Roman law and its reception for the law used by entrepreneurs and presented the basic information about maritime law, borough rights and market jurisdiction. The issues of typology of commercial companies, development of banking and beginnings of the bankruptcy law were also studied. Finally, the author concluded that without a ruling factor, it was impossible to regulate entrepreneurship in the Middle Ages. The ideas about the self-regulating of merchant estate, autarkic lex mercatoria and exclusive trade courts are not completely false, but they are exaggerated. The participation of public authorities in the regulation of entrepreneurship has been irreplaceable.
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Diaper, Stefanie. "Merchant Banking in the Inter-War Period: The Case of Kleinwort, Sons & Co." Business History 28, no. 4 (1986): 55–76. http://dx.doi.org/10.1080/00076798600000055.
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Bidois, Marisa. "The cost of convenience." Hospitality Insights 3, no. 1 (2019): 1–2. http://dx.doi.org/10.24135/hi.v3i1.10.
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Hospitality businesses in New Zealand are seeing fewer and fewer payments made by cash, as customers opt for the convenience of paying their bill electronically. If customers love the convenience of paying by credit card, who should be responsible for the cost of this convenience – the business or the customer?
 In a Restaurant Association survey conducted at the end of last year, members overwhelmingly (71%) indicated that the use of cash by customers is declining, with a Mastercard New Zealand survey last year backing this up. This widespread adoption of electronic payment by consumers sees merchants bearing the significant cost of the transaction through their merchant fees. New Zealand merchants pay substantially more to process credit and contactless debit card transactions than their counterparts in Australia and the UK (on average, New Zealand merchants pay merchant service fees of around 1.4%, while in Australia it is around 0.85%, according to estimates by COVEC and data from the Reserve Bank of Australia). Restaurant Association members typically pay even higher – between 1.8% and 2% in fees for each credit card transaction; members say they are charged the same rate for any card type. Forty-two percent have a ‘fixed bundled rate’, although another 26% say they are charged a split rate for credit card and debit cards. Only 5% have an ‘unbundled’ merchant fee, where different types of cards are charged different fees and merchants pay this cost plus an acquiring service fee from the bank.
 There are undoubtedly advantages for businesses in accepting electronic payments, primarily in the speed of the transaction – particularly with several customers waiting to pay – and the speed in which the payment is deposited into your bank account. However, it comes at a large cost, which is challenging for an industry that runs on very small margins already. One member pointed out in the Association’s recent survey:
 
 As the average return in New Zealand is 6% net profit, the banks are effectively charging 1/3 of the profit of the average business, which is diabolical. With technology advancements their costs have gone down but charges have gone up, clearly shown in their bottom line profits. It is a collective monopoly like a lot of big business in New Zealand. (Restaurant Association member)
 
 Of our members, 66% say they would switch if they could receive a saving equating to an overall 2.5–5% reduction in the cost of accepting credit cards. Currently though, short of refusing to accept credit card payments, it is difficult to avoid merchant fees. Emerging payment options and growing trends via NFC (Near Field Communication) capable mobile phones (such as ApplePay, GooglePay and Digital Wallets) are now more widely available. Whilst offering convenience and arguably faster transaction speed, these payment methods offer no relief to the fee incurred by a business for acceptance.
 Alternative payment solutions now exist in New Zealand, but there are few choices. To date, most are aimed at the Chinese market, with payment methods restricted to tourist and student visitors, and immigrants retaining banking capability in their country of origin. The Restaurant Association’s survey indicated that only 24% of members currently accept other payment channels like China Union Pay, Alipay or WeChat. In reality these alternative payment solutions currently only form a small portion of the total volume of transactions a business processes, so will not affect any meaningful reduction in the total costs of cards/payment processing.
 Surcharging, however, is a way for operators to offset the merchant fee imposed upon them by the banks. Surcharging simply means a charge to cover a merchant’s cost for processing a credit card. They are now being used by increasing numbers of tourism and hospitality businesses. Feedback from member businesses is that there is little reaction or negative feedback from customers. A Restaurant Association member commented on the survey:
 
 We added a surcharge to cover the transaction fee on credit cards and have had no complaints. It’s just a matter of cents and gives us an opportunity to explain that we have always worn the cost of the surcharges but this is increasingly difficult. 
