Landmarks in the Evolution of the Main Types of Banking Operations of Albina in Sibiu 1872-1946. II

In the interwar period, loans against pledged bills of exchange were most widely used, most certain and cheapest way to obtain personal bank loan. However, until the foundation of Privileged Agrarian Bank in 1929, agricultural producers in Serbia were deprived legally from obtaining such loans. This extreme measure of limiting peasants’ credit ability had been introduced by The Law on Trade, issued in 1860, at times when there were no institutionalized loans or banks in Serbia. Measure of forbidding farmers to issue, accept or transfer bills of exchange would still remain in legal system of Serbia in the end of 19th and the beginning of 20th centuries, when the network of banks and banking system had been already established; it would remain in Serbian legal system even after the state unification of Serbs, Croats and Slovenes in 1918, although that was an anachronism in relation to the legal system in the provinces of former AustroHungary that entered The Kingdom of Serbs, Croats and Slovenes (SHS); it was abolished only in 1929, with article 79 of The Low on Privileged National Bank, under the pressure of mighty banking circles in Serbia. From 1860 to 1929, Serbian peasant searched for the ways to sign anyway bills of exchange because he needed desperately the loans. He signed bills of exchange presenting him falsely as trader, speculator or head of estate. In such way, peasant’s bill of exchange emerged that was always at risk to be accepted by creditor under unbearable terms because it was illegal. Impossibility for peasants to use in legal way bills of exchange that were trading and credit instruments of highest quality at those times made large damage to agriculture and banking of The Kingdom of Serbs, Croats and Slovenes.

There is a saying that the traditional legal principles have been bent to facilitate the operations of the negotiable instruments such as bill of exchange or letter of credit. Most of the contenders are of the opinion that the instruments are completely contrary to the doctrine of consideration. They also believe that the principle of negotiability undermines traditional principles like ‘nemo dat quod non hebet’. The article has, with arguments and instances, made it clear that a payment obligation without the presence of consideration is not unprecedented. In this point the article has made a reference to the seal contract where consideration was never sought. Furthermore, it is well established that under the doctrine of estoppels a contract is valid even in the absence of consideration and customarily a contract without consideration is not invalid. On the other hand, it is proved that the principle of negotiability was not only exception to the doctrine of nemo dat principle. For example 'market overt' doctrine which was oppose to the nemo dat doctrine was well accepted and supported. Above all it has to be noted that the doctrine of negotiability has not come from the outside of the traditional legal principles rather it, itself, is one of the traditional principles and the concept of negotiability has been existed long before acceptance of nemo dat principle in common law.

The paper considers financial technologies that were used in the time of Peter the Great to organize non-cash payments abroad. The sources for the study were legislative documents, letters of Peter the Great’s contemporaries and mentions of historians about financial calculations in Peter the Great’s time. The author considers the use of promissory notes and bills of exchange that were used in the time of Peter the Great to organize non-cash payments abroad. Russian merchants used them in trade settlements in Arkhangelsk long before Peter I. During the reforms of the first quarter of the XVIII century notes and bills settlements were carried out by Russian people on the territory of Europe already. This explains the wider use of the notes and bills in both interstate and private settlements, including the purposes of obtaining scholarships for young people sent abroad by Peter to study. Peter himself and his pets used all the means of payment available at that time in Europe – both cash (gold and silver coins) and non-cash means (promissory notes and bills of exchange). An important issuer of bills of exchange for Russians was the Amsterdam bank, since Amsterdam was the center for the sale of Russian goods. Not only trade transactions, but also the payment of royal orders in different countries, and the issuance of stipends to scholarship holders, took place by transferring bills of exchange from the Amsterdam bank or Amsterdam merchants accepted to other European cities of Europe. In addition to mastering the ‘basic’ profession, those staying abroad needed to show some financial literacy (which could not be obtained at home), skills in handling modern (for that time) securities, and visit banks from time to time. Russian students were prevented from studying not only by the possible temptations and pastime of a beautiful life abroad, but also by serious life difficulties that arose in connection with the financial crisis in France in 1720-21.

