Rethinking economics curriculum to make it more relevant: South Africa edition

January 22, 2018

The cries to revamp economics curriculum is not just limited to the western world but applies to other countries too. This should be obvious because if the curriculum written in the western universities is being questioned in their world, it should raise questions in other countries which are blindly following their pedagogy.

Michael Nassen SmithDeputy Director of the Institute for African Alternatives reflects on the economics curriculum in South Africa:

In a recent interview with New Agenda: South African Journal of Social and Economic Policy, distinguished professor of economics Vishnu Padayachee bemoaned the state of modern economics curriculums in South African universities. For Padayachee, economics today is “nothing more than a technical, mathematical game played out largely as a celebration of internal beauty, almost totally cut off from the real world and the challenges the majority of poor and working people face everywhere”. My experience as a former economic graduate certainly resonates with these words.

Some years ago, I completed a degree in economics at one of the country’s prestigious universities. I came to economics seeking to understand the causes of poverty and inequality in South Africa and across the Global South. I hoped to learn about what might alleviate these conditions. In hindsight, I recognize that my interest in economics was largely informed by a moral and, indeed, a political concern. Unfortunately, throughout my undergraduate studies, economics was silent on the political and ethical dimensions of the discipline.

One has heard this complaint from quite a few by now…Just that the location is rather different this time..

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Both Government and RBI print India’s currency notes under different units…

January 22, 2018

A news broke over the weekend saying an RBI official has been caught stealing banknotes from the printing facility at Dewas:

 In a serious breach of the government mint, the Central Industrial Security Force (CISF) caught a senior officer at the RBI-controlled bank notepress (BNP) facility in Dewas stealing newly printed currency notes. Currency notes worth Rs 90 lakh were recovered from his office and residence which he reportedly stole over a period of time. Security officials say the incident raises doubts over the mint’s audit of newly printed notes.

The media should have been more responsible with this as Dewas facility is under the Government of India. The Government owned Security Printing and Minting Corporation of India Limited has two facilities – Nashik (in 1928) and Dewas (in 1975).

Currency Note Press, Nashik Road and Bank Note Press, Dewas which are engaged in production of Bank Notes for our country as well as for foreign countries using state of the art technology. More than 40% of Currency Notes circulated in India are printed by these units. 

The bank note printing in India started in 1928 with the establishment of India Security Press at Nashik by Government of India. Until the commissioning of Nashik Press the Indian Currency Notes were got printed from Thomas De La Rue Giori of United Kingdom. The second bank note printing press was established in Dewas (Madhya Pradesh) in 1975 by Government of India. With the growth in population and economic activity, the demand for bank notes has been steadily increasing. To bridge the demand and supply gap, the Government of India decided to establish two new bank note printing presses one at Mysore (Karnataka) and the other at Salboni (West Bengal)

…..Considering the magnitude of the project, the Company decided to establish the presses in two phases viz, Phase I for establishing a Mini Press with a single production line at each site which would be used as a testing ground for the new work methods and train the personnel for efficient running of the Phase II machines. The Phase II involved establishment of the Main Presses with 7 lines of production in Mysore and 8 lines of production in Salboni. The phase I was operationalised at Mysore and Salboni in June and December 1996 respectively. During 1998-99, the Mini Press machinery at both the sites after testing the work methods and the performance the machines was shifted to the Main Press. While all the seven lines of production at Mysore went on stream on 12th May 1999, the Salboni Press was inaugurated on 12th February 2000.

This error of attributing Dewas Press to RBI irked the central bank. It responded:

It has been reported in a section of the media that an RBI officer has been apprehended by CISF, stealing printed currency at the RBI printing facility at Dewas. It is clarified that the Bank Note Press (BNP), Dewas is a unit of Security Printing & Minting Corporation of India Ltd. which is not under the control of the Reserve Bank of India. Further, RBI does not have any official placed with BNP, Dewas. The reports, thus, are not based on facts.

RBI regrets to note that the facts were not verified before publishing the news reports.

This is all the more so post demonetisation in 2016 which is still in memory. There was a surplus of Rs 2000 notes and a deficit of new Rs 500 notes leading to all kinds of chaos as change for Rs 2000 was not available.  Later, there was news that both RBI and Government redistributed their tasks. The Government printed Rs 500 notes in Nashik  and asked RBI to print Rs 2000 notes under its Mysore press. Latter was ready and former lax leading to the chaos.

