Dr Tony Moore

'Dr Tony Moore

Dr Tony Moore

  • Lecturer in Finance
  • Programme Tutor, MSc in Financial Regulation
  • Programme Director, MA by Research in Economic History

Contact details

Profile & Expertise

Dr Tony Moore is Lecturer in Finance at the ICMA Centre. He is Programme Tutor on the MSc in Financial Regulation, a part-time degree for practicing regulators offered in collaboration with the Financial Conduct Authority. He convenes the modules ‘Stakeholders and the Business of Finance’ for the MSc and ‘Topics in Finance’ for third-year undergraduates. He is currently programme director of the MA by Research in Economic History in the Centre for Economic History and has taught for the Graduate Centre for Medieval Studies and the Department of History.

Previously he worked as Research Associate on two historical finance projects directed by Professors Adrian Bell and Chris Brooks. The first (2007-2010), funded by the ESRC examined the early sovereign debt market – focusing on the relationships between the Three Edwards (kings of England 1272-1377) and a succession of Italian merchant societies that served as ‘bankers to the Crown’. The second (2011-2014), funded by the Leverhulme Trust, investigated the early history of the Foreign Exchange market in medieval Europe. For more information on these projects, see apps.icmacentre.reading.ac.uk/medievalcredit/. Before joining the ICMA Centre, he completed a BA in History, an MPhil in Medieval History and a PhD at the University of Cambridge and worked on a one-year research project at the University of Sheffield.

His chief research areas are the history of finance and medieval history – and especially the history of finance during the Middle Ages. He is series editor of Palgrave Studies in the History of Finance. Other interests include contemporary perceptions of finance, the social utility of finance and the history of regulation.

Specialisms

  • History of finance
  • Medieval history
  • Contemporary attitudes to finance

Key publications, books, research & papers

Article

Did purchasing power parity hold in medieval Europe?

Bell, A. R. , Brooks, C. and Moore, T. K. (2016) Did purchasing power parity hold in medieval Europe? The Manchester School. ISSN 1467-9957 (In Press)

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This paper employs a unique, hand-collected dataset of exchange rates for five major currencies (the lira of Barcelona, the pound sterling of England, the pond groot of Flanders, the florin of Florence and the livre tournois of France) to consider whether the law of one price and purchasing power parity held in Europe during the late fourteenth and early fifteenth centuries. Using single series and panel unit root and stationarity tests and cointegration analysis on ten real exchange rates between 1383 and 1411, we show that the parity relationship held for the pound sterling and some of the Florentine florin series individually and for almost all of the groups that we investigate. Our findings add to the weight of evidence that trading and arbitrage activities stopped real exchange rates deviating permanently from fair values. This research extends the results reported in other studies back more than 600 years.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

Local administration during the period of reform and rebellion

Moore, T. (2017) Local administration during the period of reform and rebellion. In: Jobson, A. (ed.) Baronial Reform and Rebellion in England, 1258-1267. Boydell Press, Woodbridge. ISBN 9781843834670 (In Press)

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

'According to the law of merchants and the custom of the city of London': Burton v. Davy (1436) and the negotiability of credit instruments in medieval England

Moore, T. (2016) 'According to the law of merchants and the custom of the city of London': Burton v. Davy (1436) and the negotiability of credit instruments in medieval England. In: Allen, M. and Davies, M. (eds.) Medieval Merchants and Money: Essays in Honour of James L. Bolton. Institute of Historical Research, London. ISBN 9781909646162 (In Press)

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

Cambium non est mutuum: exchange and interest rates in medieval Europe

Bell, A. R. , Brooks, C. and Moore, T. K. (2016) Cambium non est mutuum: exchange and interest rates in medieval Europe. The Economic History Review. ISSN 1468-0289 doi: 10.1111/ehr.12374

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A major gap in our understanding of the medieval economy concerns interest rates, especially relating to commercial credit. Although direct evidence about interest rates is scattered and anecdotal, there is much more surviving information about exchange rates. Since both contemporaries and historians have suggested that exchange and rechange transactions could be used to disguise the charging of interest in order to circumvent the usury prohibition, it should be possible to back out the interest rates from exchange rates. The following analysis is based on a new dataset of medieval exchange rates collected from commercial correspondence in the archive of Francesco di Marco Datini of Prato, c.1383-1411. It demonstrates that the time value of money was consistently incorporated into market exchange rates. Moreover, these implicit interest rates are broadly comparable to those received from other types of commercial loan and investment. Although on average profitable, the return on any individual exchange and rechange transaction did involve a degree of uncertainty that may have justified their non-usurious nature. However, there were also practical reasons why medieval merchants may have used foreign exchange transactions as a means of extending credit.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

