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Francesco la manna assiom/forex

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Most modem interpreters attribute to the ancients a far more accurate geographical knowledge thaTi they possessed. There is certainly no spot in Amurru which fits this terminology. This location of Eden is confirmed by Gen. Damascus is a splendid oasis. Arabic writers in later time have often compared it to Paradise.

Is it not possible that Amos was anticipating them? That he did not intend to be taken literally, but was speaking in metaphor? With the evidence everywhere in sight of his colossal doings, in his efforts to harness the two rivers, it is inconceivable that the ancient CQuld satisfy himself that this had been Paradise and that primeval man lived there.

It is difficult to conceive how even an intelligent Babylonian could have come to such belief. Andrae at Ashur, we are told in lines how Ea created mankind and in lines how the first dwelling of men and gods was established at Babylon. There were in Babylonian mythology several conceptions of Paradise, One of these represented it as a mountain. It has been thought by some that Ezekiel, who wrote in Babylonia, was influ- enced by more than one of these Babylonian myths.

The tree with its fruit and its primitive society seem to go back to a pre-Babylonian Arabian oasis life. The writer holds, however, no brief for either of these views: he is only de- sirous of discovering the truth, and, to that end, asks of himself and others that all evidence be fairly treated, and that the con- clusions reached be dictated by the evidence. The evidence, when so treated, does not seem to support the conclusions Professor Clay draws from Babylonian climate.

Semitic OriginSy p. That field is frequently called the gan which was beloved of the God Ningirsu — gcmy being the same Semitic word as the Hebrew p. For this reason the Gu-edin might easily become in the tradition Gan-edin. The river Pishon could plausibly be derived from Pasir, the name of a canal and pool mentioned by Entemena Alabaster Tablet iv, 7 by supposing that the r of Pasir had been changed into the corresponding liquid «.

Gihon might easily be a corruption of Glr-nun, part of the Sumerian name of a canal at Lagash often called Lum-ma-glr-nun-ta as e. Entemena, Cone A iii, 20; v, 9, 10; Cone B v, 12, 32, All the elemoats of Eden are present, so far as physical characteristics are concerned, and aU the names of physical objects. Only Adam, Eve, the serpent and the Fall are lacking. There is no evidence that divine names common to Baby- lonia and the West were current in the West before they were current in Babylonia.

It is pure assumption to say that they were. Such linguistic evidence as we have, as has been said above, points to the opposite conclusion. Apsu is applied in Sumerian, as many passages show, to "the subterranean waters. The Sumerian word for father is ad; ab is Semitic. This combined phrase ab-zu is evidence of the mixed character of the population of Lagash at the end of the fourth millennium b, c. Thereupon a boundary-ditch, a stele, and emblems of the gods were called into existence, like Cherubim, to keep them out.

Barton genitor of all things, gods and men, just as they represented Tiamat as the primal mother. Thus here on Babylonian soil we have a complete and satisfactory account of the origin of this word and of the part Apsu plays in the creation epic. Whether this apsu has any con- nection with the Hebrew DDK, is more than doubtful. The root of DDK seems not to occur in the other Semitic languages. In any event, if it is in any way connected with dbsu, we may be very sure the borrowing was from east to west and not from west to east.

Again, with reference to the word mummu in the creation epic. Hoffmann has poined out that the Bed Sea littoral is in Arabic called Tihamat. The word was probably employed, therefore, in a similar sense in Arabic — a fact which shows it to have been primitive Semitic, since it survived in both the eastern, western, and southern divisions of the Semitic people.

The Amorifes in Western Asia 37 This being the case, its participle, mummu, was not borrowed bv the Babylonians from the West, but was native to early Akkadian speech. Though it became obsolete afterward, just as many words used in the language of the time of Alfred the Great are no longer employed in England, it has survived to later time in the archaism of the creation poem and in the common Akkadian word tamtu.

In conclusion, the situation, as it appears to me, may be briefly summarized as follows. His assumptions are 1. His wrong emphasis leads him to build on small details without reference to the broader considerations by which these details should be interpreted- When so interpreted, the de- tails which he has accumulated assume an important part in a whole that is very different from the one conceived by him. Thus he has, I think, made it probable that some East Semitic words, which became obsolete in later Akkadian, survived in the West.

His extensive study of proper names has added much to our knowl- edge. It is clear, I think, that there is a type of proper name that can probably be called Amorite which differs from the Akk adian type. It is this fact which leads me, in connection with other evi- dence already set forth in this article, to believe that the Amorites were not identical with the Akkadians, but were their East Semitic kinsmen, who, about b.

