It was developed by merchants who created a financial structure that operated throughout the nineteenth century and was institutionalized in what was to be called merchant banking, in both the Levant and the City of London. We shall examine mercantile credit and transaction methods of Greek networks from their development in the Ottoman ports to their consolidation in the City of London in the second half of the nineteenth century.
Historically, transfer of wealth and granting of credit by documentary means developed in the Mediterranean; it was Levantine trade that brought these practices to the City of London. It is common knowledge that Lombards introduced the system of bills of exchange and documents of credit for financing overseas trade into England in the mid fifteenth century. Established as financiers in the City of London, in the famous Lombard Street, they were considered the forerunners of the Citys prominence as a world financial centre.
The word bank probably originates from the Genoese financiers bench or banco, set up in the market place. The bill was used firstly as an instrument for transferring trade debt due in one place to another, and secondly as an instrument of credit responding to a communitys demand for money both for transactions and for speculative purposes. The first identifies the financial networks that developed from the external trade of the Ottoman Empire, following the path from the local, to the national, to the international. The second gives a brief insight into the small- and medium-scale businesses involved in the Ottoman trade and their access to the main financial centres of the Empire, which are presented in the third part.
The fourth part takes us from the Levant to the City of London; there it becomes evident that the main Greek bankers from Constantinople collaborated closely with and even belonged to the same families as the London Greek merchant bankers. The last part examines a few case studies of Levantine methods of bankruptcies and fraud. The term Levantine has pejorative connotations and was usually used to describe devious or illegal dealings. Is this in line with the facts?
Or is it just another Victorian verbal contrivance to reinforce Western European honesty as against Oriental endemic dishonesty? Demand for commercial credit in the Ottoman Empire acquired some significance in the seventeenth century and gained impetus in the eighteenth. It was the growth in commercial transactions that expanded credit activities. Money-lending was available along the trade routes, in the main cities and ports, but it involved individuals and did not include the use of bills of exchange, a major mechanism for the expansion of mercantile credit in Western Europe.
The systematic use of bills of exchange in Ottoman lands did not start before the mid eighteenth century, when the practice was adopted by merchants handling the Empires external trade and shipping from its main ports. Mercantile credit followed the growth of commerce over land and sea from the Ottoman Empire to Western Europe. In the first three decades of the eighteenth century, commerce in the Balkan Peninsula saw impressive growth. Particularly after the Treaty of Belgrade and the achievement of international peace, there was a great stimulus to trade in South Eastern Europe.
Teichova, G. Kurgan-Van Hentenryk and D. Ziegler eds , Banking, Trade and Industry. Europe, America and Asia from the thirteenth to the twentieth century Cambridge, , pp. Anderson, Money and the structure of credit in the 18th century, Business History, 12, 2, , pp. For the next three decades, Ottoman, Serbian, Bulgarian and Greek subjects enjoyed fiscal privileges of lower taxation on their transactions in the lands of the Habsburg Empire.
At that time an impressive Ottoman diaspora took place, with tens of thousands of Greeks settling in Lvov, Leipzig, Vienna, Budapest and Trieste. In , 32 per cent of Ottoman exports were handled through Smyrna, 24 per cent from Greek ports, 23 per cent from Syrian ports, 13 per cent from Egypt and only 3 per cent from Constantinople. One of the main characteristics of these merchant communities was the creation of financial networks within which they developed keen expertise in handling money and transmitting funds.
There are many parallels to be drawn among these diaspora entrepreneurial communities that co-existed under Ottoman rule, forming the main millets or religious communities of the Empire. All three diaspora communities were dispersed throughout the lands of the Ottoman Empire and had equally important communities in Western Europe. On the other hand, Jews were established and consolidated in cohesive cultural groups in the main European cities, notably in Prague, Frankfurt, Hamburg, Amsterdam, Mantua, Venice and.
Inalcik and D. Chirot and A. Reid eds , Essential Outsiders. Mauro, Merchant communities, , in J. Tracy ed. By the mid nineteenth century a significant number of Greek merchants had become quite prosperous and formed part of the haute bourgeoisie in the main Ottoman cities. Some of them became leading bankers of Constantinople, lending to the Ottoman state, along with Armenians and Jews. Jews and Armenians had also been involved, since at least the eighteenth century, in the financial administration of the Ottoman state, particularly in their capacity as customs officials, apart from their activities in internal and external trading and financial networks involved with commerce and money-lending.
Established in Eastern Anatolia and Syria by the nineteenth century, the Armenians were integrally involved in Ottoman public life. In fact, the Armenians were among the main Ottoman financiers in the eighteenth century, providing short-term credit to members of the Ottoman government. These non-Muslim bankers the sarrafs money changers of the time were concerned mainly with the exchange of currencies and the granting of loans. There is evidence that before the middle of the nineteenth century these sarrafs were deeply involved in tax farming.
