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.

Writing westwards: medieval English literature and its early modern Irish audiences

Quite a few texts from England were translated into Irish in the fifteenth and early-sixteenth centuries. The number of these texts was significant enough to suggest that foreign material of this sort enjoyed something of a vogue in late-medieval Ireland. Translated texts include Mandeville’s Travels, Guy of Warwick, Bevis of Hampton, Fierabras and a selection of saints’ lives. Scholars have paid little attention to the origins and initial readerships of these texts, but still less research has been conducted into their afterlife in early modern Ireland. However, a strikingly high number of these works continued to be read and copied well into the seventeenth century and some, such as the Irish translations of Octavian and William of Palerne, only survive in manuscripts from this later period. This paper takes these translations as a test case to explore the ways in which a cross-period approach to such writing is applicable in Ireland, a country where the renaissance is generally considered to have taken little hold. It considers the extent to which Irish reception of this translated material shifts and evolves in the course of this turbulent period and whether the same factors that contributed to the continued demand for a range of similar texts in England into the seventeenth century are also discernible in the Irish context.

Language networks, literary translation and the friars in late medieval ireland

Dublin, Trinity College MS 667 (olim F 5 3) is something of a meeting point of languages and traditions, representing one of the most significant witnesses to Latin exemplars for vernacular translations to survive from medieval Ireland. What is more, the translated texts appear to travel in groups, with several Irish-language manuscripts bearing close comparison to Trinity 667 in the texts and versions of texts they contain. Examining these texts and the contexts in which they circulated in Irish can give us a sense of the sorts of historical and cultural currents to which such translation work appears to have been responding.

The circulation of romances from England in late-medieval Ireland

The fifteenth century saw a striking upturn in the number of texts from foreign vernaculars that were translated into Irish. Indeed, one might go so far as to speak in terms of a ‘translation trend’ in Ireland during the mid to late fifteenth century. A notable feature of this trend is that a particularly high number of these Irish translations are of romances; contextual and textual evidence suggests that the original exemplars for many of these translated texts appear to have come from England, though not all of them were necessarily in English. Irish translations of eight romances have survived to the present day: Guy of Warwick; Bevis of Hampton; La Queste de Saint Graal; Fierabras; Caxton’s Recuyell of the Histories of Troie; William of Palerne; the Seven Sages of Rome; and Octavian. This paper addresses two aspects of these texts of particular relevance to romance scholars who do not work within the sphere of Celtic studies. Firstly, it argues that certain aspects of the dissemination and reception of romance in Ireland are quite distinctive. Manuscript and textual evidence suggests that the religious orders, particularly the Franciscans, seem to have played a role in the importation and translation of these narratives. Secondly, examination of the Irish versions of romance tends to bear out an observation made by Flower many years ago, but not pursued by subsequent scholars: ‘texts of an unusual kind were current in Ireland, and it may be that interesting discoveries are to be made here’. Certain narrative features of several of these Irish translations diverge from all the surviving versions of the relevant romance in other languages and may witness to a variant exemplar that has since been lost from its own linguistic corpus.

The medieval climate anomaly and Byzantium: a review of the evidence on climatic fluctuations, economic performance and societal change

At the beginning of the Medieval Climate Anomaly, in the ninth and tenth century, the medieval eastern Roman empire, more usually known as Byzantium, was recovering from its early medieval crisis and experiencing favourable climatic conditions for the agricultural and demographic growth. Although in the Balkans and Anatolia such favourable climate conditions were prevalent during the eleventh century, parts of the imperial territories were facing significant challenges as a result of external political/military pressure. The apogee of medieval Byzantine socio-economic development, around AD 1150, coincides with a period of adverse climatic conditions for its economy, so it becomes obvious that the winter dryness and high climate variability at this time did not hinder Byzantine society and economy from achieving that level of expansion. Soon after this peak, towards the end of the twelfth century, the populations of the Byzantine world were experiencing unusual climatic conditions with marked dryness and cooler phases. The weakened Byzantine socio-political system must have contributed to the events leading to the fall of Constantinople in AD 1204 and the sack of the city. The final collapse of the Byzantine political control over western Anatolia took place half century later, thus contemporaneous with the strong cooling effect after a tropical volcanic eruption in AD 1257. We suggest that, regardless of a range of other influential factors, climate change was also an important contributing factor to the socio-economic changes that took place in Byzantium during the Medieval Climate Anomaly. Crucially, therefore, while the relatively sophisticated and complex Byzantine society was certainly influenced by climatic conditions, and while it nevertheless displayed a significant degree of resilience, external pressures as well as tensions within the Byzantine society more broadly contributed to an increasing vulnerability in respect of climate impacts. Our interdisciplinary analysis is based on all available sources of information on the climate and society of Byzantium, that is textual (documentary), archaeological, environmental, climate and climate model-based evidence about the nature and extent of climate variability in the eastern Mediterranean. The key challenge was, therefore, to assess the relative influence to be ascribed to climate variability and change on the one hand, and on the other to the anthropogenic factors in the evolution of Byzantine state and society (such as invasions, changes in international or regional market demand and patterns of production and consumption, etc.). The focus of this interdisciplinary

Medieval romance, English

Annotated bibliography of romance from medieval England. It focuses on medieval romances in various languages written in England or translated into English before 1500.

