Money in the Late Roman Republic

Overview

Roman monetary history has tended to focus on the study of Roman coinage but other assets regularly functioned as, or in place of, money. This book places coinage in its broader monetary context by also examining the role of bullion, financial instruments, and commodities such as grain and wine in making payments, facilitating exchange, measuring value and storing wealth. The use of such assets reduced the demand for coinage in some sectors of the economy and is a crucial factor in determining the impact of the ...
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Overview

Roman monetary history has tended to focus on the study of Roman coinage but other assets regularly functioned as, or in place of, money. This book places coinage in its broader monetary context by also examining the role of bullion, financial instruments, and commodities such as grain and wine in making payments, facilitating exchange, measuring value and storing wealth. The use of such assets reduced the demand for coinage in some sectors of the economy and is a crucial factor in determining the impact of the large increase in the coin supply during the last century of the Republic. Money demand theory suggests that increased coin production led to further monetization, not per capita economic growth.
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Product Details

  • ISBN-13: 9789004225497
  • Publisher: Brill Academic Publishers, Inc.
  • Publication date: 4/19/2012
  • Pages: 192
  • Product dimensions: 6.10 (w) x 9.20 (h) x 0.40 (d)

Meet the Author

David B. Hollander, Ph.D. (2002) in History, Columbia University, is an Assistant Professor in the History Department at Iowa State University. He has published articles on monetization and the Roman mint.
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Table of Contents


Preface     ix
List of Tables     xi
Introduction     1
Roman Money and Roman Coinage     1
Pecunia and Money     5
Barter and the Nature of the Roman Economy     8
Monetary Terminology     12
Roman Coinage: Use, Volume and Composition     15
Introduction     15
Silver Coinage     17
Gold Coinage     20
Bronze Coinage     24
Conclusion     30
Financial Instruments     31
Introduction     31
Bullion     31
Bullion as a Means of Payment     31
Bullion as a Unit of Account     33
Bullion as a Measure of Value     34
Bullion as a Store of Wealth     34
The Use and Circulation of Bullion     35
Conclusion     38
Financial Instruments     39
Permutationes     40
Syngraphae     44
Partes     48
Nomina     51
Financial Institutions     53
Conclusion     57
Pecuniary Assets     59
Introduction     59
Means of Payment     59
Stores of Wealth     75
Media of Exchange     85
Units of Account     85
Conclusion     86
Monetary Zones     87
Introduction     87
The Governmental Monetary Zone     89
Government Revenues     90
Government Expenses     97
Internal Circulation     101
Conclusion     103
The Commercial Monetary Zone: Coinage in Long-distance Trade     104
The Urban Monetary Zone     111
Redistribution: Limits to Urban Monetization     118
The Rural Monetary Zone     122
The Demand for Roman Money     137
Introduction     137
Quantity Theory     137
The Demand for Money     141
Demand in the Late Republic     144
Changes in Demand     149
Economic Growth?     153
Conclusion     155
Bibliography     157
Index Locorum     177
General Index     185
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