Some few of them did so, but the rest, being unable, swept westward, occupying the land between the Euphrates and the Mediterranean, surging on to the borders of Egypt. Speaking a dialect closely akin to Akkadian, on account of frequent intercourse between Amorites in Babylonia and those in the West, Amorites in the West adopted the Akkadian system of writing, which they distributed over the West and mediated to the Hittites.

These in turn, between and , were followed by the Arameans. Sayce reads the name Karri, by which some Indo-European kinsfolk of the Mitanni who lived in the region of Harran were designated, Murri, identi- fies these Murri with the Amorites, and argues that the Amorites were Indo-Europeans. It also leaves entirely imexplained the large number of proper names in Babylonia and elsewhere which do not conform to the Akkadiim type, as well as the elements in these names, which appear to connect the people with South Arabia.

Forrer in ZDMG, 76, A Hittite ori- gin of the name is by no means necessary, since a thoroughly good Semitic explanation of the name is equally possible. Dagan may well have been a Semitic name for the rain god— another name for Hadad, Adad, Kamman. Since the weather god was such a prominent Semitic deity, a Semitic origin for Dagan seems far more probable than a Hittite origin.

A word may thus be defamatory because, though innocent in itself, it is misapplied- Also a word legitimately describing a person, is in law, if maliciously employed, a slanderous defamation: patitarn patiteiy uJctvd cdurarn cdureti vd punah vacandt tulyadosah sydn mithyd dvirdosatam vrajet It is as much of a criminal offence to call an outcast an outcast or a thief a thief as it is to commit the sm of outcast or thief , and if the accusation is false the offence is twice as great Nar.

Trug and Avestan aiwi-druj. With ahhi, druh is especially malicioua reviling and in legal language abhidroha interchanges with droha in the sense of dJcrosa, defamation M. The present study is concerned rather with those legal expres- sions which directly express defamation.

Compare Mbh. Defamation can of course always be expressed by a malicious denial of a virtue or by uniting a simple word for speaking with another word implying verbal assault. So in M. It is interesting to see that, even in this attempt at scientific definition, abhidroha and upaksepa are still employed also to characterize assault as weU as abuse Nar. If it is combined with reproach, it is called nisthura, the least form of abuse; if indecent, it is called ailila; and if it involves an offence causing loss of caste, it is called tivra.

The penalty is in accordance with the severity of the offence. Assault is characterized by an attack on the person of another, such as flinging ashes or other things over him. Assault may be committed by hand, foot, or weapon. In Yaj. So AB. The nir in nirvacanam, etc. With upa, this special sense is not rare in the early authors, but does not seem to have been used by legal authorities, probably because the meaning markedly shifts from blame to praise. Thus in KV. But this is not a legal expression.

Probably the difference is not more than that between detraction and blame. According to G. The quotation given above from the Aitareya Brah- mana is only one of many where in early language anu-vyahat is used to make a noun or verb in the evil sense. But the danger of con- fusion between the harmless and injurious meanings may have led to its rejection by legal writers. Com- pare avivadisnu and vivdJc, as Yedic examples for the disputa- tious force of the preposition here.

Vivada is a law-suit, virodha, dispute. The preposition dbhi with words of speaking gives besides the meaning, address, explain the sense of greet, dbhivada, greeting in a polite sense Manu, etc. Turning now to legal phrases of defamation in general, we find that they are not usually drawn from words such as we have been considering, but from those which give a more vivid presentation of the act of insulting and cursing.

Like in-sult itself, indicating 46 E. So adhiksip is insult in epic and legal Imiguage, M. The noim is a regular legal word for defama- tion, ksepayukta words are defamatory. It is found in krosfar. Jackal krunc, curlew? Other words meaning cry out apart from speak, above such as krand, nad, gkus, do not develop any such defamatory sense.

With apa, dbhi objurgate and especially with d, this is the commonest word for defame, being used by three early legal writers, Gautama, Apastamba, and Va- sistha, as well as by Manu and Visnu, etc. Another instance of dkroSeme not used in old writers occurs in Vi. Compare Taj. I have not foimd the word elsewhere before Nar. As this is apparently a popular locution introduced into law, so in Yaj.

Of all these expressions, the most interesting is dbhisansana, which in the earliest code is used in the sense of defamation and accusation, e. A person accused, though not found guilty, goes by the name of abhisasta, accursed, e. G- 2, 35, grouped with outcasts, patUa, as opposed to prasasta, praised, ex- cellent. According to Ap. Latin censeo and Avestan fra-sasta prasasta show that praise and blame may spring from the same radical; abhisasta is accursed but vaksastam Yaj.

