This article provides a revised account of the development of financial instruments, money and banking in the early penal colony of New South Wales. It is found that private instruments monetised the economy, while the role of state debt, coin and commodities was to finally settle remaining...

This paper investigates some of the underlying drivers of the 2008 global financial crisis. It is argued that a functioning system requires sufficient property in form of bank capital to absorb losses (banks and central banks), collateral to secure loans (enterprises) and adequate levels of...

This paper reexamines the view that banking regulation and central banking arose to counter market 'failures.' It investigates the factors that led bankers to form clubs and examines the 'regulations' imposed by clubs on their members. It suggests that such regulation is different from...

This paper uses survivor fan charts to illustrate the prospective density functions of future male survival rates. The fan charts are based on a version of the Cairns-Blake-Dowd model of male mortality that provides a good fit to recent mortality data for England and Wales. They indicate that...