THE BEGINNING OF MONEY & BANKING Section 01 4. 2. studies done so far in Kenya on the socio-economic impact of mobile banking in Kenya (Gikunju. Currency is legal tender or fiat money.It must be accepted by law. : economic growth, low unemployment, and low inflation. At this point, you should have firmly in mind the main goals of macroeconomics from Welcome to Economics! Apart from accepting deposits, Goldsmiths began to lend a part of money deposited with them. Without money, people can still store their wealth by saving their goods although this would involve a higher cost. Topics in Banking: Theory and Practice Lecture Notes 1 Academic Program: Master in Financial Economics (Research track) Semester: Spring 2010/11 Instructor: Dr. Nikolaos I. Papanikolaou The financial system In strict terms, financial system consists of financial markets and financial institutions. Then they became bankers who perform both the basic banking functions such as accepting deposit and lending money. Again the origin of modern banking may be traced to the money dealers in Florence, who received money on deposit, and were lenders of money in the 14th century, and the names of the Bardi, Acciajuoli, Peruzzi, Pitti and Medici soon became famous throughout Europe, as bankers. Banking revived in Italy during the Renaissance; "banco" means bench. You can use electronic funds transfer to: • Have your paycheck deposited directly into your bank or credit union checking account. ATM banking is one of the earliest and widely adopted retail e-banking services in Kenya (Nyangosi et al. Money – CBSE Notes for Class 12 Macro Economics CBSE NotesCBSE Notes Macro EconomicsNCERT Solutions Macro Economics Introduction: This chapter is a detailed version of barter system and its difficulties, how money has overcome its drawbacks, money supply and its measures. Register for Online tuition on Vedantu.com to score more marks in CBSE board examination. Present bank notes come under this category. Unknown 24 June 2015 at 23:52. Inconvertible - also called fiduciary money. 5. At times, various rulers would borrow from these treasuries at a prescribed rate of interest. View Lecture notes Perry V3265-2016.pdf from ECON V3265 at Columbia University. (Note that checks are not legal tender but, in fact, are generally acceptable in exchange for goods, services, and resources.) Kenya currently has 44 banks. These are all the available lecture notes in this section. Money and Banking: Made Simple provides a sound coverage of monetary theory, policies, and institutions within a mixed economy. Paper Money: Representative Paper Money - Paper money issued with 100 % backing of gold and silver are called representative money. under the Banking Act to the extent that they conduct the business of an e-money issuer in addition to banking business or financial business as defined under the Banking Act. Jews in Lombardy transacted the business of money exchange on benches in the market place and when the business failed, the “ Banco” was destroyed by the people Other authorities hold the opinion that the word “ Bank” is derived from the German word “ Back” which means joint stock fund. The close association between banking, money changing and temples is best known to us from the episode of Christ's overturning the tables in the Temple of Jerusalem (Matthew 21.12). Money and banking Multiple Choice Questions 1. The Medici family established their bank in Florence in the 1300's and accumulated great wealth and power, making Florence a center of the arts. 2009). One of the most important services was bottomry or lending to finance the carriage of freight by ships. There is a little math, some graphs, and some sophisticated vocabulary, but nothing terribly difficult, if you put your brain to it.
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