History of Finance

Room of market of the NYSE before the introduction of the screens and electronic quotation
One generally dates the beginning from modern finance, as a field of study and research at 1958. It is as from this time that this discipline became a under-discipline of the economy, by borrowing its formalized reasoning and its mechanisms of optimization to him. Previously, financial management consisted primarily of a collection of practices.

Finance became largely nowadays a trade of instruments and transfer of anticipations of incomes and risks whose prices can be negotiated on markets or near institutions. The risks in particular can be thus transferred to those laid out to take them (against hoped incomes), and the financial intermediaries can practice a compensation of the opposite risks (for example, the exchange rate risk of an importer is opposite of that of an exporter, the risk of rate of a lender is opposite of that of a borrower,…), the diversification of the risks, etc

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