It seems that there was a large outflow of Armenians and Jews from Anatolia to Amsterdam during the last third of the eighteenth century, to take advantage of the privileges given by the Dutch, leaving the Greeks with a leading role in Ottoman trade. The French actually dominated the sea trade of the Levant throughout the eighteenth century. In the s, the French were handling 50 per cent of European commerce with the Ottoman Empire, followed by the Dutch, who handled 15 per cent, and then by the Austrians, English, Venetians and so on.
Inalcik et al. Exertzoglou, Greek Banking in Constantinople, Ph. Pamuk, Ottoman Empire and European Capitalism, Trade, Investment and Production Cambridge, Stoianovich, Pour un modle du commerce du Levant: conomie concurrentielle et conomie de bazar , in T. Stoianovich, Between East and West.
In , for example, three-quarters of all cargoes loaded from Smyrna to Amsterdam belonged to merchants hailing from these three millets. From , the Dutch had given the same rights and advantages as those of their own subjects to the merchants of all three millets established in Smyrna, the main Ottoman export venue, thus opening the path to Amsterdam to Ottoman subjects. The bill of exchange offered the Levantine merchant the same four advantages it had offered to the European merchant since the Middle Ages.
It was recognized that the variable maturity and number of endorsements by various holders who may have handled them on their way to final payment made such bills of exchange important in enabling the formation of multiple financial networks. Under no circumstances, however, did it replace. Mediterranean Worlds, vol. Batu, J. Carrire et al. Les enseignements des annes et , in Ch. It came, however, to be used as an instrument of credit to enhance his capital for transactions and speculative purposes. Within the framework of the complex game of final payments or the accumulation of bills of exchange for payment, lack of liquidity could bring the merchant to the verge of bankruptcy.
Circulation of bills of exchange, discount facilities, drafts, currency exchange and other transactions were conducted in the ports of the Empire within a triadic system of trade, shipping and finance, in the circuits of the Greeks, Jews and Armenians that collaborated with each other and with Western European merchants in the carriage of trade between the Ottoman Empire and Western Europe.
A hierarchical order was in place in granting mercantile credit, following the known path from small to medium to large.
In each millet there was a chain of three financial networks, at local, national and international level. In the case of the Greeks we can distinguish the following four levels:. Medium-sized local merchants were involved mainly in inter-Ottoman trade and partly in the international business of Ottoman external trade, chiefly with Western Europe. They depended on the previous group to maintain continuous flow of information and control of the local markets.
A group of dominant Greek merchants involved in Ottoman external trade was based in Constantinople and Smyrna from the mid nineteenth century. Apart from the traditional business of mercantile credit and exchange transactions, they were closely connected with the diaspora Greek commercial, maritime and financial group, and from the mid nineteenth century onwards became heavily involved in financing the Ottoman public debt as well as in forming the first joint-stock banks in Constantinople. They were part of what came to be called the Galata bankers.
Big merchants, forming large, family-based, multinational companies, were involved in trade, shipping and finance, with extensive networks and branch offices in all main port cities from Eastern to Western Europe. They were involved exclusively in international trade from the Black Sea and the Eastern Mediterranean to Western Europe, and thus became an integral part of the contemporary international financial elite in Western Europe. They had close connections with or came from the same families as the previous group of Greek- Ottoman merchants but lived outside the boundaries of the Ottoman Empire, thus forming part of the Greek diaspora in Western Europe.
The path from the Levant to the City of London followed the sea routes of trade and finance. From the mid nineteenth century, leading members of this group became merchant bankers in the City of London, participating also in joint-stock banks. This chain of credit was not hindered by any religious or national barriers and was available to members of all the millets. We have to note at this point, however, that this general pattern did not apply uniformly during the eighteenth and nineteenth centuries; obviously the last two levels of dominant and big merchants were more evident in the late nineteenth century, and not present in the eighteenth century.
The importance of the level of medium-sized merchants depended upon its relation to the higher strata of big merchants in the financial centres and its ability to exercise effective control over capital flow on the local market. This made the need for networks imperative. All networks used external credit. An essential characteristic of merchant networks is the circulation of credit within the network at rates generally lower than the market rate. The question of trust, an immaterial commodity and hard to define, arises at this point. In the highly volatile economy of the Ottoman Empire, financial activities could not be separated from individuals.
Mercantile credit and finance became the business of reputable local merchants, part of a commercial network that dealt with the West. In an era with few barriers to international capital mobility, business was all based on information, reputation and principal-agent relations that all led to minimizing of costs. The Greek system was similar to its Jewish and Armenian counterparts, where network-building was based on working with close relatives constituting informal business connections. The close-knit networks based on common culture, religion and ethnicity, the same factors as led Greeks to success in commerce and shipping, have been widely described in literature on merchant banking.
