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Financial Intermediation in the Early Roman Empire

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  • TEMIN, PETER

Abstract

I evaluate the effectiveness of financial markets in the early Roman Empire in this article. I review the theory of financial intermediation to describe a hierarchy of financial sources and survey briefly the history of financial intermediation in eighteenth-century Western Europe to provide a standard against which to evaluate the Roman evidence. I then describe the nature of financial arrangements in the early Roman Empire in terms of this hierarchy. This exercise reveals the extent to which the Roman economy resembled more recent societies and sheds light on the prospects for economic growth in the Roman Empire.

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  • Temin, Peter, 2004. "Financial Intermediation in the Early Roman Empire," The Journal of Economic History, Cambridge University Press, vol. 64(3), pages 705-733, September.
    • Handle: RePEc:cup:jechis:v:64:y:2004:i:03:p:705-733_00
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    Cited by:

    1. Ulrike Malmendier, 2009. "Law and Finance "at the Origin"," Journal of Economic Literature, American Economic Association, vol. 47(4), pages 1076-1108, December.
    2. Dwyer Jr., Gerald P. & Samartín, Margarita, 2009. "Why do banks promise to pay par on demand?," Journal of Financial Stability, Elsevier, vol. 5(2), pages 147-169, June.
    3. Peter Temin, 2018. "Finance in Economic Growth: Eating the Family Cow," Working Papers Series 86, Institute for New Economic Thinking.
    4. Lipartito, Kenneth, 2010. "The Economy of Surveillance," MPRA Paper 21181, University Library of Munich, Germany.
    5. Brian P. Hanley, 2020. "Cancellation of principal in banking: Four radical ideas emerge from deep examination of double entry bookkeeping in banking," Papers 2010.10703, arXiv.org, revised May 2021.
    6. Glenn Stevens, 2011. "The Role of Finance," The Economic Record, The Economic Society of Australia, vol. 87(276), pages 1-10, March.
    7. Paul Cavelaars & Joost Passenier, 2012. "Follow the money: what does the literature on banking tell prudential supervisors on bank business models?," DNB Working Papers 336, Netherlands Central Bank, Research Department.
    8. Mark Koyama, 2013. "Preindustrial Cliometrics," Economic Affairs, Wiley Blackwell, vol. 33(2), pages 268-278, June.
    9. Gary M. Pecquet, 2017. "The Original Road to Serfdom: From Rome to Feudal Europe," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 32(Spring 20), pages 45-62.
    10. Peter Temin, 2006. "The Economy of the Early Roman Empire," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 133-151, Winter.
    11. Poitras, Geoffrey & Geranio, Manuela, 2016. "Trading of shares in the Societates Publicanorum?," Explorations in Economic History, Elsevier, vol. 61(C), pages 95-118.
    12. Mark Koyama, 2008. "Evading the 'Taint of Usury' Complex Contracts and Segmented Capital Markets," Economics Series Working Papers 412, University of Oxford, Department of Economics.

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