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You should have a clear understanding of h The reference style of the IEEE or the Institute of Electronics and Electrical Engineers requires all students to use citation numbers within special square brackets. They also need to number all citations correctly.
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Stop hesitating — place your order on this website now! Outstanding writers and comprehensive real time support will have your assignments done in no time! Not sure what you need? Start typing in the box below: The usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century. The perception of banknotes as money has evolved over time.
Originally, money was based on precious metals. Banknotes were seen by some as an I. With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money. Development of the banknote began in the Tang Dynasty during the 7th century, with local issues of paper currency, although true paper money did not appear until the 11th century, during the Song Dynasty. Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle.
Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money they had with that person. If they showed the paper to that person, they could regain their money. Eventually, the Song Dynasty paper money called " jiaozi " originated from these promissory notes.
By the Song Dynasty , short of copper for striking coins, issued the first generally circulating notes. A note is a promise to redeem later for some other object of value, usually specie. The issue of credit notes is often for a limited duration, and at some discount to the promised amount later.
The jiaozi nevertheless did not replace coins during the Song Dynasty; paper money was used alongside the coins. The central government soon observed the economic advantages of printing paper money, issuing a monopoly right of several of the deposit shops to the issuance of these certificates of deposit. Even before this point, the Song government was amassing large amounts of paper tribute.
For the printing of paper money alone, the Song court established several government-run factories in the cities of Huizhou , [ which? The size of the workforce employed in these paper money factories were quite large, as it was recorded in AD, that the factory at Hangzhou alone employed more than a thousand workers a day.
The geographic limitation changed between the years and , when the late Southern Song government finally produced a nationwide standard currency of paper money, once its widespread circulation was backed by gold or silver. The original notes during the Yuan Dynasty were restricted in area and duration as in the Song Dynasty, but in the later course of the dynasty, facing massive shortages of specie to fund their ruling in China, they began printing paper money without restrictions on duration.
The Venetian merchants were impressed by the fact that the Chinese paper money was guaranteed by the State. According to a travelogue of a visit to Prague in by Ibrahim ibn Yaqub , small pieces of cloth were used as a means of trade, with these cloths having a set exchange rate versus silver.
Around the Knights Templar issued bank notes to pilgrims, pilgrims deposited their valuables with a local Templar preceptory before embarking, received a document indicating the value of their deposit, then used that document upon arrival in the Holy Land to retrieve their funds in an amount of treasure of equal value.
In the 13th century, Chinese paper money of Mongol Yuan became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck.
All these pieces of paper are, issued with as much solemnity and authority as if they were of pure gold or silver In medieval Italy and Flanders , because of the insecurity and impracticality of transporting large sums of cash over long distances, money traders started using promissory notes. In the beginning these were personally registered, but they soon became a written order to pay the amount to whoever had it in their possession.
These notes are seen as a predecessor to regular banknotes by some but are mainly thought of as proto bills of exchange and cheques. In the 14th century, it was used in every part of Europe and in Italian city-state merchants colonies outside of Europe. For international payments, the more efficient and sophisticated bill of exchange "lettera di cambio" , that is, a promissory note based on a virtual currency account usually a coin no longer physically existing , was used more often.
All physical currencies were physically related to this virtual currency; this instrument also served as credit. The shift toward the use of these receipts as a means of payment took place in the midth century, as the price revolution , when relatively rapid gold inflation, was causing a re-assessment of how money worked. The goldsmith -bankers of London began to give out the receipts as payable to the bearer of the document rather than the original depositor.
This meant that the note could be used as currency based on the security of the goldsmith, not the account holder of the goldsmith-banker. This pivotal shift changed the simple promissory note into an agency for the expansion of the monetary supply itself. As these receipts were increasingly used in the money circulation system, depositors began to ask for multiple receipts to be made out in smaller, fixed denominations for use as money.
The receipts soon became a written order to pay the amount to whoever had possession of the note. These notes are credited as the first modern banknotes. Cheap foreign imports of copper had forced the Crown to steadily increase the size of the copper coinage to maintain its value relative to silver. The heavy weight of the new coins encouraged merchants to deposit it in exchange for receipts. These became banknotes when the manager of the Bank decoupled the rate of note issue from the bank currency reserves.
Three years later, the bank went bankrupt, after rapidly increasing the artificial money supply through the large-scale printing of paper money. The modern banknote rests on the assumption that money is determined by a social and legal consensus. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes. The economist Nicholas Barbon wrote that money "was an imaginary value made by a law for the convenience of exchange. The first bank to initiate the permanent issue of banknotes was the Bank of England.
