By Hans Bauer
During this quantity the authors offer a survey and an exam of the roots of Swiss banking so as to clarify the outstanding luck of Switzerland's banks. opposite to the traditional knowledge, Swiss banking didn't originate with the exiled Hugenot bankers of Geneva. Centuries prior to Louis XIV, Basle had develop into a primary banking centre even though it used to be no longer but a part of the Swiss Confederation. From old beginnings to modern comparative research, the publication bargains an authoritative rationalization and research of the luck of the Swiss banks.
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Extra resources for Swiss Banking: An Analytical History
The purpose of this alliance, contrary to the Convention, was to protect the domestic currency from the influx of foreign coins into the region. This was the mediaeval counterpart of a modern inflation being generated not by an overissue of domestic coins but by a surfeit of foreign coins which the local money changers were obliged to accept. At the same time attempts were made to continue the spirit of the Basle Convention in a new form, the Rappen Coin Alliance. In 1403, Basle, Freiburg, Breissach, Colmar and Thann, along with the Habsburg lands, successfully concluded this alliance, which was to last until 1584.
In effect, the Basle bank was a commercial bank, owned by the town, that transacted the necessary banking business that was typical of the banking requirements of commercial activity in the sixteenth century. It accepted deposits and made loans from these deposits largely for purposes of commerce, offering interest for deposits and charging interest for loans. It represented, in addition, the beginnings of the same capital market which existed in Basle well into the nineteenth century, and as such, its lending and deposit-taking activity ranged well beyond the borders of Basle into Alsace and the states of southern Germany.
While the actual 'revocation' itself was a lengthy process which gradually reduced the privileges of the Huguenots, it was the final 30 years of the reign of Louis XIV which brought together the persecution and arrests, that made the life of the Huguenot intolerable in France. Calvin's Geneva was but one of the several refuges for these people. London, Holland, and North America benefited considerably from the absurd set of French laws and regulations which were arbitrarily and sporadically enforced by Louis.