Dáil Éireann Loans

             When Ireland took on a renewed struggle for independence around 1920, it came with a need to raise money. So, the rebel government set up a loan drive and built a system of distribution that bore some resemblance to the war loans raised by governments elsewhere just a few years earlier during the First

American Dollar Securities Committee

            Under a gold standard regime, exchange rates were understood to be self-regulating courtesy of the ‘price–specie flow’ mechanism. Expansions or contractions in the money supply from trade surpluses or deficits would bring about stability in exchange rates without threats to the gold standard and with minimal or no need for changes in interest rates.

Loans and Diplomacy in the 19th Century

           As leading commercial cities developed more active and sophisticated financial markets, some cities became centers for global finance. London and Paris became such cities in the 19th century, serving the financial needs not only of their own countries but even those of the continent and the world. Governments of other countries turned to these cities,

The Domesday Book

           Taxation is a complicated procedure and it takes a reasonably sophisticated government to tax a population by whatever means it pleases. Even modern governments, those of middle-income or wealthy countries included, often struggle to collect certain taxes effectively. In the case of an income tax, an income needs to be validated some way, and this

Peru’s Land Reform Bonds

               State borrowing allows governments to pursue undertakings they would otherwise find impossible. Whether for large infrastructure projects or social reforms, public borrowing can create greater prosperity or expensive mistakes. When the latter are the result and the borrowing was done domestically, the public is hurt doubly, both as borrower and as investor. In the case

London Orphans and Credit

           In the early days of government borrowing, public borrowing went hand-in-hand with estates and inheritances. Bonds and annuities, both means by which states in early modern Europe borrowed, were also convenient ways of transferring wealth to widows and heirs.            Perhaps nowhere was this association clearer than in London, especially in the 17th century. The City

Genoese Finance

           Financial development comes in waves, often washing up in the same place, whether 17th century Holland or 18th century London. In the Late Middle Ages, the centers of European finance were largely in Italy. Many innovations in finance during this era, from bills of exchange to insurance and double-entry bookkeeping to public bonds, either originated

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