Despite the importance of financial literacy, particularly in sustaining and improving rural agriculture, it is documented in the literature that little is known about financial literacy, particularly in rural communities in developing countries. Responding to the calls for research to address this gap, the current study investigates how financial literacy relates to access to funding, innovative service adoption, and sustainable food production among agricultural food producers in Nigeria’s rural communities. A probability sampling technique was used to draw 460 samples from registered rural farmers in the Central Bank of Nigeria’s Anchored Borrower’s Programme for food production in Edo State, Nigeria. Quantitative data were collected using a structured questionnaire. The hypotheses were tested using regression analysis, while descriptive statistics were deployed to analyse the demographic data of the respondents. The outcomes suggest that financial literacy has significant links with access to funding, innovative service adoption and sustainable food production among agricultural food producers in Nigerian rural communities. Based on the outcomes, it is concluded that financial literacy significantly influences sustainable food production in Nigerian rural communities. As such, there is a need for the Nigerian government and financial authorities to embark on a financial literacy drive to increase financial literacy, particularly in light of ever-evolving disruptive financial technologies.

Aquinas and his near contemporaries had written against a background of unprecedented economic development in Europe. By the thirteenth century, a reorganisation of older feudal economic relationships in terms of new capitalistic principles had spread from its birthplaces, the towns of Northern Italy, to many other regions of the Continent. France, Germany, Flanders, and even England, felt the impact of the new modes of organisation. Populations had expanded steadily from about the year 1000, and a fresh growth of urban centres accompanied the expansion. In Germany alone, during the thirteenth century some 400 new towns were established. Such centres provided fertile grounds for industrial and financial innovation and, as a modern historian observes, ‘With the growth of urban industry and trade there emerged the whole complex of a capitalist system, such as partnerships, joint liability, banking, double-entry bookkeeping, bills of exchange and letters of credit.’1

In no other major branch of is there more uniformity among the principal legal systems of the world than in the of international sales. Contract relating to documentary transactions, the of carriage of goods by sea, rail, and air, the of marine insurance, and the of bank credits and acceptances, are basically the same in their general character-so far as international sales are concerned-in the so-called and civil systems as well as in the legal systems of the centrally planned economies of the Soviet Union, Eastern Europe, and China. The reasons for this are not hard to find. On the one hand, the merchants, carriers, underwriters, and bankers of the world who engage in international sales transactions have had centuries of experience in establishing common practices and common norms. Moreover, they continually renew their common traditions through negotiation of contracts, through arbitration of disputes, and through the establishment of rules by trade associations. On the other hand, lawyers and lawmakers of many countries have also responded, over the centuries, to the need for uniformity in the of international sales, and have helped to develop such universal legal institutions as the c.i.f. contract, the bill of lading, the marine insurance policy and certificate, the bill of exchange and letter of credit. Commercial codes of France, Germany, Italy, the Scandinavian countries, the United States, and other countries, and general commercial statutes like the British Sale of Goods Act, are themselves based partly upon the international law merchant, and national courts have received international commercial through the application of such codes and statutes as well as through interpretation of international sales contracts. Uniformity has also been bolstered by international conventions such as the Brussels Convention on Carriage of Goods by Sea and others, as well as by rules adopted at international conferences, such as the I932 WarsawOxford Rules for CIF Contracts, and by comprehensive contract conditions worked out for various types of exports by the United Nations Economic Commission for Europe. Finally, state trading agencies of all countries, including countries of centrally planned economy, have to a large extent adapted themselves to traditional international commercial-law institutions; indeed, even in trade with each other, the countries of centrally planned economy employ contract techniques and contract

The aim of the article is to examine the structures of electronic bills of exchange. It also includes an analysis of the proposed shape of an electronic bill of exchange prepared for the needs of the Polish legal system by the Working Group for distributed registers and blockchain, operating at the Ministry of Digitalization. The comparative and dogmatic methods were used for the analysis. According to the hypothesis put forward by the author, the introduction of the construction of an electronic bill of exchange to the Polish and foreign legal systems is necessary to maintain the functioning and importance of bills of exchange among securities that are traded in the economy. However, the implementation of an electronic promissory note requires appropriate legislative changes, as the current legal status does not allow for an unambiguous statement of the possibility of issuing them.