The hierarchy of credit networks in the commercial and agricultural areas was much alike in the Ottoman world. Any religious or national barriers did not hinder borrowing and lending. Members of all millets could potentially be involved in these chains of credit. For example, up until Crete, with a mixture of the dominant Christian and Muslim elements, had a consolidated group of creditors consisting mostly of Muslim and foreign merchants from Chania and Herakleion.
This group of creditors. Traders of Sind from Buchara to Panama Cambridge, , p. The farmers would borrow to cover farming activities associated with the olive harvest and the production of olive oil. They pledged to repay their debt balance plus interest by a deadline. On the other hand, the merchant would guarantee his loan with his agricultural production of olive oil; in other words, he was obliged to pre-sell his production at pre-determined prices although he did not yet know its value.
Credit acts were sometimes indistinguishable from usury practices. Thus merchant profits were made both within the framework of agricultural production and within its circulation by trade. Sponge fishing was the most profitable merchant enterprise for the average Smyrna commercial house, active in forecasting and supplying agricultural export commodities. These financial relations were mostly applicable to the finance of sponge fishing. The credit network for Kalymnos sponge fishing exhibited the same peculiar mechanism of payment in advance, thus controlling the collected product, which related to the traditional rural credit relations between commercial capital and agricultural production.
Within the framework of this relation between commercial capital and agricultural production, the loan was paid off in kind, in accordance with the system of advance payment on future estimated production. Maritime loans bottomries were necessary for preparing the ship for the next voyage; they were contracted really as working capital. Maritime loans were short term, lasting as long as a round trip which in the Mediterranean meant mostly up to six months at very high interest. In the s, for example, the interest rate varied between 2 per cent and 2.
The high rates were justified in order to cover the financial risk that maritime business entailed; maritime loans were not backed by any guarantee, and loss of the ship meant loss of the maritime loan. The loans were secured by signed agreements between lender and borrower; after the formation of the Greek state in , agreements for loans were official documents signed in front of a notary. Apart from maritime loans, shipping business had its own peculiarities. In the nineteenth century, the largest commercial and maritime centre of the Aegean was the island of Syros.
A large number of Chiot merchants from the same families as were thriving in Constantinople, Smyrna and all the main Mediterranean ports, had settled there and established themselves as some of the most affluent financiers of. Kaliataki-Mertikopoulou, Ellinikos alitrotismos kai othomanikes rithmisis, H periptosi tis Kritis, in Greek, Athens, , pp. Pizanias, Agrotiko pleonasma kai kikloforia tou emporikou kefaleou stin Ellada ton 19o eona, Ta Historika, 10, , pp.
But the commonest type of ship finance for the purchase of a ship was the system of co-ownership, almost identical not only in Mediterranean countries but also in Northern Europe. Exploiting the opportunities offered by the bill of exchange was part of everyday commercial activity, since the boundaries between pure merchant and pre-banking operations were almost always crossed. Although bill-of-exchange provisions in the Greek state reflected terms codified in the French Commercial Code, provisions usually conformed to the regulations of the place of issue.
The problems encountered by the early form of the bill of exchange in the Ottoman economy are well indicated by the example of two of its simpler forms, appunti. In order to make a joint purchase of valonia from Aghios Efstratios, a tiny island in the Northeast Aegean, for shipping to Trieste, the Greek merchants, the Geroussi brothers, needed cash to buy the cargo; there were numerous prospective purchasers for the product afterwards.
The Geroussis ran the risk of not having their advance payment. They were endorsees of two bills of exchange amounting to 2, and 2, florins respectively, with date of issue 8 December , payable by Antonios M. Paximadis the payee at Trieste. The aim was to sell the bills of exchange for gold Turkish currency or thalers, in order to supplement the sum needed to purchase the valonia.
However, Markos Moughetis retorted that according to bill-of-exchange legislation anyone endorsing the bill of exchange should be its guarantor that is, Constantinos Glypipis. Since he himself did not know Glypipis nor have any authorization from the payee Antonios M. Paximadis , Moughetis refused to accept the bills. But since the capital was needed by the Geroussis at Syros, with whom he maintained commercial cooperation, Moughetis was willing to keep the bills and lend his own capital so that the Geroussis would not lack the advance payment for the cargo at Aghios Efstratios.
The Geroussis were purchasing the valonia jointly with Paximadis, and all bills of exchange meant consigning goods against bills. Charisis , Allilodiplografia in Greek, Vienna, , pp. One of the first relevant books was G. Kalognomos, Eghiridion peri sinallagmatikon kai diataktikon grammation. I anaptiksis ton peri afta arhon kai kanonon in Greek, Athens, In the meantime, Markos Moughetiss refusal to accept and pay the bills of exchange left these bills in arrears for quite some time, as a claim on Paximadis.