But then even RBI is to be blamed here. It should continuously educate people on currency management and its issues. It is a very interesting area and people should know how and from where they get their money power. We all think it is duty of RBI to print notes and attribute all news to the central bank.

But the government plays a role as well. Infact in terms of minting coins, government is the sole authority. Look at how other central banks discuss and post pictures about their notes. The best example is Bank of Nepal which has put up a publication listing all its banknotes since 1945..

How ID food company helps the new-generation homemakers make vada with a hole?

January 22, 2018

Interesting bit of innovation from ID Fresh Food company. They have designed a packet such that one can just squeeze the batter in the boiling oil and get the traditional vadas without poking holes. The video of their innovation is here.

It took three years in making and the company has patented the design as well: Read the rest of this entry »

History of currency notes and coins of Nepal (1945 onwards)

January 22, 2018

I came across this wonderful publication released by Central Bank of Nepal on its 50th anniversary. It lists and shows all the currency notes and coins used in Nepal since 1945.

India’s Nashik based Security Printing and Minting Corporation of India Limited printed these notes from 1945-60. Then Nepal GOvernment outsourced the activity to De La Rue of UK. Later Nepal’s notes were printed by other firms as well: Germany based Giesecke & Devrient, Australia based Note Printing (owned by Australian central bank), B A Banknote International of  Canada etc.

It gives me great pleasure in bringing out this publication on the ‘Notes and Coins of Nepal’ on the auspicious occasion of the Golden Jubilee Year of the Nepal Rastra Bank (NRB), which was established as the central bank of the country on April 26, 1956 under the Nepal Rastra Bank Act, 1955. Incorporating all representative notes issued in Nepal and the coins issued by the NRB, this publication captures the evolution of the notes and coins issuance in Nepal through their pictorial representation and description. I believe this publication will serve as a useful reference source to those interested in the notes and coins of Nepal.

It may be recalled that the NRB was established when a dual currency system was in practice with the Nepalese and Indian Currencies both circulating in the country. For the purpose of making the Nepalese Currency the legal tender, it was imperative to develop a proper system of notes and coins and ensure confidence in the national currency. This motivation was refl ected in the preamble to the 1955 Act which stated that the Bank would ensure “proper management for the issuance of the Nepalese currency notes”. This importance has been reiterated in the Nepal Rastra Bank Act, 2002 which states a function of the Bank as “to take necessary decisions with regard to the denominations of bank notes and coins, the figures, size, metal, materials for printing notes and other materials, and to frame appropriate policies with regard to their issue.” 

The responsibility of issuing currency notes was initially held by His Majesty’s Government, then called the Government of Nepal, through the “Sadar Mulukikhana” (Central Treasury) from September 1945 through February 1960, when this responsibility was handed over to the NRB. For this purpose, the NRB had set up the Note Department in September 1956 which was renamed as the Currency Management Department in November 2002. Since taking over the responsibility of issuing the currency notes, the NRB has issued notes in denominations of Rs. 1, 2, 5, 10, 20, 25, 50, 100, 250, 500 and 1000. I am pleased to mention that the NRB has also issued the commemorative note of Rs. 50 to mark its Golden Jubilee.

Likewise, His Majesty’s Government issued regular coins (1 paisa, 5 paisa, 10 paisa, 25 paisa, 50 paisa and Re 1) and various
commemorative coins through the Mint Department, which was set up in 1932 and functioned as it was until 1983 when this responsibility was also transferred to the NRB, which has been so far minting 5 paisa, 10 paisa, 25 paisa, 50 paisa, Rs. 1, 2, 5 and Rs. 10 as regular coins and a number of other commemorative coins. To streamline the currency management function through a one-window system, the Mint Department wasmerged with the Currency Management Department and renamed as the Mint Division since July 2005. The NRB has also issued silver coin of Rs. 1,000 and gold coins of 2.5 gm, 5 gm and 10 gm to mark the Golden Jubilee.

Fascinating …

How Swiss are trying to protect their traditional banking from the digital banking force?

January 19, 2018

Interesting piece by Marcia Christoff-Kurapovna.

There is some EU directive against which has unsettled Swiss bankers:

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Zonia Baber: The woman who transformed US geography education

January 19, 2018

Nice tribute to a Professor of Geography:

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History of macroeconomic models from 1930 to today..

