A History of Interest Rates

The late Sidney Homer published the First Edition of A History of Interest Rates in 1963¿a time when interest rates weren t making front page news¿because he believed that a comprehensive history of this universal and basic economic and commercial price was necessary. More than forty years later, A History of Interest Rates has become a classic in the fields of economics and finance. A History of Interest Rates, Fourth Edition presents a readable account of interest rate trends and lending practices spanning over four millennia of economic history. Filled with in depth insights and illustrative charts and tables, this unique resource provides a broad perspective on interest rate movements¿from which financial professionals can evaluate contemporary interest rate and monetary developments¿and applies analytical tools, such as yield curve averaging and decennial averaging, to the data available. A History of Interest Rates, Fourth Edition offers a highly detailed analysis of money markets and borrowing practices in major economies. It places the rates and corresponding credit forms in context by summarizing the political and economic events and financial customs of particular times and places, including:

• Ancient Times: Mesopotamia, Greece, and Rome
• Medieval Times and Renaissance Europe: Italy, Spain, Germany, France, and more
• Modern Europe and North America to 1900: England, France, and other European countries, as well as the United States
• Europe and North America since 1900: England, France, Germany, and Italy, as well as Canada and the United States
• Other countries and regions in the 1900s: Japan, Russia, China, and Latin America

Much has transpired in the financial world since the last edition of A History of Interest Rates was published. New credit instruments have been introduced, the volume of outstanding fixed income obligations has exploded, and capital now moves across the globe quicker than ever before. To help you stay as current as possible, this revised and updated Fourth Edition contains a new chapter of contemporary material as well as added discussions of interest rate developments over the past ten years.Interest rates in the twenty first century are as much a subject of political and economic controversy as they were in antiquity. Today, they even provide a trail of clues into a nation s economic, political, and financial market health. With A History of Interest Rates, Fourth Edition as your guide, you ll discover just how important interest rates have always been and how you can take advantage of the information embedded within them.