Moughetis kept reminding them of their debt and demanding the money he had sent them. Since he was a Russian citizen, as was Constantinos Geroussi in Smyrna, with good connections to the Russian Consulate, he could possibly have caused the Geroussis considerable trouble. The whole issue was only solved by one Geroussis visit to the authorities of Trieste. Since Paximadis had gone bankrupt in the meantime, his assets had all been relegated to the Borsa of Trieste. Sotiris Geroussi was able to track the Geroussi brothers current account with Markos Moughetis in the years and , and made sure that the appropriate sum of money was deposited in Moughetiss account, thereby finally resolving the financial dispute between Moughetis and Paximadis.
During this early period, the circulation of bills of exchange in Greek territories could only be safeguarded by the creditworthiness of both sides and through personal relationships. As the bill of exchange was becoming increasingly independent as a means of payment, solvent endorsements remained a problem, since bills of exchange passed through many hands. On the other hand, the bill of exchange was useful on the second level of commercial transactions. Bills of exchange were thus used on the first level as a means of transfer payment, and on a second level as trade credit, as a means to finance transactions.
In this way the bill enhanced the purchasing power of the merchant. Cash was the indispensable means of exchange on the first level of transactions, between the producer and the local merchant.
Meaning of "Kalmarer Union" in the German dictionary
Since bills of exchange lacked any regularity in the years between and , those handled by the Geroussis could be divided into two categories with respect to terms of payment: bills of exchange with two- to six-month terms and those with ten- to thirty-one-day terms see Table 2. The first ones must have been used as promises for payment for merchandise. Initially two- to six-month bills of exchange were fewer than their ten- to thirty-one-day counterparts.
In , however, they doubled in number and in the following year trebled. We may assume that short-term, thirty-one day bills of exchange mainly facilitated needs for cash, since their disposal for payment for goods was in no way stated.
Gratis online lesen
The two- to six-month bills of exchange really provided extra capital for the Geroussis when they were in financial straits between and Chatziioannou, Family strategy and commercial competition. The Geroussi merchant house in the nineteenth century Athens In , out of the total of two- to six-month bills of exchange, the purpose for the payment for purchases is stated by Sotitris Geroussi in Trieste in 13 instances.
Merchant use is clearly stated for 28 of 53 bills in In , 66 out of a total of bills, and in 13 out of 28, were marked for purchase of merchandise. Term of payment days 12 40 5 31 20 30 The Geroussis were part of the credit network of sale and purchase of bills in the early stages of the banking network of the Greek State during this period. At that stage, this merchant banking network seemed to revolve round the Athenian merchant house of Skouzes. Within four years, , the Geroussis dealt with 23 short-term, mostly one-month, bills of exchange, with an average value of 1, florins.
Sotiris Geroussi would have the bills of exchange accepted or would negotiate their exchange in Trieste. It is obvious that a great number of the bills of exchange that went through the hands of the Skouzes were endorsed and circulated among the Greek merchants in Trieste.
Bills of exchange due to be paid in London could most profitably be sent to the largest Greek commercial house in the City, Ralli Brothers. Bills of exchange then took Greeks inevitably to London, the worlds most powerful economic centre, as will be analysed in detail in the next section. The main domain of activity of merchant banks was generated by international merchant networks operating in the framework of European and overseas trade.
In the City, merchants with small capital operated as commission merchants, canvassed the markets for clients and sought to increase their financial and credit potential by accepting and negotiating bills of exchange. Handling bills of exchange was a risky business in the first third of the nineteenth century, but strong papers were particularly safe. In , Sotiris Geroussi failed to negotiate two bills of exchange in Trieste, due in two months, with a value of and dollars respectively, payable in Philadelphia United States to the American Protestant missionary, renowned in Athens, John H.
Hill payee. The bills of exchange had been endorsed by Panayotis Skouzes in Athens, and on the same day by Manolis Geroussi in Syros. Bills of exchange to the order of the treasurer of the Protestant Mission were a prized item, and Emmanuel Tziakis from Chios had submitted tempting terms of payment to John H. Hill, to have them sent to Smyrna. Breaking the circle of his Chiot competitors, Panayotis Skouzes had managed to gain a negotiation advantage for these bills of exchange in Athens, having provided written letters of assurance that they would not end up in Smyrna.
However, before being informed of the prohibitive action, Manolis Geroussi had sent the bills to. Source: M. Chatziioannou, Family strategy. The Dutch merchant banker David van Lennep took measures to block all possible transactions on these bills, which were eventually sent to Trieste. Sotiris Geroussi could sell them in Trieste at a minor loss of 1 per cent, or else at Ralli Brothers in London, the heart of merchant-banking operations of the international commercial network of the Greeks at the time. This is the reason why Sotiris Geroussi finally had the bills accepted and paid in London.
The organization of a financial and credit system around private financiers, such as the Chiot merchant-bankers based in Syros, who co-existed and competed with the newborn National Bank of Greece, started to change the economy. Generally, we may say that medium-scale merchants in the Levant fully combined trading with financial and credit operations, and in less favourable times banking became their main field of activity, with incidental speculation on the prices of bills of exchange.
The commercial relations of each merchant house with a port city in the West determined the main Western European exchange currency used, usually the florin or the thaler colonato, reggina. Finally, the brokerage commission of 1. Constantinople was the main financial centre of the Ottoman Empire and of the entire Levant during the eighteenth and nineteenth centuries.
Known collectively as the Galata bankers, they were mostly of Armenian origin. During the s, however, this particular group was challenged by wealthy Greeks involved in commerce rather than in money-changing and tax farming; by the s Greeks had overtaken the Armenians and had a near monopoly of lending to the Sultan. They provided short-term one or two years at the most loans at high interest rates, about 12 per cent or sometimes 18 per cent. Direct links with foreign banking houses in London, Paris or Vienna were held by a number of merchant bankers, the most prominent of which were Baltazzi, Tubini, Zarifi and Abraham Camondo.
Clay, Gold for the Sultan. Western Bankers and Ottoman Finance, London, , pp. In the last decade of the eighteenth century, for example, the Greek merchant banker Stavros Ioannou, residing in Vienna, was importing currency to the Ottoman Empire, in the form of either coins or bills of exchange. Over three years , the house of Stavros Ioannou in Vienna, active in the cotton trade from Serres in Macedonia, imported , kurus to Constantinople, , kurus in the form of remittances rimesse , , in the form of drafts tratte and only 51, as coin.
A number of merchants formed the mainstay of the entrepreneurial network. Andreas Syngros, a merchant and prominent figure in the Greek financial milieu in Constantinople, furnishes us with invaluable information. In the s and s many schemes were developed for the formation of banks, in which a large number of Greek Galata bankers featured. According to this classification, the firm Negrepontis- Koronios, for example, belonged to the second rank. This lower ranking did not, however, stop George Koronios from forming, in , another partnership with the more powerful bankers George Zarifi, Jean Camondo and Zannis Stefanovic Schilizzi, in order to participate in the financing of the Ottoman state and in parallel to be one of the founders of foreign banks in Constantinople.
Most were in close contact with the Sultan. Igglesi, H emporiki egkyklopaidia Ermes o kerdoos kai i diakinisi sinallagmatikon stin Konstantinoupoli, in: O exo-ellenismos Konstantinoupoli kai Smirni , Athens [no year], pp. Syngros, Memoirs, vols. Angelou and M. Chatzioannou, Athens , pp. For the Greek bankers there: Exertzoglou, Banking; H. Exertzoglou, Prosarmostikotita kai politiki omogeniakon kefaleon. The havale were the assignment of future revenues by means of promissory notes issued by the authorities.
The financial activities of the City of London might have developed from the needs of the domestic market, but its great wealth and growth to an international financial and banking centre resulted from its business in connection with overseas trade. The incredible expansion of trade following the Industrial Revolution, and the need for dealing with bills of exchange from all parts of the British Empire, led to the rise of merchant banks under various names: merchants, merchant bankers, accepting houses or issuing houses.
Merchant bankers did not invest so much in British industry as in international trade. Trade brought Greeks to the City of London in the second decade of the nineteenth century. They gathered around Finsbury Circus, in houses that they used initially as both offices and living quarters.
In the s, the financing of the Ottoman public purse a means of brief credit by the Greek bankers entered into crisis due to the financial crisis in Vienna and the suspension by the Ottoman public sector. See I. Collins, K. Roberts, Schroders: Merchants and Bankers London, Roberts, Whats in a Name? When a set of formal rules was devised, the Greeks got involved in commodity markets, particularly in the Baltic Coffee House in the s; a number of Greek merchants were among its founding members.
In order to accept bills drawn by houses other than their own, they formed merchant banks, serving the needs not only of their own business but also of their compatriots; in this way they contributed to the international movement of credit. In his analysis of merchant banking, Stanley Chapman considers Greeks as one of the groups that, along with the heterodox group of British, German, and American merchants, formed the core of the Citys merchant banking, especially from the s to the s, building up the unsullied business in acceptances.
Barings, for example, founded in London in , started as wool merchants; Rothschilds, founded in , as cotton goods merchants; Schroders, in , as sugar merchants. The Ralli Brothers started as grain and cotton merchants. In fact the five Greek Ralli Brothers started their activities from Smyrna and Chios at about the same time that the five Jewish Rothschild Brothers inaugurated their own activities from the Frankfurt ghetto. Chapman tried to identify two models for the development of the transition from trade to finance.
As mentioned above, the Greeks were involved in a three-faceted form of business: trade, shipping and finance. Up to the end of the nineteenth century, mercantile families continued this system, each family specializing more in any two of the three economic activities, but rarely in one exclusively, and even more rarely exclusively in finance. When, a generation later, they lost ground to Jewish merchant houses in specific areas, such as Odessa in Southern Russia, where these Greek merchant houses mainly from Chios had had an early start during the s to s, they turned either to different geographical regions, as did the Ralli Brothers to America and India, or to shipping, like the Greek merchant houses of Ionian origin from the s.
All leading mercantile families, however, were involved in the extensive Greek entrepreneurial network that extended from the Levant to the West in both periods. The majority of the merchant banks in Britain combined their roles as general merchants, bankers and shipowners; very few, like the London Rothschilds, abandoned trade and shipping for finance.
It was understood that the merchant business included banking activities, financial services being a traditional mercantile activity. In fact, specialization in banking was considered risky and undesirable in the s, as we can see from the Barings reports on the Greek firms see Table 2. In the last third of the nineteenth century, joint-stock companies continued to develop alongside the activities of merchant bankers. Leading Greek merchants, as. It is important to keep in mind that activities of the Greeks in the financial centre of the West, viz.
London, were very much related to their actions in Constantinople, the corresponding financial centre of the Levant. Table 2. Greek firms were rated in four categories: from first to fourth-rate. There were nine top-class firms, all from the island of Chios and related to each other, and another eight second-rate merchants, while the remaining 55 were smaller firms, ranked third- and fourth-rate. All firms in the top two groups kept accounts in the Bank of England, at least since the s, and relied on their reputation to serve the business of the rest of their compatriots either in London or in the various hubs of the Greek entrepreneurial network abroad.
It was the leading firms in the Greek network that were part of the wider and internationalized commercial and financial network of the City of London, responsible for the credibility and smooth flow of goods from West to East. It was the same leading group that provided financial services for the rest of the group. There was a large number of small Greek firms and commission agents that discounted bills of exchange from the Levant.
These could never have been exchanged, had it not been for the wealthy Greek merchants who would endorse them and pass them on to their bankers. Flandreau, Does integration globalize? Elements of 19th century financial geography, in Ph. Cottrell and J. Alexiadi, Delta and Co Chios banking affairs and are therefore not so well liked as before 2. Capital over , s. Ralli A. Rodocanachi P. Balli Xenophon Smyrna banking. Capital , Deals in Schilizzi P. A ship owner Vagliano Bros Ionian Young house but very sound, say 2nd rate Very clever and have large means but are Zarifi Bros altogether in finance Zizinia Bros Chios Excellent 2nd rate Third rate Acatos P.
Berni, BelloBros Failed from January Blagomeno A. Manchester Small Caralambi E. Small has , Copehilli A. Eumorfopoulo A. Co, Manchester Agents only Chios A ship owner agent. No means. Failed from Schilizzi Junior Liverpool Very honest and good but no strength, uncle Mavrocordato M. Capital 30, Papayanni Bros Liverpool Smyrna Very small. Pezzali D. Mavrojai, Capital 10, Psichari A. Chios Banker Ralli N. Salverda Hg. Cardoso, A. Ist sie gut oder schlecht? Projektteam: Klaus F. Chiswick, B. Constant, A. DeVoretz, D. Ziel dieses Projekts war es deshalb erstens, die Anreizwirkungen von Workfare empirisch zu evaluieren.
Hierbei wurden sowohl Felddaten aus einem Pilotprojekt in zwei Berliner Arbeitsamtsbezirken sowie aus Laborexperimenten verwendet. Dohmen, Th. Falk, A. Sunde , Do I have what it takes? Bonin, H. Haan P. Hierzu sind erhebliche Anstrengungen auf Unternehmensseite erforderlich. Der Studie zufolge sind die Unternehmen auf diese Entwicklung nur bedingt vorbereitet. Hier ist insbesondere HartzIV zu nennen. Eichhorst, W. Sesselmeier Hg.
Publikationen u. Dohmen, T. Dohmen T. Svejnar Hg. Das Projekt bestand aus insgesamt vier Elementen: 1. Analysiert wurden deshalb nationale und internationale Erfahrungen mit Workfare in der Praxis. Pastore Hg. An Experimental Approach Evidence from Italy Pfann The effects of absence from class on student performance Studying male-female wage differentials using displaced workers Gallen und IZA Stability of risk preferences Hurricane Births A decomposition analysis of the racial poverty gap Randall K.
Committee decision-making, pre-meetings, and credible deals IZA Report 91 Ort: IZA Datum: 7. Chair: Uwe Sunde University of St. Ziel dieser Initiative der VolkswagenStiftung ist die konstruktive Begleitung unausweichlicher gesellschaftlicher Internationalisierungsprozesse durch integrationspolitisch relevante Forschungsprojekte. Der Diskussionsverlauf machte die Wichtigkeit einer intensiven Zusammenarbeit sowohl innerhalb der Studiengruppen als auch zwischen Wissenschaft und Praxis deutlich.