January 18, 2018

This is an interesting PPT from Benjamin Moll of Princeton Univ:

The Main Point of My Talk
• Macroeconomics and inequality is a two-way street
inequality ⇐⇒ macroeconomy
1. macroeconomic shocks and policies affect inequality
2. inequality affects macroeconomic aggregates
• This idea may sound obvious to you but  it only made its way into mainstream macro relatively recently
• lots of people (economists, journalists, …) frequently forget
• Another theme: large gap between  
• current research in academic macroeconomics
• macroeconomics in media/blogs, undergraduate teaching

One atleast gets some clarity about the different models. He divides these models across 3 generations.

Lots to ponder and think about.

Videos: The History of Europe, South Asia and South East Asia

January 18, 2018

Utopia – you are standing in it blog has three fascinating videos.

The videos show how these three regions have changed over centuries:

 

 

South African central bank can be liquidated but no provision for nationalisation in its Act..

January 18, 2018

I had blogged about how the how the South African government is planning to nationalise Central Bank which till date is privately owned.

Prof Jannie Rossouw of University of the Witwatersrand looks at the matter.

He says the shareholders hardly play much role anyways. The central bank policies are mainly run by the Governor and Dep GOvernors who are appointed by the President. The sahreholders can elect 6 of the 13 members and get dividends not more than 10% per annum.

He says nationalisation will require change in the Act. Currently, the Central Bank Act talks about liquidation not nationalisation. Ultimately it all boils down to law:

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Differences between Development Banks and Wholesale and Long-Term Finance (WLTF) banks..

January 18, 2018

Dr YV Reddy spoke on the topic at the centenary of Indian Economics Association.

He chose the topic given recent RBI discussion on Wholesale and Long Term Financing Banks:

I chose the subject Development Banking for the lecture today because there is a revival of interest in development banking consequent upon the large amount of non-performing assets in the banking sector in India. It is believed that large part of NPAs, are on account of banks’ exposure to the infrastructure sector. It is now felt in some quarters that the universal banks are not the ideal institutions for
development of infrastructure. There is, therefore, interest in resurrecting Development Banks.

The Reserve Bank of India has circulated a discussion paper recently on Wholesale and Long-Term Finance (WLTF) banks. The discussion paper recognises the current problems faced by banking sector in long-term and project finance, in particular, infrastructure projects and also reflects the change in attitude of the RBI in regard to differentiated banks.

What is a development bank?

Read the rest of this entry »

RBI: Rs 10 coin is legal tender..

January 18, 2018

Yesterday, RBI issued a press release saying Rs 10 coins are legal tender. They also shared links to 14 types of Rs 10 coins with all being legal tender:

Read the rest of this entry »

Are Indian equity markets closest to a perfect competition experience and why economists should practice their own laws?

January 17, 2018

This is a nice lecture by Dr M.S. Sahoo currently the Chairperson of Insolvency and Bankruptcy Board of India. It is the annual RH Patil lecture organised by NSE. There is another RH Patil Lecture organised by CCIL which was given by Dr YV Reddy.

Dr Sahoo covers large ground in this lecture right from institutions to Dr RH Patil to new Role of economists:

Dr. Patil was one of India’s leading practitioners of Economics, particularly of Financial Economics. More importantly, he built a set of fine institutions of post-liberalisation India, yet remained largely an unsung hero.

In this memorial lecture for Dr. Patil, I wish to touch upon the following four aspects to trace the provision and promotion of economic freedom since early 1990s:
I. Dr. Patil as an institution builder;
II. Context to the Institutions built by Dr. Patil;
III. Ongoing reforms in the financial markets; and
IV. A possible new role for economists.

Unsung surely. And not just now.

I recall attending a finance conference in the financial capital where Dr R.H. Patil wad to give the last lecture. He spoke on Corporate Bonds and was a shame that the hall was empty by then. More so, as lack of corporate bond market remains a favorite topic and yet no one wanted to hear the person who had then chaired a committee to look into the matter.