Development strategies increasingly emphasize agricultural development, employment, and equity; it is therefore important to examine the role of education in light of these new emphases. The purpose of this paper is to synthesize the conclusions of a number of studies of the effect of a farmer's educational level and exposure to extension services on his productivity. Eighteen studies conducted in low-income countries provided 37 sets of farm data that allow a statistical estimation of the effect of education. The overall conclusion of this paper is that farm productivity increases as a result of a farmer's completing at least 4 additional years of elementary education rather than none. Also, the effects of education were much more likely to be positive in modernizing agricultural environments than in traditional ones.

The article analyzes money flows associated with agricultural products exports from Orlovskaya Guberniya which help the authors to trace the geography of incomes from interregional trade and conclude about the economic changes in this agrarian region. The source base is statistics of interregional bank transfers, loans against goods transported by railways and bills of exchange with the payment outside the guberniya. These statistics refer to the Oryol Commercial Bank and the Oryol and Yelets branches of the State Bank of the Russian Empire in 1868, 1878, 1888 and 1898. Network and spatial analysis are applied to these data. To interpret the results the authors use narrative sources telling about the economical state of Orlovskaya Gubernia. The study concludes that the Riga-Oryol railway that assigned the gubeniya the interregional trade status partially lost its importance in 1890 as far as exports from the Black Earth Region are concerned. This led to more diversified form of profits based on agricultural products trade. Big money flows from St. Petersburg and Moscow can be explained not only by payment for goods but also by broader ties of the guberniya with the capitals. The latter fact requires further study. Exports to the southern regions of European Russia were less important and those to the east were negligible. In the 1890s many new interregional railways stimulated sharp trade increase within the Central Black Earth Region, but this phenomenon of regional development has also been poorly studied.

PurposeThe article makes a modest attempt to explore the level of financial literacy (FL) amongst the farmers in India. An effort was also made to unearth the factors affecting such FL.Design/methodology/approachThe study used secondary data on 11,030 farmers across various regions of India from the Financial Inclusion Insight Survey, 2017. Standard and Poor Global FL questions were used to measure the level of FL amongst the respondents. In addition to the appropriate statistical tools and techniques, the censored tobit regression model and generalized structural equation model were applied to explore the determinants of FL of the Indian farmers.FindingsThe outcome of the study indicated that the majority of Indian farmers are financially illiterate. The average FL score obtained by the sample farmers was found to be only 33%. The results of the study signaled significant regional variation in FL amongst the farmers across India. Apart from the regional variation in FL, farmer type, state-specific agricultural productivity, gender, marital status, age, educational attainment and financial inclusion were found to be the major determinants of the FL amongst the farmers.Originality/valueEvaluation of FL amongst farmers is scanty in the literature in developed nations and especially in the context of emerging economies, like India. The authors tried to fill this gap by exploring FL and its determinants amongst Indian farmers. In addition to this, the study for the first time used a comprehensive and rich dataset of 11,030 Indian farmers while exploring the level of FL and its determinants.

Debt behavior nowadays is a common thing for someone to do, from small children, adults to the elderly, they must have carried out debt and credit activities. People often use debt as an alternative to getting funds when they are pressed or when their finances are inadequate. This study aims to prove the relationship between Financial Literacy, Income, Marital Status, and Lifestyle that influence Debt Behavior. This study uses a quantitative approach using primary data from 99 respondents with a questionnaire as a data collection tool. The sample used in this study is the people of West Java Province with the Accidental Sampling method. The analytical method used to analyze the data is Partial Least Square with the outer model and inner model coefficient tests with the help of Smart PLS software. The results showed that financial literacy and income had an effect on debt behavior while marital status and lifestyle had no effect.