 
 Feedback from some members is that they find the practice unfriendly and others would prefer to incorporate this fee into their menu pricing structure, as this member pointed out: “I don’t care about the cost. It is added into the budgets and is picked up at menu price changes time, so it is paid for by the customer anyway.” Individual businesses need to decide if a surcharge would create tension in the business/customer relationship however, it is reassuring to know that, if a business does decide to add a surcharge, it is becoming a far more mainstream option than it used to be.
 From a legal standpoint, merchants are required under the Fair Trading Act to ensure representations around their card payment fees are accurate and not misleading. This means if you are being charged a 1.8% merchant fee by your bank, it is not reasonable to apply a 3% credit card convenience fee to your customer. We’ve noticed some merchants prefer to pass on only a portion of the cost with a surcharge – say 1% – as a cost recovery practice. For a $100 bill, that is just a $1 addition to the bill for the consumer.
 The payments landscape is changing rapidly, and in the future new technology will dramatically change the way we pay and receive payments. In the meantime, the Restaurant Association are developing further information for members around surcharging, with implementation and training for staff. We’ll also continue advocating on behalf of members to ensure the payment system delivers good outcomes for both consumers and our member merchants.
 Corresponding author
 Marisa Bidois can be contacted at: marisa@restaurantnz.co.nz
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Alford, Andrew, Paul Healy, and Ng Kah Hwa. "The performance of international joint ventures: A study of the merchant banking industry in Singapore." Journal of Corporate Finance 4, no. 1 (1998): 31–52. http://dx.doi.org/10.1016/s0929-1199(97)00008-4.
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Farese, Giovanni. "Enrico Cuccia, Mediobanca, and the decolonization of Guinea. An attempt at money-doctoring to boost Italian trade with Africa." HISTORY OF ECONOMIC THOUGHT AND POLICY, no. 2 (March 2021): 85–96. http://dx.doi.org/10.3280/spe2020-002005.
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This paper looks at Enrico Cuccia's attempt at establishing an issuing bank, along with a consortium of major European banks, in Ahmed Sekou Toure's Guinea in the aftermath of its independence from France in 1958. The topic is framed both in Mediobanca's African business in the 1950s and in Cuccia's own geopolitical and development views. As Guinea was not an isolated case, the paper also takes into consideration Italy's new place in the postwar world economy and general issues such as the Cold War, decolonization, European integration, as well as the role of merchant banking in shaping foreign economic policy tools and goals.
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Orlandi, Angela, and Giacomo Toscano. "The foreign exchange market in Barcelona at the beginning of the fifteenth century." Financial History Review 28, no. 1 (2021): 124–51. http://dx.doi.org/10.1017/s0968565021000032.
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Based on the reconstruction of the monetary flows of a merchant-banking company operating in Barcelona at the beginning of the fifteenth century, this study aims to understand the reasons behind exchange-rate variations in the local currency with respect to the principal European markets, as well as the modalities and predictability of such oscillations. By using real rather than ‘hearsay’ rates, we present new assessments of the seasonal character of exchange rates and their sensitivity to conditions of currency abundance or shortage. In addition, econometric analysis shows that exchange-rate volatility was quite modest and dependent on geographic and macroeconomic factors, such as the system of commercial flows.
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Beswick, Claire, and Boris Urban. "Discovery Ltd: entrepreneurship in its DNA." Emerald Emerging Markets Case Studies 2, no. 1 (2012): 1–21. http://dx.doi.org/10.1108/20450621211214487.
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Subject area Entrepreneurship. Study level/applicability The case has been used at Master's level but it has direct application to any MBA programme or entrepreneurship module. Case overview Adrian Gore started Discovery in 1992 with seed-funding of R10 million from merchant banking group, Rand Merchant Bank (RMB), as a health insurance company within the RMB stable. By 2009, Discovery had become a large, listed, financial services institution employing more than 5,000 people and comprising not only Discovery Health (DH), but also Discovery Life (DL), Discovery Invest (DI) and Discovery Vitality (a wellness programme). In addition, it had operations in the USA, where it licensed Vitality for use by employers and other health insurers, and in the UK where it operated two joint ventures with The Prudential plc – Pruhealth and Prulife. Expected learning outcomes To understand the similarities and differences between corporate and start-up entrepreneurship; to understand the entrepreneurial process within an established organization; to explore the environment within an established company in terms of how much it supports or constrains entrepreneurship; and to look at creative ways to overcome obstacles to entrepreneurship in established companies. Supplementary materials Teaching notes.
