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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 BCE in Assyria, India and Sumer. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting deposits ...
Lombard Street in London. In modern central banking practice, Lombard credit refers to central bank lending against marketable securities, such as government bonds.Modern repurchase agreements are also forms of Lombard lending: one bank sells marketable securities to another (at a discount), with an agreement to repurchase the securities (typically at par) in a fixed period of time.
Gran Tavola. During the Middle Ages, the Gran Tavola ( Italian for " Great Table ") was the largest Sienese bank; [1] it was one of the most powerful banks in Europe from 1255 to 1298. The Gran Tavola has been called "the greatest bank of the thirteenth century" [2] as well as "one of the largest commercial and banking enterprises in Europe". [3]
t. e. The history of money is the development over time of systems for the exchange, storage, and measurement of wealth. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account.
Economic history of Venice. Venice, which is situated at the north end of the Adriatic Sea, was for hundreds of years the richest and most powerful centre of Europe, the reason being that it gained large-scale profits from the adjacent middle European markets. Venice was the major centre of trade with the Arabs and indirectly the Indians during ...
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 ...
History of Italy. The Italian city-states were numerous political and independent territorial entities that existed in the Italian Peninsula from antiquity to the formation of the Kingdom of Italy in the late 19th century. The ancient Italian city-states were Etruscan (Dodecapolis), Latin, most famously Rome, and Greek (Magna Graecia), but also ...
In 1791, Congress chartered the First Bank of the United States. The bank, which was jointly owned by the federal government and private stockholders, was a nationwide commercial bank which served as the bank for the federal government and operated as a regular commercial bank acting in competition with state banks.
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