Cambium non est mutuum: exchange and interest rates in medieval Europe

A major gap in our understanding of the medieval economy concerns interest rates, especially relating to commercial credit. Although direct evidence about interest rates is scattered and anecdotal, there is much more surviving information about exchange rates. Since both contemporaries and historians have suggested that exchange and rechange transactions could be used to disguise the charging of interest in order to circumvent the usury prohibition, it should be possible to back out the interest rates from exchange rates. The following analysis is based on a new dataset of medieval exchange rates collected from commercial correspondence in the archive of Francesco di Marco Datini of Prato, c.1383-1411. It demonstrates that the time value of money was consistently incorporated into market exchange rates. Moreover, these implicit interest rates are broadly comparable to those received from other types of commercial loan and investment. Although on average profitable, the return on any individual exchange and rechange transaction did involve a degree of uncertainty that may have justified their non-usurious nature. However, there were also practical reasons why medieval merchants may have used foreign exchange transactions as a means of extending credit.

Occasional publishers: producing and marketing books in England 1771–1844

Purpose – To investigate the way in which a series of related printing businesses, owned by members of the Gye and Balne families in Bath and London from 1771 to 1844, selected and marketed their titles when they ventured into book printing and publishing. Design/methodology/approach – The basis of this research is extensive archival research analyzing primary sources, mainly the books and ephemera printed by the various firms, supported by information in contemporary newspapers and journals and in biographies of printers and publishers. Findings – The focus of these businesses was not solely on production but that marketing was also considered, and that there was each title was conceived and produced with a particular market in mind. In doing so it provides evidence of relatively advanced marketing strategies in use before 1850 and thus questions the validity of the four-eras model of marketing history. Research limitations/implications – The available primary sources are limited; while a number of books and other printed items have survived there are no extant accounts, correspondence, or other records for any of the firms that were studied. Originality/value – There has been very little research into the way small businesses during this period approached the marketing of their products. This paper is a potential model for further such historical research and also provides an example of how research into specific companies can illuminate the larger history of marketing, potentially changing the way in which we understand the development of consumer society.

The 2013 hot, dry summer in Western Europe

The European summer of 2013 was marked by hot and dry conditions in Western Europe associated with a northward shifted Atlantic storm track and a positive phase of the SNAO. Model results suggest that, relative to a 1964–93 reference period, changes in SST/SIE explain 63% (±26%) of the area-averaged warming signal over Western Europe, with the remaining 37% (±29%) explained by the direct impact of changes in anthropogenic radiative forcings from GHG and aerosols. The results further suggest that the anomalous atmospheric circulation, and associated low rainfall, were also influenced both by changes in SST/SIE and by the direct impact of changes in radiative forcings; however, the magnitude of the forced signals in these variables is much less, relative to internal variability, than for surface air temperature. Further evidence suggests that changes in North Atlantic SST were likely an important factor in explaining the striking contrast between the European summers of 2013 and that of 2012. A major area for further work is to understand more completely the mechanisms that explain these influences.

Inheritance, access to resources and poverty in Serer families in Senegal

This research explores the relationship between inheritance, access to resources and the intergenerational transmission of poverty among the Serer ethnic group in rural and urban environments in Senegal. In many Sub-Saharan African countries, customary law excludes women from owning and inheriting assets, such as land and property. Yet, assets controlled by women often result in increased investments in the next generation's health, nutrition and schooling and reduce the intergenerational transmission of poverty. Qualitative research with 60 participants in Senegal reveals the important role that land, housing and financial assets may play in building resilience to household shocks and interrupting the intergenerational transmission of poverty. However, the protection afforded by these assets was often dependent on other factors, including human, social and environmental capital. The death of a spouse or parent had major emotional and material impacts on many Serer families. The inheritance and control of assets and resources was strongly differentiated among family members along lines of gender, age and generation. Younger widows and their children were particularly vulnerable to chronic poverty. Although inheritance disputes were rare, the research suggests they are more likely between co-wives in polygamous unions and their children, particularly in urban areas. In addition to experiencing economic and health-related shocks, many interviewees were exposed to a range of climate-related risks and environmental pressures which increased their vulnerability. Family members coped with these shocks and risks by diversifying livelihoods, migrating to urban areas and other regions for work, participating in women's co-operatives and associations and developing supportive social networks with extended family and community members. Policies and practices that may help to alleviate poverty, safeguard women's and young people's inheritance and build resilience to financial, health-related and environmental shocks and risks include: - Social protection measures targeted towards poor widows and orphaned children, such as social and cash transfers to pay for basic needs including food, healthcare and children's schooling. - Micro-finance initiatives and credit and savings schemes, alongside training and capacity-building targeted to women and young people to develop income-generation activities and skills. - Free legal advice, support and advocacy for women and young people to pursue inheritance claims through the legal system. - Raising awareness about women's and children's legal rights and working with government and community and religious leaders to tackle discriminatory inheritance practices and contradictions caused by legal pluralism. - Increasing women's control of land and access to inputs, enhancing their business, organisational, and leadership skills and promoting civic participation in local, regional and national decision-making processes. - Improving access to basic services in rural areas, particularly healthcare, building the quality of education and promoting girls' access to education - Enhancing agricultural production and providing more employment opportunities, apprenticeships and vocational training for young people, particularly in rural areas.

Clitic-doubled left dislocation and focus fronting in L2 Spanish: a case of successful acquisition at the syntax-discourse interface

This experimental study tests the Interface Hypothesis by looking into processes at the syntax– discourse interface, teasing apart acquisition of syntactic, semantic and discourse knowledge. Adopting López’s (2009) pragmatic features [±a(naphor)] and [±c(ontrast)], which in combination account for the constructions of dislocation and fronting, we tested clitic left dislocation and fronted focus in the comprehension of English native speakers learning Spanish. Furthermore, we tested knowledge of an additional semantic property: the relationship between the discourse anaphor and the antecedent in clitic left dislocation (CLLD). This relationship is free: it can be subset, superset, part/whole. Syntactic knowledge of clitics was a condition for inclusion in the main test. Our findings indicate that all learners are sensitive to the semantic constraints. While the near-native speakers display native-like discourse knowledge, the advanced speakers demonstrated some discourse knowledge, and intermediate learners did not display any discourse knowledge. The findings support as well as challenge the Interface Hypothesis.

Invisible and visible language planning: ideological factors in the family language policy of Chinese immigrant families in Quebec

This ethnographic inquiry examines how family languages policies are planned and developed in ten Chinese immigrant families in Quebec, Canada, with regard to their children’s language and literacy education in three languages, Chinese, English, and French. The focus is on how multilingualism is perceived and valued, and how these three languages are linked to particular linguistic markets. The parental ideology that underpins the family language policy, the invisible language planning, is the central focus of analysis. The results suggest that family language policies are strongly influenced by socio-political and economical factors. In addition, the study confirms that the parents’ educational background, their immigration experiences and their cultural disposition, in this case pervaded by Confucian thinking, contribute significantly to parental expectations and aspirations and thus to the family language policies.