Anyways, Dr Sahoo points how capital market institutions built the foundations of India’s equity markets using perfect competition ideas!:

The economists often praise the virtues of perfect competition; they theorize models assuming perfect competition, but rarely, have they seen or experienced it. The search for perfect competition has proved to be as elusive as ‘search in a dark room for a black cat which may not be there’. The institutions (screen based trading system and demutualisation of stock exchanges) built by Dr. Patil, who in a sense epitomized a practising economist, probably gave us the closest experience of a perfect competition.

So what are the characteristics of perfect competition? Let us examine.

(a) Free entry and free exit: A person is free to enter into and exit from the market – an investor can buy securities and equally freely, sell securities, a broker can register and surrender registration, a company can list and delist securities; etc. – they have unfettered freedom to get in and get out.
(b) Large number of market participants: There are numerous investors – domestic and foreign, retail and institutional, small and big – who buy and sell securities simultaneously. So also, there are numerous issuers of securities and numerous intermediaries (service providers).
(c) Perfect information: Every participant has almost perfect information. Every issuer makes a disclosure of full and accurate information about itself, its securities, and the rules governing transactions of such securities, based on which investors take informed decisions and assume responsibility for the same. Issuers also make continuous disclosures as long as their securities remain listed on stock exchanges. Intermediaries are also obliged to make disclosures. Everybody is a price taker: No participant has the market power to set the price of the securities, or even influence the price of securities. The institutions built by Dr. Patil provided the foundations of a market economy and allowed the invisible hands of the market to determine the outcomes.

There is more in the speech.

In the end, he has some advice for economists:

There is an important distinction between civil liberty and economic liberty. Civil liberty is almost entirely black and white; while economic liberty is many shades of grey. It is so because the economic liberty is the domain of both economics and law. The determination of an issue relating to economic liberty in a given context requires that all possible legal perspectives are taken into account from all possible economic angles. Let me illustrate this with a story. Four persons who had received show cause notices from the competition authority were discussing as to what caused them their predicament. The first person said he charged a price higher than others in the market and has been accused of abuse of market power. The second one said he charged a price lower than anybody else and has been accused of predatory pricing and hurting competition. The third one said he charged zero price and has been accused of creating entry barrier. The last one said he charged the very same price as everybody else and has been accused of cartelisation.

……

The determination of context – the determination of abuse, dominant position, relevant market, etc. – requires institutions to be adept in appreciating and using economic inputs and tools. The regulators and tribunals should have access to such inputs and tools while determining an issue under economic laws. The easiest means of access is representational services. Along with other professionals such as chartered accountants, cost and management accountants, company secretaries, and advocates, economists should be allowed to provide representational services. In addition to teaching, research, consultancy, analysis, etc. economists could consider practising economic laws. In the long run, academics should produce economic lawyers or legal economists who specialise in economic law practice. This will go a long way towards fostering economic liberty. 

Superb stuff…

Banking deserts in US are literally in deserts only…

January 17, 2018

Interesting post on NY Fed’s Liberty Street blog.

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The Act that established the US Treasury Department…

January 17, 2018

On 2 Sep 1789, this Act led to establishment of US Treasury Dept:

An Act to establish the Treasury Department.(a)
Section 1. Be it enacted by the Senate and House of Representa­tives o f the United States o f America in Congress assembled,
That there shall be a Department of Treasury, in which shall be the following offi­cers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of which assistant shall be ap­pointed by the said Secretary.
How law (or lack of law) is behind most organisations and its decisions…
These Archives hosted at St Louis Fed is a treasure. Will be posting from this often…

The Federal Reserve and central bank cooperation over the past 100 years…

January 17, 2018

Superb speech by Simon Potter of NY Fed. It is at the occasion of Centennial of the Federal Reserve’s US Dollar Account Services to the Global Official Sector. It is these account services which led to both US Dollar and Federal Reserve play begin to play a central role in world economy.

As expedient as the accounts were for wartime needs, the historical records show they were also motivated by ambitions of the Fed’s first leaders to establish the dollar as a major international currency and, for Benjamin Strong, to establish New York as a great international financial center to rival London. They had their work cut out for them.

By 1914, while the U.S. was already the world’s largest economy and trading nation, its banking system remained curiously parochial and the dollar was not a major international currency. In fact, American firms continued to finance their trade almost entirely with credits from foreign banks, a source of resentment, with Paul Warburg, the first Federal Reserve vice chairman, referring to the annual acceptance fees paid to London banks as a form of “tribute.” 