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Baxendale, Susannah Foster. "Exile in Practice: The Alberti Family In and Out of Florence 1401–1428." Renaissance Quarterly 44, no. 4 (1991): 720–56. http://dx.doi.org/10.2307/2862485.
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Political exile punished an offending individual through public humiliation, deprivation of political rights, separation from family and friends, from business and property. This situation was difficult but manageable for an individual since he and his dependents could turn to members of the extended family for aid and comfort. However, if all the family's men were banished, the situation was potentially catastrophic. The Alberti, a prominent Florentine merchant-banking family, found itself in just such a situation. In January 1401, all Alberti men were exiled from the city of Florence for conspiracy against the state; they were not allowed to return until 1428. This paper will explore the consequences of their long and unusual banishment from Florence.
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Decker, Frank. "Bills, notes and money in early New South Wales, 1788–1822." Financial History Review 18, no. 1 (2010): 71–90. http://dx.doi.org/10.1017/s0968565010000272.
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This article provides a revised account of the development of financial instruments, money and banking in the early penal colony of New South Wales. It is found that private instruments monetised the economy, while the role of state debt, coin and commodities was to finally settle remaining balances. Money originated in the form of small merchant notes. These were created by the need to pay labourers and underpinned a local pound currency standard. A detailed review of colonial court cases and currency legislation reveals that the first bank was founded, contrary to colonial orders, to remove the disruptive impact of exchange rate fluctuations and to achieve a stable private note issue at par with pound sterling bills on London.
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Clark, Leah R. "Transient Possessions: Circulation, Replication, and Transmission of Gems and Jewels in Quattrocento Italy." Journal of Early Modern History 15, no. 3 (2011): 185–221. http://dx.doi.org/10.1163/157006511x565512.
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AbstractThis article examines the circulation of gems, jewelry, and antique hardstones, through merchant-banking networks in Italy in the late Quattrocento. The practices of pawning and exchange facilitated the circulation of objects, causing those goods to change hands constantly and to come into contact with a wide range of individuals, a process through which these artifacts accrued histories. Particular gems were sought after, not only for their material or artistic worth, but also for their histories and their previous illustrious owners, and many jewels were invested with names. Aside from their physical circulation, these objects were disseminated in visual form through replication across media, which raises questions around ownership, copies, and collections in the late fifteenth century.
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Bott, Jürgen, and Udo Milkau. "Risk Culture and the Role Model of the Honorable Merchant." Journal of Risk and Financial Management 11, no. 3 (2018): 40. http://dx.doi.org/10.3390/jrfm11030040.
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The current discussion about a “risk culture” in financial services was triggered by the recent series of financial crises. The last decade saw a long list of hubris, misconduct and criminal activities by human beings on a single or even a collective basis in banks, in the industry or in the whole economy. As a counter-reaction, financial authorities called for a guidance by a “new” risk culture in financial institutions based on a set of abstract, formal, and normative governance processes. While traditional risk research in economics and in banking was focused on the statistical aspects of risk as the probability of loss multiplied by the amount of loss, culture is a paraphrase for the behavior in collectives and dynamics of organization found in human societies. Therefore, a “risk culture” should link the normative concepts of risk with the positive “real-world” decision-making in financial services. This paper will describe a novel view on “risk culture” from the perspective of human beings interacting in dynamical and intertemporal commercial relations. In this context “risk” is perceived by economic agents ex−ante as the consequence of the time lag between the present and the uncertain future development (compared to a probability distribution calculated by observers ex−post). For all those individual decisions—to be made under uncertainty—future “risk” includes the so-called “normal accidents”, i.e., failures that will happen at some uncertain point in time but are inevitable, and the only questions are when failure will happen and how to maintain function in the first line of defense. Finally, the shift from an abstract definition of “risk” as a probability distribution to a role model of “honorable merchants” as a benchmark for significant individual decision-making with individual responsibilities for the uncertain future outcome provides a new framework to discuss the responsibilities in the financial industry.
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BARTOLOMEI, ARNAUD, CLAIRE LEMERCIER, VIERA REBOLLEDO-DHUIN, and NADÈGE SOUGY. "Becoming a Correspondent: The Foundations of New Merchant Relationships in Early Modern French Trade (1730–1820)." Enterprise & Society 20, no. 3 (2018): 533–74. http://dx.doi.org/10.1017/eso.2018.88.
