Dr Tony Moore
Dr Tony Moore
- Lecturer in Finance
- Programme Director, MSc in Financial Regulation
- Programme Director, MSc Regulation and Compliance
- Programme Director, MA by Research in Economic History
Profile & Expertise
Dr Tony Moore is Lecturer in Finance at the ICMA Centre. He is Programme Director of 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’ and the Research Project/Dissertation options 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.
- History of finance
- Medieval history
- Contemporary attitudes to finance
Key publications, books, research & papers
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Financing the Hundred Years War
The organisation and financing of English expeditions to the Baltic during the later Middle Ages
The non-use of money in the Middle Ages
Did purchasing power parity hold in medieval Europe?
Bell, A. R.
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.
Cambium non est mutuum: exchange and interest rates in medieval Europe
Bell, A. R.
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.
Local administration during the period of reform and rebellion
'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
The fine rolls as evidence for the expansion of royal justice during the reign of Henry III
'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.
Le credit au Moyen Age: les prets a la couronne D'Angleterre entre 1272 et 1345
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.
'If I do you wrong, who will do you right?' Justice and politics during the personal rule of Henry III
The credit relationship between Henry III and merchants of Douai and Ypres, 1247-70
Bell, A. R.
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.
'Score it upon my taille': the use (and abuse) of tallies by the medieval Exchequer
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.
Medieval foreign exchange: a time series analysis
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.
The cost-benefit analysis of a fourteenth-century naval campaign: Margate/Cadzand, 1387
Moore, T. M.
Credit finance in thirteenth-century England: the Ricciardi of Lucca and Edward I, 1272-1294
Bell, A. R.
The loss of Normandy and the invention of Terre Normannorum, 1204
Moore, A. K.
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.
Interest in Medieval accounts: examples from England, 1272-1340
Bell, A. R.
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.
Digitising the Middle Ages: the experience of the 'Lands of the Normans' project
Mackenzie, E., McLaughlin, J., Moore, A.
Accounts of the English Crown with Italian merchant societies, 1272-1345
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.