ECON MACRO
5th Edition
ISBN: 9781337430401
Author: William A. McEachern
Publisher: Cengage Limited
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Question
Chapter 13, Problem 1.3P
To determine
the ways of London goldsmiths functioning as early banks.
Concept Introduction: A bank is a financial institution that accepts deposits from the public and creates credit. Before the introduction of a monetary system there were many instances of transactions involving credit. The banking system revolutionized gradually to offer better services and grow with the economy.
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Discuss the history of banking, from the origin of the term "bank" up to the appearance of the paper currency.
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