The legal abhisansana thus appears to be a growth from the sense of reciting or singing a spell against a person or cursing him. The root does not combine with dpa or dva except in AV. In EV. Thus, dnabhisasta, EV. Thus AB. Other words for sing have a less marked and totally im-legal development ; but it may be worth mentioning that from gd, sing, we find vi-gdna and vi-glta in the sense of insult; while abhi-gd is distinctly incantare in AB.

If gur is a form of gar, sing Lith. Der erste Abschnitt enthalt eine Beschreibxmg der Welt- alter; der zweite behandelt die Entfaltnng, der dritte die Anflosimg der Welt. Das Stiick steht der Samkhyalehre fern. Von den psycbischen Organen findet sich hier nur das manas; aharnJcdra nnd huddhi feMen. Snchen wir die Lehre des Stiickes selbst kurz zu charakterisieren.

Das oberste Princip ist das brahma. Es ist ewig nnd nnvergang- lich , Dane- ben heisst es zwar anch, dass es der Isvara ist, der die Entfaltnng des brahma veranlasst , ; an einer anderen Stelle, dass sich die Welt in ihn auflost , 1 , nnd anch , 26 wird er als Weltschopfer erwahnt. Aber das sitzt alles recht locker. Be- merkenswert ist die erste dieser Stellen , 30 ff. In Edge dessen musste ein Eingehen auf manche Probleme, die am Wege lagen, hier noch vermieden werden, weil sie jene Behandlung voraussetzen.

Die Mahabharatatexte citiere ich nach der tlbcrsetzung von Deussen. Der isvara scheint also in unserem Stiick nicht urspriinglich. Doch das ist ziemlich nebensachlich, denn theistische Umformnng einer Lehre ist in diesen Texten gang nnd gabe. Ans dem brahma geht zuerst das mahad bhutarn hervor, das offenbar noch zum avyaktam gerechnet wird, denn bei der nachsten Wesenheit, dem manas, wird ausdriicklich betont, dass es zum vyaktam gehort vgl.

Damit ist eine Accumulationstheorie verkniipft, dass nam- lich jedes folgende Element die gums aller vorhergehenden be- sitzt. Es folgt, wie aus diesen Elementen sich der Korper zusam- mensetzt. Dann wrird Prajapati oder Brahma als Schopfer der einzelnen Wesen eingefiihrt. Ist der Tag des brahma zu Ende, so erfolgt die Auflosung der Welt in das brahma in umgekehrter Eeihenfolge.

Diese Weltentwicklung unterscheidet sich stark von der Sam- khyalehre, vor allem dadurch, dass der ahamkdra fehlt und die Elemente nicht aus ihm sondem aus dem manas hervorgehen. Untersuchungen zum MohsadharTna 53 dharma sich findet. Jche vdyuh pralayam ydti manasy dkdsam eva ca mano hi parainarp, hhutarn tad avyahte prallyate Das entspricht genau der Beschreibiing in M XII ; dass statt des brahma purusa steht ist tinbedeutend.

Wie dort in den oben angefiihrten Versen an Stelle des mahad bhutam bloss der Aus- druck avyaJctam steht, so auch hier. Hier ist zwischen mamas nnd avyaJctam, vyaktam als eigene Wesen- heit eingeschoben. VieUeicht ist es durch eine Zerlegung des vyaktdtmakam manas entstanden. Ein derartiges Erweitem einer Entwicklungsreihe wird nns auch sonst noch begegnen. Im iibrigen stimmt die Schilderung genau mit der vorhergebenden iiberein. Auffallig ist, dass diese Schilderungen beide in Pahcaratratexten stehen, einer Lehre die in ihren spateren Schriften sich eng an das Sainkhya anschliesst, nnd auch in diesen Abschnitten des Mahabharata starken Einflnss des Samkhya zeigt.

Hier wird zuerst das Aufgehen der Elemente ineinander in ganz ahnlicher Weise wie M XII ge- sdiiidert, dann heisst es weiter : dkdsam apy abhinadan mano grasati cadhikam Wir finden hier die sainkhyistische Dreiheit des Innenorgans, manas, ahamkdra und mahdn dtmd. Das erklart sich nngezwimgen dnrch Einwirknng der Lehre von M XII , nach der die Ele- mente in das manas eingehen, imd wo Schbpfnng nnd Kesorption der indriyas fehlen. Characteristisch ist auch, dass das Hervorgehen der Sinnesorgane v.

Aber das gehort nicht zur eigentlichen Schule, aondern steht imter andem Einflfissen, wie z. Anaserdem zeigt das Samkhya im Visnupurana bereits aehr fortgeschrit- tene Entwicklung und ist, wie schon die Kenntnis der tanmdiras beweist, jftnger als der grosste Teil der Mahabharatatexte. Untersuchungen zum MoJcsadharma 55 Eindringen fremden Materials begiinstigte. So ergibt sich denn gleich die Prage, ob wir nicht anch sonst Spuren dieser Lehre finden, und gliicklicherweise konnen wir diese Prage bejahen.

