The development history of bonds

Among securities, bonds have a longer history than stocks, and the earliest form of bonds is public bonds produced in the slavery era. According to documents, Greece and Rome began to borrow money from merchants, usurers and monasteries in the 4th century BC. After entering the feudal society, public bonds developed further, and many feudal lords, emperors and republics issued public bonds whenever they encountered financial difficulties, especially when there was a war. /kloc-at the end of 0/2 century, Florence, Italy, the most developed city at that time, the government raised bonds from the financial industry. Later, Genoa, Venice and other cities followed suit. At the end of 15 and the beginning of 16, the new continent of America was discovered, the air route between Europe and India was opened, and the trade was further expanded.

The war for overseas markets has made the Netherlands and Britain compete to issue public bonds to raise funds. Founded in 1600, the East India Company is the oldest joint-stock company in history. Besides issuing stocks, it also issues short-term bonds and trades them. During the War of Independence, the United States also issued various medium-term bonds and temporary bonds, and the issuance and trading of these bonds formed the initial securities market in the United States. After 1930s, American states issued a large number of interstate bonds.

19 railway bonds guaranteed by the government grew rapidly in the 1940s and 1950s, which strongly promoted the railway construction in the United States. From the end of 19 to the 20th century, capitalist countries in Europe and America entered the monopoly stage one after another. In order to ensure the source of raw materials and products market, establish and consolidate colonial rule, and accelerate the accumulation and concentration of capital, joint-stock companies issued a large number of corporate bonds and constantly created new types of bonds, thus forming today's multi-variety and diversified bond system.