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This article discusses the relational and rhetorical foundations of more than 300 first letters sent in the eighteenth and early nineteenth centuries by merchant or banking houses based in Europe, the Mediterranean, and the Americas to two prominent French firms: Roux Brothers and Greffulhe Montz & Cie. We used a quantitative analysis of qualitative aspects of first letters to go beyond the standard opposition between premodern personal exchanges and modern impersonal transactions. The expansion of commercial networks during the period under analysis is often believed to have relied on families and ethnic networks and on explicit recommendations worded in the formulas prescribed in merchant manuals. However, most first letters did not use such resources. In many cases, commercial operations began thanks to a mutual acquaintance but without a formal recommendation. This was in fact the norm in the eighteenth century—and an underestimated foundation of the expansion of European commercial networks. In the early nineteenth century, this norm became less prevalent: it was replaced by diverse relational and rhetorical strategies, from recommendations to prospective letters dispensing with any mention of relationships. Whether before or after 1800, the relational and rhetorical resources displayed in letters did not systematically influence the sender’s chances of becoming a correspondent; instead, they depended on the receiving firm’s commercial strategy.
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Thornton, Mark. "Was Richard Cantillon a Mercantilist?" Journal of the History of Economic Thought 29, no. 4 (2007): 417–35. http://dx.doi.org/10.1080/10427710701666495.
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Richard Cantillon is considered by many to be the first economic theorist. His contributions span such diverse topics as methodology, value and price theory, population, money, international trade, business cycles, the circular-flow model of the economy, and the price-specie-flow mechanism. His only known book, Essai sur la Nature du Commerce en Général (hereafter, the Essai), may represent one of the single largest steps forward in the social sciences. Many attempts have been made to classify Richard Cantillon into a well-defined school of thought and he has been claimed as a forerunner by many schools of economic thought, but for purposes of categorization, he is most often placed with the mercantilists. Cantillon lived and wrote before the Physiocrats. He was involved in John Law's Mississippi Bubble, one of the grandest attempts to actualize the mercantilist dream of increasing the supply of money, and he was involved in the merchant trade and merchant banking business, so it would be natural to consider him a mercantilist writer. Those who have classified him as a mercantilist, however, base their categorization mainly on excerpts from the Essai where Cantillon seems to display sympathy with mercantilist policy objectives in such areas as international trade, monetary policy, and economic development.
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Banaji, Jairus. "Seasons of Self-Delusion: Opium, Capitalism and the Financial Markets." Historical Materialism 21, no. 2 (2013): 3–19. http://dx.doi.org/10.1163/1569206x-12341295.
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AbstractTo grasp current trends within capitalism without abandoning the framework of Marx’sCapitalwe need to return to the category of ‘fictitious capital’ and make it central to our explanations. Based on the 2012 Isaac and Tamara Deutscher Memorial Lecture, this essay combines reflections on Marx’s account of ‘fictitious capital’; an investigation of the role of bills of exchange; and an analysis of the recent turmoil in British and US banking. It looks at the way the opium trade, financed through the London bill market, integrated a constellation of interests in the City with the labour of peasant households in India as parts of a unified accumulation process. Opium was vital to the fortunes of British capitalism for most of the nineteenth century. The merchant banks that were the mainstay of Britain’s form of capitalism were also the key element in the re-emergence of global finance in the postwar period. The concluding part of the paper deals with the current banking crisis and follows Hilferding in arguing that by providing liquidity to the markets for fictitious capital, speculation plays a crucial role in sustaining profitability for the bigger capitals.
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Sylla, Richard. "The Rise of Merchant Banking. By Stanley Chapman. London: George Allen & Unwin, 1984. Pp. xi, 224. $27.50." Journal of Economic History 47, no. 1 (1987): 243–44. http://dx.doi.org/10.1017/s0022050700047665.
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Perkins, Edwin J. "The Rise of Merchant Banking. By Stanley Chapman. (London: George Allen & Unwin, 1984. xi + 224 pp. $27.50.)." Business History Review 59, no. 2 (1985): 322–23. http://dx.doi.org/10.2307/3114957.
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Parvin, Afroza, and Rumana Perveen. "Commercial Bank Selection Process Used by Individual Customers: Factor Analysis on Banks of Bangladesh." Journal of Business and Technology (Dhaka) 7, no. 2 (2013): 19–35. http://dx.doi.org/10.3329/jbt.v7i2.16452.
