55 research outputs found
Competing bimetallic ratios: Amsterdam, London and bullion arbitrage in the 18th century
No full textThis 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 ratios by monetary authorities in different countries. Then, using new data handcollected from archival sources and relevant to the two main bullion markets in the 18th century, Amsterdam and London, this theoretical framework is utilised to identify the regimes that actually prevailed during that period, in which Amsterdam was effectively on the bimetallic standard while London was on the gold standard de facto.Bimetallism, Bimetallic stability, Bullion markets, Arbitrage, Specie-point mechanism, Melting-minting points
FORENSIC COMMODITY EXPERTISE OF INVESTMENT METALS IN INGOTS AND POWDERS, COMMEMORATIVE, FOREIGN AND BULLION COINS
No full textThe article discusses theoretical and practical aspects of conducting forensic commodity expertise of
investment metals in ingots, powders, commemorative, foreign, and bullion coins. The author analyzes the
regulatory framework; provides a list of typical objectives that are subject to forensic commodity expertise
of investment metals; summarizes the list of objects of such research; identifies a set of mandatory and
optional characteristics of investment metals, and describes their impact on the value of products. Special
attention is also paid to the procedure for appointing and conducting forensic examinations of investment
metals, taking into account their complex nature. The author conducts an in-depth analysis of possible
scenarios for the course of events during the determination of the value of investment metals in ingots
and powders, commemorative, foreign and bullion coins, identifies potential difficulties that may arise in
the course of the examination, and emphasizes the necessity of taking into account the legally established
rules for conducting operations with investment metals. The paper proposes solutions for overcoming and/
or minimizing problematic situations during the forensic examination of investment metals, namely: the
development of a unified methodology, as well as the introduction of a system of continuous professional
development and training for specialists. The material will be useful for forensic experts, investigators,
lawyers, attorneys, and other specialists who work with objects containing investment metals
Detecting Hazel Dormice in the UK: what are we missing?
No full textMultiple techniques can be used to detect the presence of Hazel Dormice and as a result, there is reasonable confidence that lack of detection means that dormice are probably absent. In the UK, ancient woodlands are frequently considered as the reservoir of Hazel Dormouse populations and are a usual starting point for surveys. However, we present evidence that this may be one of the most difficult habitats in which to detect the species. This is largely due to many of these woodlands being unmanaged, with a poorly developed shrub layer due to heavy shading. This reduces the probability of finding natural field signs such as nests and chewed hazel nuts. Similarly, because detection devices (nest boxes, nest tubes and footprint tunnels) are typically positioned no more than two metres from the ground for ease of study, there is an assumption that Hazel Dormice will leave the dense canopy to use them. We predict that there is a higher risk of false negatives in this habitat type and that more research is needed to provide better certainty of detection when surveying in high canopy woodland
Strong and Weak: Embracing a Life of Love, Risk, and True Flourishing
No full textto flourish, one must master the delicate balance of authority— defined by the author as “the capacity for meaningful action,” (loc 35)— and vulnerability, or, “exposure to meaningful risk” (loc 40). If that balance of authority becomes out of balance, we fall into the pitfalls of “exploiting” (authority without vulnerability), or “suffering” (vulnerability without authority), or worst of all, “withdrawing” (an absence of both)
Buffalo Bill's strong arm; or, The red bullion thieves / by the author of "Buffalo Bill."
No full textSouth German Silver, European Textiles, and Venetian Trade with the Levant and Ottoman Empire, c. 1370 to c. 1720: A non-mercantilist approach
No full textA recurrent and indeed persistent problem in European economic history – a veritable deus ex machina -- from medieval to modern times, is Europe’s supposed ‘balance of payments’ problem in trade with the ‘East’. This supposed problem has often been couched in Mercantilist overtones: namely, that export of supposedly large volumes of precious metals, especially, silver to conduct trade with, first the Levant, and then with the rest of Asia meant a serious drainage of wealth from western Europe. This seems to be particularly true in the debate about the late-medieval ‘Great Depression’ in which some contend that this balance of payments ‘deficit’ led to monetary contraction, deflation, and then economic depression. This paper, while not denying periodic problems of monetary contraction and indeed deflation, provides a non-Mercantilist perspective on not just European but global trade from the fourteenth to early eighteenth centuries. It offers the following related theses: (1) That late-medieval monetary contraction was far more related to falling outputs of mined silver and to reductions in the income-velocity of coined money and the related problem of hoarding, the roots of which were the growth of international warfare from the 1290s, significantly financed by coinage debasements; and together they provided serious barriers to the international flow of specie and bullion, and indeed to the emergence of bullionist philosophies, which are the very core of Mercantilism. (2) That, insofar as such monetary contractions did lead to deflation, that deflation, in augmenting the purchasing power of silver (gram for gram), provided the profit motive for the technological solutions to this very same problem: namely, innovations in both mechanical and chemical engineering that produced the South German silver-copper mining boom, which quintupled Europe’s silver supplies from the 1460s to the 1540s, when even cheaper supplies of silver were arriving from the Spanish Americas. (3) That South German silver-copper mining boom, controlled by German merchant bankers who also controlled the now thriving fustian-textile (linen-cotton) industry, had two related consequences: (a) it was a major factor in the revival and expansion of the European economy in general and the growth of the Antwerp market in particular, via new transcontinental trading routes from Venice through Germany to the Brabant Fairs, based on a tripod of English woollens, South German metals, and Portuguese spices. (b) at the same time, it promoted a great expansion in Venetian trade with the Levant, to acquire not only Asian spices but also large quantities of Syrian cotton to feed the booming German fustians industry. (4) While the 15th-century Venetian trade with the Levant did indeed require large amounts of silver, perhaps enough to pay for two thirds of goods acquired in the Levant, the 16th century commerce with not just the Levant but the far larger Ottoman Empire benefited from a very new trade: the exports of fine quality Venetian woollens. This paper examines the reasons for both the rise and fall of the Venetian cloth industry (5) While traditional explanations for the rapid decline of the Venetian cloth industry in the 17th century have focused on Venice’s own ‘internal faults’, this paper offers an alternative explanation: how England’s new Levant Company and the English cloth industries so successfully gained a major share of Ottoman and Persian markets, at the direct expense of Venice: through a combination of diplomacy and superior naval technology. Their success meant that even less silver was required to conduct this trade with the Ottoman Empire, than had been true for Venice. (6) A further major factor in the decline of Venice in the 17th century was the final loss of the Asian spice trades, which had involved close Venetian ties with the Ottomans, to the Dutch and the English, who succeeded where the Portugese had failed. That story in turn allows us, with much more ample data, to examine the nature of vastly larger ‘balance of payments deficits’, so that as much as 80 percent of Asian goods had to be acquired with silver. That silver came not from Europe but principally from the Spanish Americas. Thus the major thesis of the paper is that first the South German and then the Spanish American silver mining booms greatly benefited Europe by promoting a vast increase in truly global trade.Venice, Levant, Ottoman Empire, South Germany, Antwerp, Portugal, England, Asia, East Indies, balance of payments, gold, silver, international trade,
Bitcoin: Bauble or Bullion?
No full textThe purpose of this paper is to examine in what ways capital-B Bitcoin, the system, and lower-b bitcoin, the unit of account, are or are not money. Bitcoin is the largest, by market capitalization, financial asset labeled cryptocurrency and the first decentralized digital currency. The paper canvasses the academic, business and technical literature to scrutinize the validity of this neologism\u27s implied equivalency to money as a concept, system and artifact from historical, economic, political, teleological, theoretical and functional perspectives. The author(s) of Bitcoin invented blockchain, that is a shared, decentralized, time stamped, public ledger, to solve the problem of double spending. The risk of fraud, paying several counterparties with the same coin, was an intractable limitation on digital cash replacing paper money. The addition of blockchain to proof of work and advanced cryptography was a major advance in electronic cash systems. The combination of other features with this innovation, in particular a programmed steady growth and overall limit on supply, created in Bitcoin and other cryptocurrencies that followed a potential challenger to fiat currencies. This paper tests Bitcoin\u27s progress and prospects in credibly replacing sovereign currencies in theory and in practice. Our conclusion is that the replacement of fiat currencies by cryptocurrencies in the world economy is not imminent. However, the underlying technology of cryptocurrencies holds great promise for improving the security and efficiency of the global financial and monetary systems
Gold market price spillover between COMEX, LBMA and SGE
No full textIn this paper, the author investigates spillover between the main markets from New York, London and Shanghai. Specific contract prices from the Commodity Exchange Inc. (COMEX), London Bullion Market Association (LBMA) and Shanghai Gold Exchange (SGE) were utilized. Results suggest that even with the increasing market influence of SGE, it still remains an isolated market, COMEX and LBMA maintain their dominant positions and act as the net spillover spreaders in the world gold market with almost equally strong market impacts
How Amsterdam got fiat money
No full textWe investigate a fiat money system introduced by the Bank of Amsterdam in 1683. Using data from the Amsterdam Municipal Archives, we partially reconstruct changes in the bank's balance sheet from 1666 through 1702. Our calculations show that the Bank of Amsterdam, founded in 1609, was engaged in two archetypal central bank activities—lending and open market operations—both before and after its adoption of a fiat standard. After 1683, the bank was able to conduct more regular and aggressive policy interventions, from a virtually nonexistent capital base. The bank's successful experimentation with a fiat standard foreshadows later developments in the history of central banking.
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