The generation of superstructure geometry in latina temples : a hybrid approach

The Nagara tradition of temple building created a rich corpus of Latina (single-spired) temples spread across Northern India between the fifth and thirteenth centuries. Computing methods offer a distinct methodology for reconstructing the genesis and evolution of geometry in this tradition over time. This paper reports a hybrid technique, comprising three distinct computations for recovering and explaining the geometry of temples. The application of the technique enables scholars to bring together fragments of evidence, construe "best-fit" strategies and unearth implicit or hidden relationships. The advantage of this approach is that changes in assumptions and testing of geometric alternatives can be easily simulated from multiple sources of information, such as texts, sacred diagrams and individual temples.

Crusader churches in the Latin East : expressions of medieval theology

The Latin invaders of the Eastern Mediterranean in the 12th-14th Centuries were on a mission to retrieve and protect the Christian Holy Land from Muslim occupation. They encountered a consistent, Eastern approach to the architectural expression of the Christian faith which the physical remains of their churches show they adopted. Previously, I have shown how it can be deduced from the archaeological remains of churches from the 4th-6th C that early church architecture was influenced by the theological ideas of the period. This paper argues that the Eastern approach to church architecture as adopted by the Crusaders was compatible with the medieval European theological context and can be seen as a legitimate expression of medieval theology.

A cidade colonial ibero-americana : a malha urbana

Esta dissertação estuda a cidade colonial ibero-americana, a partir de seu traçado, de sua configuração espacial e como produto da milenar tradição urbana do ocidente, em suas variáveis erudita e popular. Foram analisadas as circunstâncias políticas, econômicas e socioculturais que condicionaram os três séculos do período colonial na Ibero-américa e que influenciaram, de um ou de outro modo, o arranjo espacial das cidades. O trabalho identifica os elementos da arquitetura grega, romana, medieval cristã, muçulmana, renascentista, pré-colombiana e barroca que foram naturalmente selecionados, sintetizados e re-elaborados em sua implementação na cidade ibero-americana. Uma tipologia de malhas urbanas é proposta e, a partir da observação e redesenho de plantas urbanas do período colonial, o trabalho analisa e classifica 21 assentamentos produzidos pela colonização espanhola e portuguesa A análise mostra que a cidade colonial ibero-americana constitui de fato um tipo especifico dentro da categoria maior de cidade tradicional, anterior ao movimento moderno. Por ser uma cidade nova, tem implícita na sua gênese a atividade de planejamento. O traçado em malha é o instrumento regulador essencial. Em seu processo de adaptação às determinantes locais, na busca de uma ordem espacial, o traçado em malha passa por diferentes graus de deformação geométrica, o que condiciona a forma e o posicionamento das partes, ou seja, dos elementos da arquitetura urbana - a praça, a rua, o quarteirão, os edifícios singulares e a estrutura predial de tipos recorrentes de edificação -, gerando assim grande diversidade e riqueza de situações espaciais. O trabalho compara as cidades coloniais espanhola e a portuguesa e consta o predomínio das similaridades pelo fato de terem a malha como denominador comum. As diferenças mais relevantes ficam por conta das implantações, das adaptações ao contexto e de outras circunstâncias específicas, não constituindo fator determinante serem elas espanholas ou portuguesas.

Negociação com informação diferenciada em ADRs da América Latina

Usamos uma série de ADRs de países da América Latina para replicar o estudo de Easley, Hvidkjaer e O’Hara (2002) sobre o efeito da negociação com informação diferenciada nos retornos dos ativos financeiros. Estimamos a probabilidade de negociação com informação diferenciada (PIN) e testamos a existência de um risco informacional sistemático em um modelo de apreçamento do tipo Fama-French. O principal resultado encontrado foi que o PIN médio dos ADRs latino americanos é maior que o PIN médio das empresas dos Estados Unidos. Entretanto, não conseguimos estabelecer uma relação clara entre o retorno dos ADRs e a sua respectiva probabilidade de negociação com informação diferenciada, sugerindo que a tecnologia de apreçamento adota não é especialmente adequada.