Explaining Monetary and Financial Innovation

A Historical Analysis

  • Peter Bernholz
  • Roland Vaubel

Part of the Financial and Monetary Policy Studies book series (FMPS, volume 39)

Table of contents

  1. Front Matter
    Pages i-x
  2. Andrew Meadows
    Pages 169-195
  3. Stephen Quinn, William Roberds
    Pages 283-300

About this book


This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.


Eurodollar Market Financial Case Study Financial Innovation History of Finance Monetary Innovation

Editors and affiliations

  • Peter Bernholz
    • 1
  • Roland Vaubel
    • 2
  1. 1.Center for Economics and Business (WWZ)University of BaselBaselSwitzerland
  2. 2.University of MannheimMannheimGermany

Bibliographic information

  • DOI
  • Copyright Information Springer International Publishing Switzerland 2014
  • Publisher Name Springer, Cham
  • eBook Packages Business and Economics
  • Print ISBN 978-3-319-06108-5
  • Online ISBN 978-3-319-06109-2
  • Series Print ISSN 0921-8580
  • Series Online ISSN 2197-1889
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking