Download e-book for kindle: The Social and Economic History of the Roman Empire, Volume by M. Rostovtzeff

By M. Rostovtzeff

ISBN-10: 1597401137

ISBN-13: 9781597401135

The second one of a two-volume set that generally connects the social and monetary forces that formed the Roman Empire.

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Additional info for The Social and Economic History of the Roman Empire, Volume 1 (2nd Edition)

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The same problem occurred in the Asian crisis later that decade, where debt denominated in foreign currencies ballooned in local currency terms as local currencies depreciated. And today? Indian companies that borrow in Swiss francs have as little income or assets in that currency as Hungarian households that have a mortgage in Swiss francs or yen. e. loans that have no or low interest payments for a certain period before they reset to a higher level of interest payments. This is a widespread phenomenon in the US mortgage market and in consumer lending such as credit cards or auto loans (those “0% for 24 months” offers).

15 15 Cf. Minsky (1986), p. ’ 38 Explanations for the Financial Crisis: Banks’ Seven Deadly Sins Because banks’ accounts reveal next to nothing about the financial situation of their borrowers this, like the first deadly sin, remains invisible even to the most careful reader of banks’ financial statements. With Basel II, banks report on the distribution of loans by internal rating categories. This is a step in the right direction but still informs investors only about the bank’s opinion of its customers and not about the balance sheet situation of the customers themselves.

These mismatches have little to do with banks’ franchise operations. But they present a tempting opportunity to boost profits significantly during the good times in a way that is virtually indistinguishable from net interest income in the core or franchise operation. Although we talk about closing asset/liability mismatches, these should not be limited to items that are recorded on a balance sheet. They should include off-balance positions such as derivatives. The distinction between items on and off a balance sheet is in many cases rather arbitrary and varies massively between accounting standards.

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The Social and Economic History of the Roman Empire, Volume 1 (2nd Edition) by M. Rostovtzeff


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