Established in to raise money for the funding of the war against France , the bank began issuing notes in with the promise to pay the bearer the value of the note on demand. They were initially handwritten to a precise amount and issued on deposit or as a loan. The Scottish economist John Law helped establish banknotes as a formal currency in France, after the wars waged by Louis XIV left the country with a shortage of precious metals for coinage. In the United States there were early attempts at establishing a central bank in and , but it was only in that the federal government of the United States began to print banknotes.
Originally, the banknote was simply a promise to the bearer that they could redeem it for its value in specie, but in the second in a series of Bank Charter Acts established that banknotes would be considered as legal tender during peacetime.
Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and notes issued by provincial banking companies were the common form of currency throughout England, outside London. The Act gave the Bank of England an effective monopoly over the note Issue from Generally, a central bank or treasury is solely responsible within a state or currency union for the issue of banknotes.
However, this is not always the case, and historically the paper currency of countries was often handled entirely by private banks. Thus, many different banks or institutions may have issued banknotes in a given country. Commercial banks in the United States had legally issued banknotes before there was a national currency; however, these became subject to government authorization from to In the last of these series, the issuing bank would stamp its name and promise to pay, along with the signatures of its president and cashier on a preprinted note.
By this time, the notes were standardized in appearance and not too different from Federal Reserve Notes. In a small number of countries, private banknote issue continues to this day.
As well as commercial issuers, other organizations may have note-issuing powers; for example, until the Singapore dollar was issued by the Board of Commissioners of Currency Singapore , a government agency which was later taken over by the Monetary Authority of Singapore.
As with any printing, there is also a chance for banknotes to have printing errors. Prior to the introduction of banknotes, precious or semi-precious metals minted into coins to certify their substance were widely used as a medium of exchange.
The value that people attributed to coins was originally based upon the value of the metal unless they were token issues or had been debased. Banknotes were originally a claim for the coins held by the bank, but due to the ease with which they could be transferred and the confidence that people had in the capacity of the bank to settle the notes in coin if presented, they became a popular means of exchange in their own right. They now make up a very small proportion of the "money" that people think that they have as demand deposit bank accounts and electronic payments have negated the need to carry notes and coins.
Banknotes have a natural advantage over coins in that they are lighter to carry but are also less durable. Banknotes issued by commercial banks had counterparty risk , meaning that the bank may not be able to make payment when the note was presented. Notes issued by central banks had a theoretical risk when they were backed by gold and silver.
Both banknotes and coins are subject to inflation. The durability of coins means that even if metal coins melt in a fire or are submerged under the sea for hundreds of years they still have some value when they are recovered. Gold coins salvaged from shipwrecks retain almost all of their original appearance, but silver coins slowly corrode. The different disadvantages between coins and banknotes imply that there may be an ongoing role for both forms of bearer money, each being used where its advantages outweigh its disadvantages.
The cotton is sometimes mixed with linen , abaca , or other textile fibres. Generally, the paper used is different from ordinary paper: Unlike most printing and writing paper, banknote paper is infused with polyvinyl alcohol or gelatin, instead of water, to give it extra strength.
Early Chinese banknotes were printed on paper made of mulberry bark. Mitsumata Edgeworthia chrysantha and other fibers are used in Japanese banknote paper  a kind of Washi. Most banknotes are made using the mould made process in which a watermark and thread is incorporated during the paper forming process. An individual wants to save a part of the amount obtained as his income. He can consume this saved money in many ways. He can invest money in fixed assets by purchasing land, building etc.
They can also keep this sum deposited with banks. But all these investments are not called liquid. Shares and debentures can be converted into cash instantly. So these are called liquid money. Similarly, money deposited with banks is called extremely liquid. Thus, more will be liquid preference in people; the more will be demand of money. For different persons, the income getting periods are different viz. The more will be the period of income getting for a person, the more will be demand of money for him.
On the contrary, the less will be the period of income getting, the less will be demand of money as the person will not keep much money with him for the fulfillment of his requirements. Every individual keep some money with him in a country where there is more equity in the distribution of national income. Thus, there is a higher demand of money in such countries. On the other hand, money is kept only by higher class people in countries with uneven distribution of national income.
Thus, there is low demand of money in those countries. The nature of liquidity Preference among people is also important for the demand of money. If people give preference to liquidity, it simply means they will use money lesser for exchange due to which the demand of money will increase. The more will be population of a country, the more will be demand of money.
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