Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times

In this paper, we mainly focus on two institutional aspects that are related to financial risk, that is, profiteering and the use of non-fraudulent coins when performing financial transactions. We argue that these two prerequisites were important for the success of the commercially oriented economy...

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Autores principales:	Emmanouil M. L. Economou, Nikolaos A. Kyriazis, Nicholas C. Kyriazis
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	financial risk financial institutions international commerce profiteering non-fraudulent currency classical Athens Risk in industry. Risk management HD61 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/df7af55c597d4137b11957f925138989
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spelling	oai:doaj.org-article:df7af55c597d4137b11957f9251389892021-11-25T18:08:24ZManaging Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times10.3390/jrfm141105091911-80741911-8066https://doaj.org/article/df7af55c597d4137b11957f9251389892021-10-01T00:00:00Zhttps://www.mdpi.com/1911-8074/14/11/509https://doaj.org/toc/1911-8066https://doaj.org/toc/1911-8074In this paper, we mainly focus on two institutional aspects that are related to financial risk, that is, profiteering and the use of non-fraudulent coins when performing financial transactions. We argue that these two prerequisites were important for the success of the commercially oriented economy of the Athenian state in comparison with its allies in the East Mediterranean during the classical period. In particular, we briefly explain the structure of the Athenian economy, and then we focus on the <i>agoranomoi</i> and the <i>dokimastai</i>, the two main financial institutions related to (i) measures against profiteering and (ii) ensuring the purity of the currency when performing commercial transactions. Then, following a game theoretical approach, we provide a fictional example as to how the two institutions functioned in practice. Our findings confirm that these institutions were crucial in reducing financial risk when performing international commercial transactions, since they provided symmetrical information on the quality and purity of the currencies circulating in the Athenian economy. In the case of the Athenian state, we further convey that measures against profiteering and the use of unadulterated currency comprise intertemporal axioms, in the sense that their importance is not merely a phenomenon of modern times, but rather, on the contrary, one that dates back to much earlier times.Emmanouil M. L. EconomouNikolaos A. KyriazisNicholas C. KyriazisMDPI AGarticlefinancial riskfinancial institutionsinternational commerceprofiteeringnon-fraudulent currencyclassical AthensRisk in industry. Risk managementHD61FinanceHG1-9999ENJournal of Risk and Financial Management, Vol 14, Iss 509, p 509 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	financial risk financial institutions international commerce profiteering non-fraudulent currency classical Athens Risk in industry. Risk management HD61 Finance HG1-9999
spellingShingle	financial risk financial institutions international commerce profiteering non-fraudulent currency classical Athens Risk in industry. Risk management HD61 Finance HG1-9999 Emmanouil M. L. Economou Nikolaos A. Kyriazis Nicholas C. Kyriazis Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times
description	In this paper, we mainly focus on two institutional aspects that are related to financial risk, that is, profiteering and the use of non-fraudulent coins when performing financial transactions. We argue that these two prerequisites were important for the success of the commercially oriented economy of the Athenian state in comparison with its allies in the East Mediterranean during the classical period. In particular, we briefly explain the structure of the Athenian economy, and then we focus on the <i>agoranomoi</i> and the <i>dokimastai</i>, the two main financial institutions related to (i) measures against profiteering and (ii) ensuring the purity of the currency when performing commercial transactions. Then, following a game theoretical approach, we provide a fictional example as to how the two institutions functioned in practice. Our findings confirm that these institutions were crucial in reducing financial risk when performing international commercial transactions, since they provided symmetrical information on the quality and purity of the currencies circulating in the Athenian economy. In the case of the Athenian state, we further convey that measures against profiteering and the use of unadulterated currency comprise intertemporal axioms, in the sense that their importance is not merely a phenomenon of modern times, but rather, on the contrary, one that dates back to much earlier times.
format	article
author	Emmanouil M. L. Economou Nikolaos A. Kyriazis Nicholas C. Kyriazis
author_facet	Emmanouil M. L. Economou Nikolaos A. Kyriazis Nicholas C. Kyriazis
author_sort	Emmanouil M. L. Economou
title	Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times
title_short	Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times
title_full	Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times
title_fullStr	Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times
title_full_unstemmed	Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times
title_sort	managing financial risks while performing international commercial transactions. intertemporal lessons from athens in classical times
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/df7af55c597d4137b11957f925138989
work_keys_str_mv	AT emmanouilmleconomou managingfinancialriskswhileperforminginternationalcommercialtransactionsintertemporallessonsfromathensinclassicaltimes AT nikolaosakyriazis managingfinancialriskswhileperforminginternationalcommercialtransactionsintertemporallessonsfromathensinclassicaltimes AT nicholasckyriazis managingfinancialriskswhileperforminginternationalcommercialtransactionsintertemporallessonsfromathensinclassicaltimes
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Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times

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