I've fine-tuned a tool that advises the Bank of England what interest rates to set – here's what it says
- Written by Costas Milas, Professor of Finance, University of Liverpool
Interest rates were remarkably stable in ancient societies. It has been argued that this was because they reflected the local system of numerical fractions. Classical Greece had a “normal” interest rate of 10% per annum to reflect its smallest fractional unit, dekate, for instance, whereas classical Rome’s was 8.33% per annum to...
