Recoinage Crisis of 1696

           In the late 17th century, a series of advances were made in finance. Though originating in England, this period of increasing sophistication became known as the ‘Financial Revolution’ even outside Britain. Long-term government borrowing, central banks, and stock exchanges were each either born or developed into more recognizable forms in this period. It was a

Spanish Stamp Scandal

           In 2006, authorities shut down the operations of two stamp dealing firms in Spain offering investment products that turned out to be fraudulent. The value of the products they sold to customers were overstated and the returns they offered could only be paid out of the investments made by new investors. This ponzi scheme was

The First Terrorism-Linked Bonds

           The first insurance companies were launched in the 18th century, the first reinsurance companies in the 19th, and the first insurance-linked securities in the 20th. This steady development in the insurance market helped make property and casualty insurance universally accessible and competitively priced. It has also reduced the riskiness of insurance operations, bringing stability and

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