The Evolution of Factoring: Institutions and Markets
Abstract
The article is devoted to the analysis of evolution of factoring as a trade and financial services complex, rendered by a factor company or a bank to a customer against account receivables purchased at a discount. It is argued that the factoring origin and development are related to organization and financing of trade, particularly international one. This relationship is traced from the age of Ancient Mesopotamian city-states to the present era of globalization. The authors offer and analyze three lines of factoring evolution, such as agential (institutional), instrumental and fi nancial. This approach has allowed them for the fi rst time in domestic economic publications to identify and describe historically original economic and legal phenomena that form the conceptual framework of modern factoring, arising in business of Assyrian merchants in XIX–XVIII centuries BC and Roman grain trade in I–VI centuries. Great attention is paid to the analysis of the processes of transition from trade to financial factoring in the late XIX century and development of innovative account receivables financing.
Keywords:
factors, factoring, agents, agent relationships, commission trade, international trade, account receivables, account receivables financing, trade credit, banks, commercial finance companies
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References
Литература на русском языке
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Published
2013-03-29
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Канаев, А. В., & Синица, Е. А. (2013). The Evolution of Factoring: Institutions and Markets. St Petersburg University Journal of Economic Studies, (1), 053–068. Retrieved from https://economicsjournal.spbu.ru/article/view/2061
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The history of economic growth and economic thought
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.