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This study is conducted to identify the factors that motivate the customers to select commercial banks for their valuable transactions. Necessary data are collected from 206 respondents. It is found that easy account opening is the most important variable as it has the highest mean value 4.25. From varimax rotation matrix it is observed that responsiveness is the most important factor to customers which includes friendliness, personality, counseling and foreign exchange service. Special services such as loan and deposit schemes, electronic fund transfer service, cash management service, merchant banking, supporting the customer in bad time have also been found as important. Convenience, assurance, reliability and safety factors are also of considerable importance to customers to choose a bank. DOI: http://dx.doi.org/10.3329/jbt.v7i2.16452 Journal of Business and Technology Vol.7(2) 2012: 19-35
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JONKERS, FRANS. "CITY BANKERS, GOLD, AND BANKING PANICS." Historical Journal 42, no. 1 (1999): 285–91. http://dx.doi.org/10.1017/s0018246x98008395.
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City Bankers, 1890–1914. By Youssef Cassis. Cambridge: Cambridge University Press, 1994. Pp. xv+350. ISBN 0-521-44188-9. £40.00.John Bullion's empire: Britain's gold problem and India between the wars. By G. Balachandran. Richmond: Curzon Press, 1996. Pp. xii+252. ISBN 0-7007-0428-0. £40.00.The banking panics of the Great Depression. By Elmus Wicker. Cambridge: Cambridge University Press, 1996. Pp. xviii+174. ISBN 0-521-56261-9. £30.00.The front cover of Cassis's book shows the heavily bearded and mustachioed directors of the Bank of England, gathered in 1903 in the magnificent Court Room. The City was at its peak, the undisputed financial capital of the world. Its interests were the major determining influence on British economic policy. The Bank of England directors were selected, according to ancient tradition, from the City's most prestigious trading houses, including the merchant banks. Towards the end of the nineteenth century it had become obvious that banking was undergoing a radical transformation. A revolution in the structure of English banking had caused the near-disappearance of the old country banker; private family-owned banking firms were under severe pressure and many had been absorbed by the joint-stock banks. However, much had remained the same. It is one of the virtues of Cassis's book, which focuses on the top layer of City bankers, that it shows how much continuity there was. The old private banker fitted smoothly into the new, larger banks. The occupation of private banker, carried out within a family firm, continued to represent the ideal. Banking remained a not particularly onerous job. The typical City banker was a part-timer, who used his position and representation on the boards of other financial companies as a means of furthering his own business interests – he had to, because a board position alone did not pay enough to live like a gentleman. Banking was a respectable way of building up a fortune. The City's strength was its private information network of social and business relationships which made the highly specialized financial system possible but also created opportunities to make money privately. The author shows that the distribution of tasks within the City, as well as the reluctance of the big joint-stock banks to develop into continental-style investment banks, eminently suited the private interests of the board members, ‘as though the primary aim of the big deposit banks... was to make possible the activities of the private banking and trading firms and the overseas ventures of the partners of these firms’. What is now considered insider trading was an accepted form of business. There were few professional bank managers; those there were had generally risen through the ranks and had a lower social status. The City's playing field was never intended to be level and appears to have become even more slanted in the period before the First World War.
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Morera, Raphaël. "Environmental Change and Globalization in Seventeenth-Century France: Dutch Traders and the Draining of French Wetlands (Arles, Petit Poitou)." International Review of Social History 55, S18 (2010): 79–101. http://dx.doi.org/10.1017/s0020859010000507.
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SummaryBetween 1599 and the end of the 1650s, the French Crown sustained a policy of land reclamation at a large scale. It was led by the French aristocracy who were helped by representatives of the merchant elites of Amsterdam, such as Hieronimus van Uffelen and Jean Hoeufft. The works in both Arles (Provence) and Petit Poitou (Poitou) show that land reclamation involved a radical change in society, reinforced the authority of the Crown in the areas concerned, and disrupted the former social balances built around the marshes. Thus, land reclamation aroused several conflicts which revealed its deep impact on the environment. So, this article demonstrates how the making of the modern state, backed by the development of European trade and banking, caused ecological and social changes by connecting the political and financial powers on a European scale.
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Novi Arianti, Ni Luh, Gede Sri Darma, Agus Fredy Maradona, and Luh Putu Mahyuni. "Menakar Keraguan Penggunaan QR Code Dalam Transaksi Bisnis." Jurnal Manajemen Bisnis 16, no. 2 (2019): 67. http://dx.doi.org/10.38043/jmb.v16i2.2041.