The fine rolls as evidence for the expansion of royal justice during the reign of Henry III

Moore, T. (2015) The fine rolls as evidence for the expansion of royal justice during the reign of Henry III. In: Crook, D. and Wilkinson, L. J. (eds.) The Growth of Royal Government Under Henry III. Boydell and Brewer, Woodbridge, pp. 55-71. ISBN 9781783270675

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

'If I do you wrong, who will do you right?' Justice and politics during the personal rule of Henry III

Moore, T. (2015) 'If I do you wrong, who will do you right?' Justice and politics during the personal rule of Henry III. In: Thompson, B. and Watts, J. (eds.) Political Society in Later Medieval England: A Festschrift for Christine Carpenter. Boydell and Brewer, Woodbridge, pp. 15-37. ISBN 9781783270309

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

'Other Cities Have Citizens, London's are Called Barons': connections between London and Essex during the Magna Carta Civil War (1215-17)

Moore, T. K. (2015) 'Other Cities Have Citizens, London's are Called Barons': connections between London and Essex during the Magna Carta Civil War (1215-17). In: Wilkin, A., Naylor, J., Keene, D. and Bijsterveld, A.-J. A. (eds.) Town and Country in Medieval North Western Europe: Dynamic Interactions. The Medieval Countryside (11). Brepols, Turnhout, pp. 189-216. ISBN 9782503533872

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Conference or Workshop Item

Le credit au Moyen Age: les prets a la couronne D'Angleterre entre 1272 et 1345

Bell, A. , Brooks, C. and Moore, T. (2015) Le credit au Moyen Age: les prets a la couronne D'Angleterre entre 1272 et 1345. In: Resources publiques et contstruction étatique en Europe XIII-XVIII siecle, 2-3 July 2012, Colloque organise par l'IGPDE avec l'Université Paris 1 Pantheon-Sorbonne et ses laboratoires (IDHE, LAMOP, EA 127, SAMM) et le laboratoire d'excellence ReFi (heSam), pp. 117-130. (Colloque des 2 et 3 juillet 2012 sous la direction de Katia Beguin)

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A summary of some of the key findings of a recent ESRC-funded project based at the ICMA centre, University of Reading. This study applied modern financial analysis and theories to the early history of sovereign debt, in this case the credit arrangements between the ‘Three Edwards’, kings of England 1272-1377, and a succession of Italian merchant societies.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

Medieval foreign exchange: a time series analysis

Bell, A. , Brooks, C. and Moore, T. (2013) Medieval foreign exchange: a time series analysis. In: Casson, M. and Hashimzade, N. (eds.) Large Databases in Economic History: Research Methods and Case Studies. Routledge Explorations in Economic History. Routledge, Abingdon, pp. 97-123. ISBN 9780415820684

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This chapter applies rigorous statistical analysis to existing datasets of medieval exchange rates quoted in merchants’ letters sent from Barcelona, Bruges and Venice between 1380 and 1310, which survive in the archive of Francesco di Marco Datini of Prato. First, it tests the exchange rates for stationarity. Second, it uses regression analysis to examine the seasonality of exchange rates at the three financial centres and compares them against contemporary descriptions by the merchant Giovanni di Antonio da Uzzano. Third, it tests for structural breaks in the exchange rate series.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

'Score it upon my taille': the use (and abuse) of tallies by the medieval Exchequer

Moore, T. (2013) 'Score it upon my taille': the use (and abuse) of tallies by the medieval Exchequer. Reading Medieval Studies, 39. pp. 1-18. ISSN 950-3129

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The paper traces the evolution of the tally from a receipt for cash payments into the treasury, to proof of payments made by royal officials outside of the treasury and finally to an assignment of revenue to be paid out by royal officials. Each of these processes is illustrated by examples drawn from the Exchequer records and explains their significance for royal finance and for historians working on the Exchequer records.