Ort: IZA Datum: Don J. Zimmermann, Amelie Constant, Barry R. Chiswick, Don J. DeVoretz, Timothy J. Where are we heading? David M. Chair: Francine D. Mai in Bonn statt. Mai ein attraktives Programm zur Migrationsforschung anbot. Alle Teilnehmer der Jahrestagung wurden eingeladen, auch am Gesamtprogramm der Topic Week mitzuwirken. Paul W. Dies war der zweite Workshop zu diesem Themengebiet, wobei der erste im Mai in Lissabon, Portugal, stattfand.
Chair: Klaus F. Evidence from Matched WorkerFirm Data The following parallel sessions involved presentations of selected papers on seven main topics: Christophe J. Als Instrument zum Abgleich der Fragestellungen des Forschungsprojekts mit der Lebenswirklichkeit von Migranten in Deutschland haben diese Treffen einen hohen Stellenwert und werden weiter fortgesetzt. Ort: Paris Datum: Skilled Households? Erfahrungen aus Schweden, Italien und den Vereinigten Staaten wurden diskutiert. Gallen , Michael Lechner University of St. Crump University of California at Berkeley , V.
Ort: Berlin, Hotel Schweizerhof Datum: Jason Faberman U. Januar das dritte interthnische Praktikermeeting statt. Unter der Leitung von Don J. Ort: Bertinoro, Italien Datum: Ort: Washington, D. Datum: Es wirkten unter Anderem ausgewiesene Experten aus den beteiligten Teilprojekten der Hartz-Evaluation mit. Constant statt. So trug auch die in diesem Jahr von Barry R.
Zimmermann geleitet wird — fand am Mai am IZA statt. Die Teilnehmer besprachen binationale und interethnische Ehen als Partner in, als Nachkommen solcher Ehen und als Dritte, die mit solchen Familien in Kontakt stehen. Barry R. Von besonderem Interesse waren die Auswirkungen von Gruppendruck auf Entlohnung und Motivation von Angestellten als auch die Folgen verschiedner Formen sozialer Interaktion am Arbeitsplatz. Do employees really gain from strong employment protection?
Evidence from a real effort experiment Jeffrey P. Mai bis Daniel S.
- Incamminati... verso la luce (Le ali della libertà Vol. 6) (Italian Edition).
- t9_erkenner/cojobocile.tk at master · felixwoestmann/t9_erkenner · GitHub.
- Centres and Peripheries in Banking - The Historical Development of Financial Markets?
- A Nordic Union? - A review of the Gunnar-Wetterberg-proposal.
- schweden | eBay?
- Manual of Equine Lameness.
- Infatuation or Bust.
Scott M. Fuess, Jr. Charlene M. Kalenkoski Ohio University , David C. Jay Stewart U. Der Workshop umfasste auch eine Reihe empirischer Arbeiten, in denen verschiedene Methoden angewandt werden. Die Treffen sind dazu gedacht, die internationale Diskussion und Zusammenarbeit unter Arbeitsmarktforschern zu stimulieren. Juli statt. DeBenedetti Workshop am Wohin und warum gehen die Migranten aus dem Osten, und was bewegt sie zu ihren Entscheidungen? September zu diskutieren.
Andere Themen, die behandelt wurden, waren unter anderem Diskriminierung, Schulbesuch und Spracherwerb. Ort: IZA Datum: 28— Beth J. Soldo University of Pennsylvania , John C. Tobias J. Ort: Berlin Datum: In unserer globalisierten Welt und in dem Informationszeitalter, in dem wir leben, sind Probleme der Selektion, Integration und des Multikulturalismus umso komplexer und fordernder. Ort: Post Tower, Bonn Datum: Lei W. An update of childcare costs and work incentives.
Murphy, Jr. Intentions and Networks Chair: Amelie F. Chair: Amelie F. Wie kann erfolgreiche Forschung stimuliert werden? Sorting: The Wage Policy of U. Like they Used To Bruce A. And Should It? Erstmalig fand die Preisverleihung im November statt. Krueger Princeton University. Der IZA Prize wird am 8. Zimmermann an Card und Krueger. Ihre Forschung konzentriert sich auf die Effekte, die Schulbesuch und institutionelle Faktoren auf Arbeitsmarktfolgen haben.
Kruegers gemeinsamer Artikel mit Lawrence Summers zu Lohnunterschieden zwischen verschiedenen Industriezweigen ist noch immer eine der meistzitierten Arbeiten der Arbeitsmarktforschung und hat gezeigt, dass ein Teil der beobachteten Lohnunterschiede nicht wettbewerbsorientierte Renten widerspiegelt. David Card und Alan Krueger haben die Humankapitalliteratur weit vorangebracht. Joseph E. Stiglitz George A. Klaus F. Freeman verliehen. Richard B. Der IZA Prize wurde am 5. Novemeber in Berlin verliehen. Zimmermann an Richard Freeman.
Freeman hat nicht nur den heutigen Kenntnisstand zu traditionellen Kernthemen der Arbeitsmarktforschung — Arbeitsangebot und -nachfrage, soziale Ungleichheit oder Rolle der Gewerkschaften auf dem Arbeitsmarkt — entscheidend weiterentwickelt. Dabei haben sich seine ersten Antworten fast immer als richtig erwiesen. Akerlof Richard Portes Klaus F. Bis Ende hat das IZA bereits rund 2. IZA Report No.