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ABSTRACT Currently payment using the QR code is one of the most important in mobile payment. Based on data from the Bali Provincial Statistics Agency in 2017, the highest number of cellular phone users was Denpasar Regency, which was equal to 80.88% while the lowest user was Bangli Regency, which was 53.26%. The purpose of this study is to analyze customer acceptance in the use of mobile payment specifically the QR Code and find out the strategies used in order to expand the reach of QR Code. The writing method is qualitative with interviews and documentation with the merchant QR Code and customers who make mobile payment transactions. The results of the study include acceptance of qr code in business transactions, soit can be concluded that the QR Code has not been accepted in business transactions and the provision of information still needs to be improved by implementing better strategies and socialization from the bank so that the program being launched runs as expected. The results of this study are expected to contribute to the banks regarding the programs that have been implemented, especially payment methods with qr code, can be used as a reference by leaders and marketing in banking companies in decision making and also as a guide for developing banking payment methods and making payment methods a solution future payment.
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Washbrook, David. "Merchants, Markets, and Commerce in Early Modern South India." Journal of the Economic and Social History of the Orient 53, no. 1-2 (2009): 266–89. http://dx.doi.org/10.1163/002249910x12573963244485.
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AbstractClassically, economic theory and anthropology have been concerned with the dichotomy between “non-market” and “market” systems of exchange, and with the transition from the former to the latter. From this perspective, the two are necessarily conceived as juxtapositional and antithetical. However, for long periods of history, non-market and market systems of exchange subsisted side-by-side, creating a “hybrid” institutional environment. In the context of South India between sixteenth and eighteenth centuries, this paper seeks to explore a range of issues arising from such “hybridity” and, especially, how market and non-market factors could work together to sustain particular economic structures and to direct “development” in very particular ways. It especially focuses on the implications of institutional “hybridity” for merchant and banking capital.Depuis pas mal de temps les historiens économiques et les anthropologues sont préoccupés par la dichotomie qui existe entre le système d’échange qui a des formes non marchandes de circulation du produit social et celui ayant des formes marchandes de circulation des biens. Et dans le prolongement de cette division, par le passage du premier système au second. C’est dans cette perspective que ces deux mondes économiques sont perçus comme juxtaposés et antithétiques. Durant de longues périodes historiques les deux systèmes d’échange se sont maintenus cependant côte à côte, et par cela ont créé un cadre institutionnel ‘hybride’. Cette contribution se propose d’examiner l’éventail de sujets soulevé par cette division binaire dans le contexte de l’Inde du Sud aux seizième—dix-huitième siècles. Elle s’intéresse particulièrement à l’association des déterminants des deux catégories qui, eux, ont soutenu des structures économiques spécifiques et qui ont contribué au ‘développement’ de façon tout à fait spéciale. L’article traite en particulier des conséquences de ‘l’hybridité’ institutionnelle dans le domaine des fonds de commerce et des fonds bancaires.
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Hollow, Matthew. "Manuel Llorca-Jaña, The globalization of merchant banking before 1850: the case of Huth & Co. (London and New York: Routledge, 2016. Pp. xvi+168. 6 figs. 10 tabs. ISBN 9781848936072 Hbk. £95)." Economic History Review 70, no. 4 (2017): 1449–50. http://dx.doi.org/10.1111/ehr.12628.
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ROY, TIRTHANKAR. "The Monsoon and the Market for Money in Late-colonial India." Enterprise & Society 17, no. 2 (2016): 324–57. http://dx.doi.org/10.1017/eso.2015.84.
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Banking experienced large growth in colonial India along with a process of commercialization of agriculture. Yet, the rate of aggregate saving or investment remained low. This article is an attempt to resolve this paradox. It suggests that traditional forms of banking were helped by the formalization of indigenous negotiable instruments, but that transactions between bankers, merchants, and peasants were characterized by a limited use of legal instruments. The limited circulation of bills in this sphere is attributed, among other factors, to high seasonality in the demand for money. Seasonality-induced distortions in the organization of the money market made indigenous banking an unsuitable agent to promote saving and finance industrialization.
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Ramon, Jose, and Garcia Lopez. "Banking merchants and banking houses: the hidden key to the workings of the Spanish banking system in the nineteenth century." Accounting, Business & Financial History 10, no. 1 (2000): 37–56. http://dx.doi.org/10.1080/095852000330186.
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