Managing financial risks while performing international commercial transactions: Intertemporal lessons from Athens in classical times
| Autor: | Nikolaos A. Kyriazis, Emmanouil M. L. Economou, Nicholas Kyriazis |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
G28
N43 Economics and Econometrics N23 Financial economics financial risk media_common.quotation_subject classical Athens Profiteering State (polity) Accounting Phenomenon profiteering Economics ddc:330 Quality (business) media_common Financial risk non-fraudulent currency D81 HD61 financial institutions Currency Classical period Financial transaction HG1-9999 international commerce Business Management and Accounting (miscellaneous) Risk in industry. Risk management Finance |
| Zdroj: | Journal of Risk and Financial Management, Vol 14, Iss 509, p 509 (2021) Journal of Risk and Financial Management Volume 14 Issue 11 |
| Popis: | In this paper, we mainly focus on two institutional aspects that are related to financial risk, that is, profiteering and the use of non-fraudulent coins when performing financial transactions. We argue that these two prerequisites were important for the success of the commercially oriented economy of the Athenian state in comparison with its allies in the East Mediterranean during the classical period. In particular, we briefly explain the structure of the Athenian economy, and then we focus on the agoranomoi and the dokimastai, the two main financial institutions related to (i) measures against profiteering and (ii) ensuring the purity of the currency when performing commercial transactions. Then, following a game theoretical approach, we provide a fictional example as to how the two institutions functioned in practice. Our findings confirm that these institutions were crucial in reducing financial risk when performing international commercial transactions, since they provided symmetrical information on the quality and purity of the currencies circulating in the Athenian economy. In the case of the Athenian state, we further convey that measures against profiteering and the use of unadulterated currency comprise intertemporal axioms, in the sense that their importance is not merely a phenomenon of modern times, but rather, on the contrary, one that dates back to much earlier times. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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