A History of Interest Rates presents a very readable account of
interest rate trends and lending practices over four millennia of
economic history. Despite the paucity of data prior to the
Industrial Revolution, authors Homer and Sylla provide a highly
detailed analysis of money markets and borrowing practices in major
economies. Underlying the analysis is their assertion that "the
free market long-term rates of interest for any industrial nation,
properly charted, provide a sort of fever chart of the economic and
political health of that nation." Given the enormous volatility of
rates in the 20th century, this implies we're living in age of
political and economic excesses that are reflected in massive
interest rate swings. Gain more insight into this assertion by
ordering a copy of this book today.
Sidney Homer, Richard Sylla, A History of Interest Rates, Fourth Edition
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