Beltran, Kuntal K. Das, Robert W. Regan, Ronald L.
The Cult of St Erik in Medieval Sweden | Acta Scandinavica
Regan, Galen Burghardt, Ronald L. Alexander F. Employment Miracle Nigel C. Stratton, Dennis M. Alois Stutzer, Bruno S. Frey and Alois Stutzer eds. Jenkins, John Micklewright, Sylke V. David Brown, John S. Latreille, David Blackaby, Philip D. Murphy, Nigel C. Blackaby, Paul L. Latreille, Philip D. Coughlin, Howard J. Wall, Ethnic Networks and U. Shariff and R. Besant eds. Burks, Jeffrey P. Robert W. Borjas ed. Hamermesh, Caitlin K. Myers, Mark L. Experimental vs. Crump, V. Joseph Hotz, Guido W. Imbens, Oscar A. Brown, Michael Orszag, Dennis J. Gautam Hazarika, Arjun S.
Data David G. Hatton, Jeffrey G. Taylor eds. Bevelander and D. DeVoretz eds. Gielen, Jan C. Evelyn L. Imbens, Lisa M. Fossen, Alexander S. Sandler and K. Hardley eds. Peter J. Blau, Lawrence M. Kahn, The U. Lawrence M. Knudsen, James J. Heckman, Judy L. Cameron, Jack P. Osborne ed. Sage, Gil S. Fairlie, Harry A.
- Self-Mastery Through the Twelve Rays: Twelve Keys to Self-Realization.
- La gestion philanthropique: La gestion philanthropique (French Edition).
- 43booklist Read Free Books & Download eBooks cojobocile.tk?
- Mean-Spirited Tales, by Sandee Harris.
- Watering the Greyhound Garden: Stories from the Streets of San Francisco.
- Ask a Question?
Chinn, Robert W. Gielen, Marcel Kerkhofs, Jan C. Kling, Is Crime Contagious? Selva armonica by Daniele V. Filippi - - pages. Semantik der Gelassenheit by Burkhard Hasebrink - - pages. Semifonte in Val d'Elsa e i centri di nuova fondazione dell'Italia medievale - - pages. Send me God by Goswin of Bossut. Senses of touch by Marjorie O'Rourke Boyle - - pages. Sensory Qualities by Austen Clark - - pages. Northcott - - pages. Sentimento del tempo e periodizzazione della storia nel medioevo by Centro italiano di studi sul basso Medioevo Accademia tudertina - - pages.
Senza confini. Metzger - - pages. Serta devota by W. Lourdaux, Werner Verbeke - - pages. Brill - - pages. Settimane di studio del Centro italiano di studi sull'alto Medioevo by Centro italiano di studi sull'alto Medioevo - Settlement and Social Organization by Guy Halsall - - pages. Seven French chroniclers by Paul J. Archambault - - pages. Seven medieval historians by Joseph Henry Dahmus - - pages. Seven medieval kings by Joseph Dahmus - - pages.
Seven medieval kings by Joseph Henry Dahmus - - pages. Seven studies in medieval English history and other historical essays - - pages. Seven troubadours by James J. Wilhelm - - pages.
- How to Sell With Your Business Blog!
- Politics and Society in Reformation Europe.
- The Disappearance of Cyrum T. Washington (Baby Boomer Mysteries Book 3).
Seventeen lectures on the study of medieval and modern history and kindred subjects by William Stubbs - - pages. Seventeenth Century Poetry, Music and Drama - - pages. Sex, Dissidence and Damnation by Jeffrey Richards - - pages. Sex, dissidence, and damnation by Jeffrey Richards - - pages.
Gelzer - - pages. Sexual hierarchies, public status by Cristian Berco - - pages. Sexuality and culture in Medieval and Renaissance Europe - - pages. Sexuality and culture in medieval and renaissance Europe - - pages. Sexuality in the Middle Ages and the early modern times by Albrecht Classen - - pages. Jahrhunderts by Susan Waezi - - 22 pages. Shadows on a sword by Karleen Bradford - - pages. Shakespeare's English history plays by Donald V. Mehus - - 27 pages. Shakespeare's Kings by John Julius Norwich - - pages. Shaping a Monastic Identity by Susan Boynton - - pages. Shaping medieval landscapes by Tom Williamson - - pages.
Shaping the Nation by Gerald Harriss - - pages. Shaping the Nation by G. Harriss - - pages. She Wolves by Elizabeth Norton - - pages. Sheela-Na-Gigs by Barbara Freitag - - pages.
Related Schweden und die Kalmarer Union - von ihren Anfängen bis 1440 (German Edition)
Copyright 2019 - All Right Reserved