A history of interest rates
A History of Interest Rates presents a very readable account of interest rate trends and lending practices over four millennia of economic history. Despite the paucity of data prior to the Industrial Revolution, authors Homer and Sylla provide a highly detailed analysis of money markets and borrowing practices in major economies. Underlying the analysis is their assertion that "the free market long-term rates of interest for any industrial nation, properly charted, provide a sort of fever chart of the economic and political health of that nation." Given the enormous volatility of rates in the 20th century, this implies we're living in age of political and economic excesses that are reflected in massive interest rate swings. Gain more insight into this assertion by ordering a copy of this book today.
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American ancient Annual Average annuities Antwerp Assyria Babylonia Bank of England bank rate bankers basis points became billion bond market borrowed capital century B.C. Chart commercial paper corporate bond countries credit forms creditor currency decade decennial averages declined deposits developed discount rate Dutch Dutch Republic early economic eighteenth century English Europe European exchange foreign France French Fuggers funds Genoa German gold government bond yields government bonds Greek Ibid inflation interest rates investment investors issues Italian Italy legal limit levels lottery privileges Low High market yields maturity medieval ment merchants modern money market mortgage Netherlands nineteenth century nominal rate official discount rate paid pawnshops period perpetual annuities prestiti Price Yield prime corporate quoted range rate of discount rate of interest real estate redeemable rentes reported rise Roman Rome short rates short-term rates silver sold Table term trade trends twentieth century usually usury Venice yields rose