History of Financial Systems

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The early Sumerian financial transactions were codified in the Babylonian Code of Hammurabi..

Origin of Financial system

The first official coinage was minted in Lydia during the seventh century BC

From the sixth century BC to the first century AD, there were six types of loans in Greece

Six types of loans

Around the time of the First Crusade, to address the issue of different currencies, a forum was established to arbitrate the use of exchange rates. .

Exchange Rate

During the Middle Ages, bills of exchange were developed to transfer funds and make payments over long distances.

Bill of Exchange

The Swedish Riksbank was the first Central Bank founded in 7th centuryDecades later, the Bank of England was also founded.

Central banking

During the 15th and 16th centuries, the mass movement of Jews from Spain and Portugal resulted in the establishment of commodity and financial exchanges.

Commodity and Financial exchanges.

In 1602, the world's first public company,was established, and shares began to be traded.

First public company

Gresham proposed in 1565 the construction of a Royal Exchange modelled after the Antwerp Exchange; Queen Elizabeth I opened the building in 1570. 

Early financial centers

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To prevent attacks from various Native American tribes, a 12-foot wall was built, and surveyors laid out Wall Street along the lines of the original stockade in 1685. 

Wall Street

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