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

The cost-benefit analysis of a fourteenth-century naval campaign: Margate/Cadzand, 1387

Moore, T. M. (2012) The cost-benefit analysis of a fourteenth-century naval campaign: Margate/Cadzand, 1387. In: Gorski, R. (ed.) Roles of the sea in medieval England. Boydell and Brewer, Woodbridge, pp. 103-124. ISBN 9781843837015

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

The non-use of money in the Middle Ages

Bell, A. and Moore, T. (2013) The non-use of money in the Middle Ages. In: Mayhew, N. (ed.) Peter Spufford's Money and its Use in Medieval Europe - Twenty-five Years On. Royal Numismatic Society Special Publication (50). Royal Numismatic Society . ISBN 0901405698 (In Press)

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

The credit relationship between Henry III and merchants of Douai and Ypres, 1247-70

Bell, A. R. , Brooks, C. and Moore, T. K. (2014) The credit relationship between Henry III and merchants of Douai and Ypres, 1247-70. Economic History Review, 67 (1). pp. 123-145. ISSN 1468-0289 doi: 10.1111/1468-0289.12013

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This article looks at an important but neglected aspect of medieval sovereign debt, namely ‘accounts payable’ owed by the Crown to merchants and employees. It focuses on the unusually well-documented relationship between Henry III, King of England between 1216 and 1272, and Flemish merchants from the towns of Douai and Ypres, who provided cloth on credit to the royal wardrobe. From the surviving royal documents, we reconstruct the credit advanced to the royal wardrobe by the merchants of Ypres and Douai for each year between 1247 and 1270, together with the king’s repayment history. The interactions between the king and the merchants are then analysed. The insights from this analysis are applied to the historical data to explain the trading decisions made by the merchants during this period, as well as why the strategies of the Yprois sometimes differed from those of the Douaissiens.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

Credit finance in thirteenth-century England: the Ricciardi of Lucca and Edward I, 1272-1294

Bell, A. R. , Brooks, C. and Moore, T. K. (2011) Credit finance in thirteenth-century England: the Ricciardi of Lucca and Edward I, 1272-1294. In: Burton, J., Lachaud, F., Schofield, P., Stöber, K. and Weiler, B. (eds.) Thirteenth-century England XIII: proceedings of the Paris conference, 2009. Thirteenth-century England (13). Boydell and Brewer, Woodbridge, pp. 101-116. ISBN 9781843836186

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

Interest in Medieval accounts: examples from England, 1272-1340

Bell, A. R. , Brooks, C. and Moore, T. K. (2009) Interest in Medieval accounts: examples from England, 1272-1340. History, 94 (316). pp. 411-433. ISSN 1468-229X doi: 10.1111/j.1468-229X.2009.00464.x

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The charging of interest for borrowing money, and the level at which it is charged, is of fundamental importance to the economy. Unfortunately, the study of the interest rates charged in the middle ages has been hampered by the diversity of terms and methods used by historians. This article seeks to establish a standardized methodology to calculate interest rates from historical sources and thereby provide a firmer foundation for comparisons between regions and periods. It should also contribute towards the current historical reassessment of medieval economic and financial development. The article is illustrated with case studies drawn from the credit arrangements of the English kings between 1272 and c.1340, and argues that changes in interest rates reflect, in part, contemporary perceptions of the creditworthiness of the English crown.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

Digitising the Middle Ages: the experience of the 'Lands of the Normans' project

Mackenzie, E., McLaughlin, J., Moore, A. and Rogers, K. (2009) Digitising the Middle Ages: the experience of the 'Lands of the Normans' project. International Journal of Humanities and Arts Computing, 3 (1-2). pp. 127-142. ISSN 1755-1706 doi: 10.3366/ijhac.2009.0012

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book

Accounts of the English Crown with Italian merchant societies, 1272-1345

Bell, A. , Brooks, C. and Moore, A. (2009) Accounts of the English Crown with Italian merchant societies, 1272-1345. Standard List, 331. The List and Index Society, Kew, pp306. ISBN 9781906875183

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The credit arrangements between the three Edwards and Italian merchants were crucial for financing England’s ambitious foreign policies and ensuring the smooth running of governmental administration. The functioning of this credit system can be followed in detail through the well-kept but mostly unpublished records of the English Exchequer. This volume combines a transcription of the most important surviving accounts between the merchants and the Crown, with a parallel abstract presenting the core data in a double-entry format as credits to or debits from the king’s account. This dual format was chosen to facilitate the interpretation of the source while still retaining the language and, as far as possible, the structure of the original documents. The wealth of evidence presented here has much value to add to our understanding of the financing of medieval government and the early development of banking services provided by Italian merchant societies. In particular, although the relationship between king and banker was, for the most part, mutually profitable, the English kings also acquired a reputation for defaulting on their debts and thus ‘breaking’ a succession of merchant societies. These documents provide an essential basis for a re-examination of the ‘credit rating’ of the medieval English Crown.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