With the passage of the Federal Reserve Act in 1913, some of the constraints on the emergence of a robust dollar trade financing market were removed and the newly established U.S. central bank could take a more active role in nurturing and backstopping a nascent dollar acceptance market, which it did. These efforts included buying dollar acceptances for foreign central bank accounts at competitive discount rates and providing guarantees, for a small fee, on payments at maturity of acceptances bought for these accounts.

These actions helped to spur the dollar’s emergence as an important international currency, with dollar acceptances viewed as an attractive reserve asset by the 1920s.

The early accounts also represented tangible links of cooperation among major central banks, with much of this cooperation centered on efforts to maintain or restore the international gold standard in the aftermath of the First World War.11 The reciprocal relationships enabled central banks to buy and sell foreign exchange to influence credit conditions in each other’s markets with the aim of regulating cross-border gold movements. In this, central banks of the time viewed acting through foreign central bank correspondent accounts as preferable to acting through private intermediaries.

Now this Account Service pretty much controls world’s financial system:

h the Central Bank and International Account Services area of the New York Fed, the Federal Reserve today offers banking and custody services in dollars to just under 180 foreign central banks and monetary authorities, approximately 18 international multilateral financial institutions, and a number of ministries of finance or national governments. The suite of services offered to these account holders is a basic package of dollar-denominated and gold services in three general areas: transfer and custody services for gold and fixed income securities; dollar-based payment services; and dollar-based cash management and investment services.

Every day, New York Fed staff process on average hundreds of billions in transaction volumes on behalf of foreign official account holders. In total, approximately $3.6 trillion of dollar-denominated securities and cash deposits are held by foreign official account holders at the New York Fed, representing about half of the world’s official U.S. dollar reserves and one-third of the world’s total official FX reserves.

There is also discussion from the archival records on how the service came into being:

It was left to Governor Benjamin Strong of the New York Fed to journey to Europe in the spring of 1916 to personally negotiate the early account agreements, allowing him to forge close personal relationships with European central bankers, most famously with the Bank of England’s Montagu Norman, or as Strong would come to call him: “my dear Monty.”4 While these initial discussions in 1916 did not lead immediately to agreements, partly owing to U.S. observance of neutrality, the groundwork had been laid such that by the time the U.S. entered the War in April 1917 the arrangement with the Bank of England could be executed rapidly.

The historical records show that the establishment of this first account agreement with the Bank of England involved a minor diplomatic faux pas, known as the British Treasury bills episode. President Wilson, having won reelection in 1916 on the claim of having kept the U.S. out of the Great War and observing strict neutrality, had directed the Federal Reserve Board in Washington to issue a clear-cut warning to U.S. banks not to invest in a pending large placement of British Treasury bills in the U.S. market. The immediate and worldwide effect of the statement was to give the impression that the U.S. had “broken with Britain,” an impression which officials were soon scrambling for ways to counteract.5 The result was the Federal Reserve Board’s decision, contrary to the terms of the account negotiations and to the consternation of the New York Fed, to unilaterally announce to the public the account agreement with the Bank of England. The whole episode spoke perhaps to the Fed’s inexperience in matters of delicate international financial diplomacy. In any event, the Bank of England magnanimously let the matter slide-noting that mistakes “may arise even in the best regulated families”-and the account agreement was executed on May 3, 1917 and operationalized on June 20, 1917.

Superb stuff…Lots of global history in this speech…

 

Why Is Japan Populist-Free?

January 16, 2018

Ian Buruma in this piece:

For demagogues to be able to stir up popular resentments against foreigners, cosmopolitans, intellectuals, and liberals, there must be wide and obvious financial, cultural, and educational disparities. This was the case in Japan in the mid-1930s, when military hotheads staged a failed coup aimed at bankers, businessmen, and politicians who in their view were corrupting the Japanese polity.

The coup was supported by soldiers who had often grown up in poor rural areas. Their sisters sometimes had to be sold to big city brothels for their families to survive. The Westernized cosmopolitan urban elites were the enemy. And public opinion was largely on the side of the rebels.

Contemporary Japan may have its flaws, but it is now much more egalitarian than the US, India, or many countries in Europe. High taxes make it hard to pass on inherited wealth. And, unlike in the US, where material prosperity is flaunted, not least by Trump himself, the most affluent Japanese tend to be discreet. Japan has surpassed the US as a country of the middle class.

