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Emma M. Iglesias - One of the best experts on this subject based on the ideXlab platform.

  • domestic monetary transfers and the inland Bill of Exchange markets in spain 1775 1885
    Journal of International Money and Finance, 2009
    Co-Authors: Carles J Maixealtes, Emma M. Iglesias
    Abstract:

    This article studies the monetary transfers system that was created by the short-term inland Bill of Exchange markets. For decades this system was the most practical way of channeling the growing volume of transfers which were taking place as a consequence of the growth of the Spanish economy. This analysis argues that, between 1775 and 1885, the markets involved in this activity became progressively more efficient, due largely to the multilateralization of the payment system. This situation lasted longer in Spain than in the rest of Europe since Spanish banking was, initially, slower to develop. Using univariate and multivariate GARCH models, it was possible to conclude that the inland Bill of Exchange markets constituted an essential monetary instrument, and one that faithfully reflects the integration of monetary markets in Spain.

  • Domestic monetary transfers and the inland Bill of Exchange markets in Spain (1775–1885)
    Journal of International Money and Finance, 2009
    Co-Authors: J. Carles Maixé-altés, Emma M. Iglesias
    Abstract:

    This article studies the monetary transfers system that was created by the short-term inland Bill of Exchange markets. For decades this system was the most practical way of channeling the growing volume of transfers which were taking place as a consequence of the growth of the Spanish economy. This analysis argues that, between 1775 and 1885, the markets involved in this activity became progressively more efficient, due largely to the multilateralization of the payment system. This situation lasted longer in Spain than in the rest of Europe since Spanish banking was, initially, slower to develop. Using univariate and multivariate GARCH models, it was possible to conclude that the inland Bill of Exchange markets constituted an essential monetary instrument, and one that faithfully reflects the integration of monetary markets in Spain.

J. Carles Maixé-altés - One of the best experts on this subject based on the ideXlab platform.

  • Domestic monetary transfers and the inland Bill of Exchange markets in Spain (1775–1885)
    Journal of International Money and Finance, 2009
    Co-Authors: J. Carles Maixé-altés, Emma M. Iglesias
    Abstract:

    This article studies the monetary transfers system that was created by the short-term inland Bill of Exchange markets. For decades this system was the most practical way of channeling the growing volume of transfers which were taking place as a consequence of the growth of the Spanish economy. This analysis argues that, between 1775 and 1885, the markets involved in this activity became progressively more efficient, due largely to the multilateralization of the payment system. This situation lasted longer in Spain than in the rest of Europe since Spanish banking was, initially, slower to develop. Using univariate and multivariate GARCH models, it was possible to conclude that the inland Bill of Exchange markets constituted an essential monetary instrument, and one that faithfully reflects the integration of monetary markets in Spain.

Carles J Maixealtes - One of the best experts on this subject based on the ideXlab platform.

  • domestic monetary transfers and the inland Bill of Exchange markets in spain 1775 1885
    Journal of International Money and Finance, 2009
    Co-Authors: Carles J Maixealtes, Emma M. Iglesias
    Abstract:

    This article studies the monetary transfers system that was created by the short-term inland Bill of Exchange markets. For decades this system was the most practical way of channeling the growing volume of transfers which were taking place as a consequence of the growth of the Spanish economy. This analysis argues that, between 1775 and 1885, the markets involved in this activity became progressively more efficient, due largely to the multilateralization of the payment system. This situation lasted longer in Spain than in the rest of Europe since Spanish banking was, initially, slower to develop. Using univariate and multivariate GARCH models, it was possible to conclude that the inland Bill of Exchange markets constituted an essential monetary instrument, and one that faithfully reflects the integration of monetary markets in Spain.

Kartik Hegadekatti - One of the best experts on this subject based on the ideXlab platform.

  • Banking Systems in an Economy Dominated by Cryptocurrencies
    SSRN Electronic Journal, 2016
    Co-Authors: Kartik Hegadekatti, Yatish S G
    Abstract:

    In this paper, we analyse the workings of commercial banks in a scenario where crypto-currencies are the mainstream Bills of Exchange. We start by explaining the concept of cryptocurrencies (also referred to as cryptocoins in this paper). Then we discuss the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs). Later on, we envisage a scenario where cryptocoins are the main media of Exchange. The banking aspects of Paper money, Bitcoins and RSBCs are then deliberated. We analyse the interplays between Banking and various currency formats. Finally, the paper concludes as to which currency is best suited to be the mainstream Bill of Exchange.

