A History of Interest Rates.

Reseña:
History of Interest Rates is in its fourth edition, with the last edition published in 1996. The book presents a very readable account of interest rate trends and lending practices spanning over four millennia of economic history. Despite the paucity of data prior to the Industrial Revolution, the book manages to present a highly detailed analysis of money markets and borrowing practices in major economies. A History of Interest Rates provides a broad perspective on interest rate movements, avoiding anecdotal evidence if possible, and applying analytical tools such a yield curves averaging available date over long time periods. Underlying the analysis is thesis of the book, summed up by the authors' 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, the book implies we're living in age of political and economic excesses which are reflected in massive interest rate swings.