Financial Intermediation in the Early Roman Empire

Article

by Peter Temin
published on 21 November 2011

In this paper I use a theoretical hierarchy of financial sources to evaluate the effectiveness of financial markets in the early Roman Empire. I first review the theory of financial intermediation to describe the hierarchy of financial sources and survey briefly the history of financial intermediation in pre-industrial 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. The issue turns out to be not whether financial markets in Rome resembled those in other advanced agricultural economies, but rather which 18th century European economy did it resemble most closely. 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, for good financial markets and institutions help people who have ideas for production get resources to implement those ideas.

Market Scene

Help us write more

We're a small non-profit organisation run by a handful of volunteers. Each article costs us about $50 in history books as source material, plus editing and server costs. You can help us create even more free articles for as little as $5 per month, and we'll give you an ad-free experience to thank you! Become a Member

Written by Peter Temin, linked by Jan van der Crabben, published 21 November 2011. Source URL: http://www.histecon.magd.cam.ac.uk/docs/temin.pdf.

Disclaimer: Ancient History Encyclopedia claims no authorship, intellectual property, or copyright on the material below. It is used solely for non-profit educational purposes, and none of the data is stored on our servers. If you want this content to be removed from the site, please contact us.

Recommended Books

 

Cite This Work

APA Style

Temin, P. (2011, November 21). Financial Intermediation in the Early Roman Empire. Ancient History Encyclopedia. Retrieved from http://www.ancient.eu/article/283/

Chicago Style

Temin, Peter. "Financial Intermediation in the Early Roman Empire." Ancient History Encyclopedia. Last modified November 21, 2011. http://www.ancient.eu/article/283/.

MLA Style

Temin, Peter. "Financial Intermediation in the Early Roman Empire." Ancient History Encyclopedia. Ancient History Encyclopedia, 21 Nov 2011. Web. 26 May 2017.

Remove Ads

Advertisement

Remove Ads

Advertisement

Newsletter

Our latest articles delivered to your inbox, once a week:



Remove Ads

Advertisement

Visit our Shop

Ancient History Merchandising
Remove Ads

Advertisement