  • WorldMoney - The International Sovereign Backed Cryptocurrency
    SSRN Electronic Journal, 2016
    Co-Authors: Kartik Hegadekatti
    Abstract:

    This paper proposes the introduction of a Global Sovereign Backed Crypto-currency called WorldMoney. WorldMoney will be an international reserve currency. We analyse the impact of WorldMoney on economies in a scenario where Sovereign Backed crypto-currencies will be the mainstream Bills of Exchange. Firstly, the concept of cryptocurrencies (also referred to as cryptocoins in this paper) is explained. Then the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs) is discussed. Later, we envisage a scenario where WorldMoney is the main international currency of Exchange. Finally, the paper concludes as to how WorldMoney may be best suited to be the International mainstream Bill of Exchange. It can eventually replace the Dollar as the international reserve currency.

  • CoinAsia: A Sovereign Backed Cryptocurrency and Blockchain for Asia
    SSRN Electronic Journal, 2016
    Co-Authors: Kartik Hegadekatti
    Abstract:

    This paper proposes the introduction of a Sovereign Backed Cryptocurrency for Asia called CoinAsia. CoinAsia will be an Asian reserve currency. I analyse the impact of CoinAsia on Asian economies in a scenario where Sovereign Backed cryptocurrencies will be the mainstream Bills of Exchange. Firstly, the concept of cryptocurrencies (also referred to as cryptocoins in this paper) is explained. Then the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs) is discussed. Later, we envisage a scenario where CoinAsia is the main currency of Exchange in Asia. Finally, the paper concludes as to why CoinAsia is best suited to be the mainstream Bill of Exchange which will eventually replace the Dollar as a reserve currency.

Benjamin Geva - One of the best experts on this subject based on the ideXlab platform.

  • The Fictitious Payee After Teva v. BMO: Has the Pendulum Swung Back Far Enough?
    2016
    Co-Authors: Benjamin Geva
    Abstract:

    Under Section 20(5) of the Bills of Exchange Act (“BEA s. 20(5)”) where on a Bill of Exchange “the payee is a fictitious or non-existing person, the Bill may be treated as payable to bearer.” A Bill of Exchange includes a cheque. Where BEA s. 20(5) applies to a cheque, its effect is to reallocate forged endorsement losses from banks involved in the collection and payment of the cheque to the drawer.

  • The Modernization of the Bills of Exchange Act: A Proposal
    Business law journal, 2013
    Co-Authors: Benjamin Geva
    Abstract:

    The Canadian Bill of Exchange Act (the Act), 1 covering Bills of Exchange (Bills), cheques, and promissory notes (notes), is modeled on its counterpart in England (the English Act). 2 It was first adopted in Canada in 1890 and, while it has been amended several times, has never been substantially overhauled during the intervening 120 years. 3 One judge described the English Act as "the best drafted Act of Parliament ever passed." 4 Nevertheless, over the years, some contentious issues have arisen in connection with its interpretation while other provisions have become obsolete. Even so, considering the overall operation of the Act, one can conclude that, as a codification of the law of negotiable instruments, it has served its purpose well. 5 I do not propose repealing the Act or replacing it with a new statute. Rather, the purpose of this paper is to identify points to be addressed in specific amendments to the existing Act and designed to clarify and improve the law of negotiable instruments. This approach will retain the Act's connection with English law, including the extensive jurisprudence that has evolved over the years throughout the Commonwealth and in other countries with similar legislation. 6 It should be pointed out that the Act has not functioned as a codification of the law of payment systems or funds transfers. Thus, while it provides for cheques as instruments, it is not a comprehensive code covering cheque collection; nor does it cover other methods for the transfer of funds from one bank account to another. The proposed amendments are not intended to be a substitute for the badly needed and long overdue codification of a more general funds transfer law.

  • The Payment Order of Antiquity and the Middle Ages: A Legal History
    2011
    Co-Authors: Benjamin Geva
    Abstract:

    1. Money, Payment in Money, and the Order to Pay Money 2. Money and Monetary Legal Theory in Antiquity and the Middle Ages 3. Funds Transfers in Antiquity: Instruments, Institutions and Mechanisms 4. Deriving History from Law: Are Cheques Traceable to the Talmud? 5. The Payment Order under Roman Law 6. The Medieval Hawale: The Legal Nature of the Suftaj and Other Islamic Payment Instruments 7. Funds Transfers under Talmudic Law: Orthodoxy and Adaptation 8. Payment Orders in Medieval Continental Europe: Book Transfers and Bills of Exchange 9. Payment Orders under English Common Law: The Bailment of Money and the 'Reception' of the Bill of Exchange 10. Evolution and Transformation: The Birth of the Modern Payment System in Post-Medieval England 11. Turning the Wheels of Post-Medieval Change: Paper Circulation and Negotiability under English Law 12. Staying on Course: The Footprint of Ancient and Medieval Doctrine and Practice on Modern Payment Laws Epilogue: From Barter to Electronic Funds Transfers and the Role of Law