Resentment feeds off a sense of humiliation, a loss of pride. In a society where human worth is measured by individual success, symbolized by celebrity and money, it is easy to feel humiliated by a relative lack of it, of being just another face in the crowd. In extreme cases, desperate individuals will assassinate a president or a rock star just to get into the news. Populists find support among those resentful faces in the crowd, people who feel that elites have betrayed them, by taking away their sense of pride in their class, their culture, or their race.

This has not happened in Japan yet. Culture may have something to do with it. Self-promotion, in the American style, is frowned upon. To be sure, Japan has a celebrity culture, driven by mass media. But self-worth is defined less by individual fame or wealth than by having a place in a collective enterprise, and doing the job one is assigned as well as one can.

Hmm..

How a Bitcoin System is Like and Unlike a Gold Standard

January 16, 2018

Larry White has a post:

In what important respects are the Bitcoin system and a gold standard similar? In what other important respects are they different?

Bitcoin is similar to a gold standard in at least two ways. (1) Both Bitcoin and gold are stateless, so either can provide an international base money that is not the creature of any national central bank or finance ministry. (2) Both provide a base money that is reliably limited in quantity (this is the grounding for Selgin’s characterization), unlike a fiat money that a central bank can create in any quantity it likes, “out of thin air.”

Bitcoin and the gold standard are obviously different in other ways. Gold is a tangible physical commodity; bitcoin is a purely digital asset. This difference is not important for the customer’s experience in paying them out, as ownership of (or a claim to) either asset can be transferred online, or in person by phone app or card. The “front ends” of payments are basically the same nowadays. The “back ends” can be different. Gold payments can go peer to peer without third-party involvement only when a physical coin or bar is handed over. Electronic gold payments require a trusted vault-keeping intermediary. Bitcoin payments operate on a distributed ledger and can go peer-to-peer electronically without the help of a financial institution. In practice, however, many Bitcoin transactions use the services of commercial storage and exchange providers like Coinbase.

The most important difference between Bitcoin and gold lies in their contrasting supply and demand mechanisms, which give them very different degrees of purchasing power stability. The stock of gold above ground is slowly augmented each year by gold mines around the world, at a rate that responds to, and stabilizes, the purchasing power of gold. Commodity (non-monetary) demands also respond to the price of gold and dampen movements in its value. The rate of Bitcoin creation, by contrast, is entirely programmed. It does not respond to its purchasing power, and there are no commodity demands.

Hmm..

Good way to think about the two systems…

Does media shape people’s views or merely represents them?

January 15, 2018

Hajrah Mumtaz has a piece on Pakistan TV shows. It applies to most countries.

THE people of this country love watching television. In a population of some 200 million people, according to official estimates some 65 per cent of people, women and men in comparable numbers, watch drama channels (as delineated from those dealing with news and current affairs).

The media can hold a mirror up to society, showing a society what it is, or it can show a society what it can and should aspire to be. This is an old debate amongst media circles, a question of interpretation and sometimes even professional/ philosophical ideology to which there is no definite or ‘correct’ answer.

Rote education has played its role:

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When a journal on “Rebuilding Macroeconomic Theory” has papers only from mainstream…

January 15, 2018

Prof Steve Keen writes on this special issue of Oxford Review of Economic Policy: Rebuilding macroeconomic theory.

His is a typical Australian response if one may call it that:

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When banks mentioned paid-up capital on their notes…Canada edition

January 15, 2018

JP Koning keeps coming up with some amazing insights.

His recent tweet has this picture of an old Bank of Montreal note (when banks issued their own notes). Note the size of the note. He also points how the banks mentioned their paid up capital on the note to signal their financial health:

To this, Stephen Williamson clarified:

Replying to 
It’s not so much advertising financial health, as advertising how much the shareholders are on the hook for. There was double liability, so if there is $12 million in paid up capital, that’s an extra $12 million that can pay off the noteholders if the bank goes under.
Fascinating.
This double liability clause started in Canada in 1871.  Not sure whether this was used in other countries as well. In India, banks could print their own notes only till 1861 after which unified currency circulated in British India. There were some princely states like Hyderabad but again it was a State currency not requiring printing of paid-up capital on the notes.
So much one can learn by just noting the changes in design and writing on currency notes..Thanks again JP!

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