The loss of Normandy and the invention of Terre Normannorum, 1204

Moore, A. K. (2010) The loss of Normandy and the invention of Terre Normannorum, 1204. English Historical Review, 125 (516). pp. 1071-1109. ISSN 0013-8266 doi: 10.1093/ehr/ceq273

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The conquest of Normandy by Philip Augustus of France effectively ended the ‘Anglo-Norman’ realm created in 1066, forcing cross-Channel landholders to choose between their English and their Norman estates. The best source for the resulting tenurial upheaval in England is the Rotulus de valore terrarum Normannorum, a list of seized properties and their former holders, and this article seeks to expand our understanding of the impact of the loss of Normandy through a detailed analysis of this document. First, it demonstrates that the compilation of the roll can be divided into two distinct stages, the first containing valuations taken before royal justices in June 1204 and enrolled before the end of July, and the second consisting of returns to orders for the valuation of particular properties issued during the summer and autumn, as part of the process by which these estates were committed to new holders. Second, study of the roll and other documentary sources permits a better understanding of the order for the seizure of the lands of those who had remained in Normandy, the text of which does not survive. This establishes that this royal order was issued in late May 1204 and, further, that it enjoined the temporary seizure rather than the permanent confiscation of these lands. Moreover, the seizure was not retrospective and covers a specific window of time in 1204. On the one hand, this means that the roll is far from a comprehensive record of terre Normannorum. On the other hand, it is possible to correlate the identities of those Anglo-Norman landholders whose English estates were seized with the military progress of the French king through the duchy in May and June and thus shed new light on the campaign of 1204. Third, the article considers the initial management of the seized estates and highlights the fact that, when making arrangements for the these lands, John was primarily concerned to maintain his freedom of manoeuvre, since he was not prepared to accept that Normandy had been lost for good.

Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Events

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Taught modules

Research Project

The aim of the research project is to allow students to define and execute a piece of research in finance on a topic of their choice, with direction from an academic supervisor and with assistance from a doctoral student support supervisor.

The aim of the research project is to allow students to define and execute a piece of research in finance on a topic of their choice, with direction from an academic supervisor and with assistance from a doctoral student support supervisor.

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Topics in Finance

Provides students with an understanding of finance and the ability to place financial innovations within a contemporary and historical framework. Modules will vary from year to year but may include: the history of finance; pensions and the cult of the equity; commodities; current issues in finance;…

Provides students with an understanding of finance and the ability to place financial innovations within a contemporary and historical framework. Modules will vary from year to year but may include: the history of finance; pensions and the cult of the equity; commodities; current issues in finance;…

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Stakeholders and the Business of Finance

This module seeks to establish a wide-ranging, substantive foundation for the study of financial regulation through developing a strategic understanding of the financial sector’s landscape, the business and underlying activities of a broad range regulated financial entities and the allied risks as…

This module seeks to establish a wide-ranging, substantive foundation for the study of financial regulation through developing a strategic understanding of the financial sector’s landscape, the business and underlying activities of a broad range regulated financial entities and the allied risks as…

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News & Media Appearances

Our faculty feature in radio, tv and newspaper segments across the globe using their research and expertise to comment on current events. Find the latest media appearances using the filters below.

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Selected research grants

Medieval Foreign Exchange c. 1300-1500

The Leverhulme Trust has recently awarded a Research Project Grant worth almost £200,000 to Professors Adrian Bell and Chris Brooks, working with Dr Tony Moore, to examine in detail the workings of the foreign exchange markets in fourteenth- and fifteenth-century Europe. This will be the first project to systematically study both the short- and long-run determinants of medieval foreign currency…

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Credit Finance in the Middle Ages: Loans to the English Crown c. 1272-1340

The Economic and Social Research Council (ESRC) awarded Professors Adrian Bell and Chris Brooks a major research grant worth just over £350,000 (RES-062-23-0733) to investigate the early and innovative use of credit finance by medieval English monarchs. The project ran from December 2007 to December 2010 and employed a full time Research Associate, Dr Tony Moore.

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Debt and default in medieval England

The Economic History Society has awarded a Carnevali Small Research Grant worth £3,000 to Dr Tony Moore, a medieval economic historian, and Dr Miriam Marra, a finance academic specialising in credit risk, both academics teaching at the triple-accredited  Henley Business School‘s ICMA Centre.

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