Abstract. Banking business in today’s realities is one of the most dynamic effectively progressing spheres of the economy. In current conditions, a situation has developed in Ukraine in which the main activity of the bank, which can really provide a profit, is credit activity. However, the implementation of this activity is accompanied by significant risks. This, in turn, determines the importance of the formation of effective decision-making systems in banking institutions regarding the loans issuance to economic entities. The outlined causes the need to conduct new scientific research directed to the efficiency increase of the credit activity of banking institutions, ensuring the quality of credit management.Within the article, the essence of the “bank credit management” category is substantiated, which is carried out based on the approaches analysis to considering this definition formed in the scientific literature, the study of the content of such categories as “credit” and “management”. As a result, the author’s understanding of the content of the bank’s credit management is proposed, namely: bank credit management –a separate component of bank management, a complex system of methods, tools, rules and norms used by employees to carry out credit activities by a banking institution based on the established basic principles of its implementation, and ensure financial stability of the bank, rational use of available financial resources and receiving profit. Within the article, basic substantive characteristics of the specified category are singled out, the features of the credit management formation by various economic entities, including enterprises, which do not provide financial services, are analyzed.The results of the analysis of the conducted research made it possible to determine and describe the role of the bank’s credit management in the development of the banking activity, establish that this activity is leading from the point of view the formation of income and profit of these institutions in Ukraine.

Rooted in the Anthropogenic Global Warming (AGW) theory, which underscores the human-induced drivers of climate instability, this study responds to the mounting financial challenges smallholder farmers face in adapting to climate change. Adapting to climate change presents mounting financial challenges for smallholder farmers, especially in developing countries where climate variability threatens agricultural productivity and economic stability. Within this context, climate financing behaviour—defined as farmers’ financial decisions explicitly aimed at managing climate-related risks—plays a critical role in building resilience. This study examines how financial literacy influences climate financing behaviour among horticultural farmers in East Java, Indonesia, with a specific focus on two adaptive strategies: accessing formal climate credit to support climate-resilient investments, and allocating post-harvest income into precautionary savings to buffer against future climate shocks. Using an Instrumental Variable (IV) approach, this study employs IV-Probit models to evaluate the effect of financial literacy on farmers’ decisions to utilize formal climate-oriented credit and engage in adaptive savings behaviour. IV-Tobit models are applied to analyze the influence of financial literacy on the amount of climate credit obtained and the volume of climate-related savings. Results indicate that financial literacy significantly increases the likelihood of adopting both climate credit and adaptive savings behaviours, although it does not significantly affect the financial volume associated with either. A disaggregated analysis shows that financial literacy enhances credit access primarily among middle-income farmers and promotes savings accumulation particularly among low-income farmers, suggesting that climate financing behaviour is moderated by income level. These findings emphasize the importance of targeted financial education and accessible climate finance instruments—such as tailored agricultural credit products and incentivized climate savings schemes—in strengthening smallholder farmers’ adaptive capacity in the face of escalating climate-related financial risks. By aligning with the Sustainable Development Goals, this study contributes to SDG 13 (Climate Action) through promoting climate-resilient behaviours and to SDG 10 (Reduced Inequalities) by highlighting differentiated impacts across income groups, thereby supporting inclusive adaptation strategies.

Market modernization and globalization have accelerated since economic liberalization in 1991, bringing revolutionarychanges to the Indian financial sector. Improvement has been made, but still, there are many obstacles to overcome beforethe great majority of Indians can enjoy stability, financial inclusion, and literacy. The financial system in India evolvesquickly in answer to changes in the global market, advances in technology, and changes in domestic legislation. Financialliteracy is essential to ensure development, stability, and inclusion in this new economic scenario. This study is descriptive.This study focuses on how the Indian financial system is currently doing, the gaps brought about by recent economicchanges, and by what means financial literacy could benefit from closing these gaps. The study emphasizes the need toprepare individuals with financial literacy to allow informed decision-making and economic involvement by examining thelinks between financial literacy and prominent industries including banking, digital finance, and financial inclusion.

Since 1991 Bulgaria has embarked upon legislative changes which mark the abandonment of centrally planned economic management in favour of free economic enterprise. This has entailed the adoption of a new constitution and changes in laws governing the operation of banks, credit and foreign exchange activities. In particular, the foreign exchange regime seeks to liberalise access to the foreign exchange market whilst controlling those aspects which may lend themselves to attempts to destabilise the foreign exchange regime itself criminal activity and money laundering.