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Bank Of Venice
The Republic of Venice organized its first formal public bank in 1587, the ''Banco della Piazza di Rialto''. This followed earlier proposals and the steady collapse during the 16th century of the Republic's private banks. Another public bank, the ''Banco del Giro'', was established in 1619. Long before the creation of these banks, Venice was a pioneer in banking and finance in the public and private sectors, known throughout Europe for perfecting the system of double-entry bookkeeping and conducting business through book entry transactions. Several 19th century authors described a "Bank of Venice" formed in the 12th century, calling it Europe's first national bank and an innovator of non-redeemable debt-based money. Archival research corrected these accounts, distinguishing between the Republic's financing offices, the business of its private bankers, and the much later public banks. Grain Office and ''imprestiti'' In 1282 the Republic organized most public finance activities und ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perpetuity
A perpetuity is an annuity that has no end, or a stream of cash payments that continues forever. There are few actual perpetuities in existence. For example, the United Kingdom (UK) government issued them in the past; these were known as consols and were all finally redeemed in 2015. Real estate and preferred stock are among some types of investments that affect the results of a perpetuity, and prices can be established using techniques for valuing a perpetuity. Perpetuities are but one of the time value of money methods for valuing financial assets. Perpetuities are a form of ordinary annuities. The concept is closely linked to terminal value and terminal growth rate in valuation. Detailed description A perpetuity is an annuity in which the periodic payments begin on a fixed date and continue indefinitely. It is sometimes referred to as a perpetual annuity. Fixed coupon payments on permanently invested (irredeemable) sums of money are prime examples of perpetuities. Scholar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medieval Banking
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 Common Era, BCE in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting Deposit account, deposits and performing the Bureau de change, change of money. Archaeology from this period in History of China#Ancient China, ancient China and history of India, India also shows evidence of Loan, money lending. Many scholars trace the historical roots of the modern banking system to medieval and Renaissance Italy#Early Modern, Italy, particularly the affluent cities of Florence, Venice and Genoa. The Bardi family, Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe.Noble Foster Hoggson, Hoggson, N. F. (1926) ''Banking Through the Ages'', New York, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The Republic Of Venice
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Howev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Giro (banking)
A giro transfer, often shortened to giro (), is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States (e.g., the Automated Clearing House) and Canada (e.g., Interac e-transfer), it is not possible to perform third-party transfers with them. In the European Union, there is the Single Euro Payments Area (SEPA), which allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area. Name The word "giro" is borrowed from Dutch "''giro''" and/or German "''giro''", which are both from the Italian "''giro''" meaning "circulation of money". The Italian term comes via the Latin "''gyrus''" meaning "gyre" from the Greek "''gyros''" meaning "circle". History and concept Giro systems date back at least to Ptolemaic Egypt in the 4th century BC. State granary d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consol (bond)
Consols (originally short for consolidated annuities, but subsequently taken to mean consolidated stock) were government debt issues in the form of perpetual bonds, redeemable at the option of the government. They were issued by the Bank of England and the U.S. Government. The first British consols were issued in 1751. They have now been fully redeemed. The United States government issued consols from 1877 to 1930, which have likewise been redeemed. History In 1752 the Chancellor of the Exchequer and Prime Minister Sir Henry Pelham converted all outstanding issues of redeemable government stock into one bond, Consolidated 3.5% Annuities, in order to reduce the coupon (interest rate) paid on the government debt. In 1757, the annual interest rate on the stock was reduced to 3%, leaving the stock as consolidated 3% annuities. The coupon rate remained at 3% until 1888. In 1888, the Chancellor of the Exchequer, George Joachim Goschen, converted the consolidated 3% annuities, along wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Saint George
The Bank of Saint George ( it, Casa delle compere e dei banchi di San Giorgio or informally as ''Ufficio di San Giorgio'' or ''Banco'') was a financial institution of the Republic of Genoa. It was founded in 1407 to consolidate the public debt, which had been escalating due to the war with Venice for trading and financial dominance. The Bank's primary mission was to facilitate the management of the San Giorgio shares (''luoghi''). It was one of the oldest chartered banks in Europe and of the world. The Bank's headquarters were at the Palazzo San Giorgio, which was built in the 13th century by order of Guglielmo Boccanegra, uncle of Simone Boccanegra, the first Doge of Genoa. Operations Its parent, Casa di San Giorgio administered the Bank, and needed frequent liquidity injection to support the war against Venice and Genoa's ailing public finance. By 1445, the Bank suspended operations focusing on servicing the Genoese state. However, it managed to reopen for business with the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fall Of The Republic Of Venice
The fall of the Republic of Venice was a series of events that culminated on 12 May 1797 in the dissolution and dismemberment of the Republic of Venice at the hands of Napoleon Bonaparte and Habsburg Austria. In 1796, the young general Napoleon had been sent by the newly-formed French Republic to confront Austria, as part of the French Revolutionary Wars. He chose to go through Venice, which was officially neutral. Reluctantly, the Venetians allowed the formidable French army to enter their country so that it might confront Austria. However, the French covertly began supporting Jacobin revolutionaries within Venice, and the Venetian senate began quietly preparing for war. The Venetian armed forces were depleted and hardly a match for the battle-hardened French or even a local uprising. After the capture of Mantua on 2 February 1797, the French dropped any pretext and overtly called for revolution among the territories of Venice. By 13 March, there was open revolt, with Bresci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bills Of Exchange
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings depending on the use of the term as it is used in the application of different laws, and depending in which country and context it is used. Concept of negotiability William Searle Holdsworth defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. #Consideration is presumed. #The transferee acquires a good title, even though the transferor had a defective or n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque
A cheque, or check (American English; see spelling differences) is a document that orders a bank (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the ''drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Full-reserve Bank
Full-reserve banking (also known as 100% reserve banking, narrow banking, or sovereign money system) is a system of banking where banks do not lend demand deposits and instead, only lend from time deposits. It differs from fractional-reserve banking, in which banks may lend funds on deposit, while fully reserved banks would be required to keep the full amount of each customer's demand deposits in cash, available for immediate withdrawal. Monetary reforms that included full-reserve banking have been proposed in the past, notably in 1935 by a group of economists, including Irving Fisher, under the so-called " Chicago plan" as a response to the Great Depression. Currently, no country in the world requires full-reserve banking across primary credit institutions, although Iceland has considered it. In a 2018 ballot referendum, Switzerland voted overwhelmingly to reject the Sovereign Money Initiative which has full reserve banking as a prominent component of its proposed reform of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Senate Of Venice
The Senate ( vec, Senato), formally the ''Consiglio dei Pregadi'' or ''Rogati'' (, la, Consilium Rogatorum), was the main deliberative and legislative body of the Republic of Venice. Establishment The Venetian Senate was founded in 1229, or less likely shortly before that date. Its creation was both the result of the rising predominance of the aristocratic element in the Republic, and of the necessity to govern a territory that was much more extensive than the earlier Dogado and still expanding at a rapid rate. The Senate originated as a select committee of sixty men, chosen by the Great Council of Venice, Great Council, to deliberate on decrees concerning taxation, commerce, foreign policy, and military operations, instead of the far larger, and more unwieldy, Great Council. Hence, it was initially named the council of the or , while the name of 'Senate' was only applied to it in the late 14th century, under the influence of Renaissance humanism. Membership Initially it was j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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