By Stanley L. Engerman, Philip T. Hoffman, Jean-Laurent Rosenthal, Kenneth L. Sokoloff
This quantity contains ten essays all for monetary and different kinds of financial intermediation in Europe, Canada, and the us, courting from the 17th century throughout the 20th. The essays relate the advance of associations to monetary switch and describe their evolution over the years. every one additionally discusses a number of diverse kinds of intermediation and offers with major monetary and old concerns.
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Extra info for Finance, Intermediaries, and Economic Development
Both sets of accepted bills were negotiable instruments, but van der Grift was holding on to the bills accepted by Mouchard. Given the general knowledge in Amsterdam of the payments difﬁculties Mouchard was facing as his source of funds in Paris dried up, any discount of one of Mouchard’s accepted bills would have incurred a heavy risk premium as well as a hefty interest charge, given the general shortage of credit in Amsterdam. So far, all that required appeal to enforcement mechanisms, whether formal or informal, was van der Grift’s claim on Lewis Johnson, which he wished to use for making payments to Londonderry in London.
Default by the Gerards would spread to a large number of merchants that 21 22 23 24 25 Backwell Ledger R, 1669–70, folio 481. Backwell Ledger R, 1669–70, folio 63. Backwell Ledger S, 1670–1, folios 76, 328. Quinn, “Goldsmith–Banking,” 418–24. Backwell Ledger R, 1669–70, folio 62. 1. An Example of the Connections between Bankers, Merchants, and Foreign Agents in 1670 Source: Edward Backwell’s Ledger S, 1670–1, folios 24, 92, 326, 337, 379, 383, and 442. would expand the scope of damage to the Gerards’ reputation.
Meanwhile, van der Grift continued to pay off Londonderry’s partners in Amsterdam by accepting bills drawn on him by Londonderry, given that this time Mouchard had accepted the bills drawn on him by Middleton. Both sets of accepted bills were negotiable instruments, but van der Grift was holding on to the bills accepted by Mouchard. Given the general knowledge in Amsterdam of the payments difﬁculties Mouchard was facing as his source of funds in Paris dried up, any discount of one of Mouchard’s accepted bills would have incurred a heavy risk premium as well as a hefty interest charge, given the general shortage of credit in Amsterdam.
Finance, Intermediaries, and Economic Development by Stanley L. Engerman, Philip T. Hoffman, Jean-Laurent Rosenthal, Kenneth L. Sokoloff