Als Znsatz sind nur die Verse zn streichen, iiber die wir nachher zu sprechen haben werden. Die Lehre steht dem Samkhya fern. Die Gnnalehre fehlt. Anch in dem Zusatz w. Sonst findet sich das Wort guim nur einmal v. AJiamJcdra xind buddhi sind nnbekannt; als geistiges Organ erscheint nur das manas.

Das oberste Princip ist in dieser Lehre der dtmd, der ganz in der Weise der Upanisaden geschildert wird v. Die individuelle Seele wird durch die Bezeich- nnng bhutdimd davon nnterschieden w. Aufgezahlt werden die 5 Elemente v. Wie ihre Ent- stehung zu denken ist zeigt der vorliegende Text.

Es ist die alte Yorstellung, wie wir sie in den Mteren Dpanisaden z. Hier heisst es v. Frauwallner 5 Elemente, das vianas und den bhutatmd. Vers 18a: avyaJctam sarvadehesu martyesv amrtam dhitam, zeigt, dass der hhutdtmd als avyaktam betrachtet wird, gerade wie das mahad hhutam in M XII Es ist also wohl nicht nnwahrscheinlich das mahad hhutam entsprechend dem hhutdtmd hier, als den in die Welt ein- gegangenen Teil des dtmd zu interpretieren.

Wollte man es als psychisches Organ entsprechend dem manas anffassen, so ware nn- verstandlich, warum es ihm als avyaktam gegeniibergestellt wird: gegen die Auffassnng als prakrti spricht das Eingehen als Be- standteil in den Korper der Wesen. Wir haben noch den Zusatz v. Wir konnen aber auch sehen, was den Zusatz veranlasst hat. Im nachsten Vers heisst es: evam saptadasarn dehe vrtam sodasahhir gunaih.

Diese 16 gunas soUen die eingeschobenen Verse aufzahlen. Das ist aber gar nicht not- wendig. Eine Zusammenzahlung der im vorhergehenden aufge- zahlten Principien ergibt ungezwungen die 16 Zahl. Auch M XII , 12 wird der Korper sodasdtmaka genannt und auch dort lasst sich die Zahl auf die selbe Weise erklaren, wahrend von cetana u.

Ein weiterer wichtiger Text fiir unsere Lehre ist der Schop- fungsbericht im ersten Buch des Manavadharmasastram. Ixxxiii-xc eine ausfiihrliche Zusammen- steUung. Allerdings der Schluss, den Buhler aus den tlberein- stimmungen zwischen Manusmrti und Mahabharata zieht, dass namlich beide aus der im Umlauf befindlichen Spruchweisheit schopften, lasst sich gerade auf unseren Pall nicht anwenden.

Das gibt uns auch den Scbliissel znm Verstandnis des Manutextes. Vergleichen wix znerst folgende Stellen: Mann 1 Versuchen wir die Mannstelle nach der Lehre von M XII zn erklaren, dann waren die 7 purusas der individnelle dtmd, das manas nnd die 6 Elemente. Dass der bhutdtmd mitgezahlt ist zeigt v. Aber anch was die Sechs sind bleibt nicht zweifelhaft, denn v. Frauwallner Feme Teile dieser 6 tmermesslich gewalidgen mit Teilen von sich Selbst verbindend schnf es das brahma alle Wesen.

Weil es mit feinen korperbildenden Teilen in jene Sedbs eingeht, darum nennen die Weisen den von ibm angenommenen Kdrper sarxram, In diesen gehen die grossen Elemente samt ihren Funk- tionen, das manas nnd das unvergangliche, alle Wesen schaffende brahma mit feinen Teilen ein. Ans feinen korperbildenden Teilen dieser 7 selir gewaltigen purusas entsteht also dieses alles, das vergangliche aus dem nn- verganglichen. Der Gedankengang ist auf diese Weise voUkommen klar nnd geschlossen.

Sicher ist aber anch, dass diese Verse an das vorher- gehende nicht anschliessen nnd mit der Anfzahlnng der Samkliya- principien in w. Um das zn erklaren miissen wir znerst die tibrigen mit M XII iibereinstim- menden Verse betrachten. Hiebei zeigt ein Blick anf die TabeUen Biihlers vgl. I fast genan M XII , , 7 entspricht; das heisst, es findet sich hier der gauze Anfang des Berichtes iiber die Weltalter imd die Weltschopfung bis dotthin, wo die oben behandelte Stelle einsetzt; nur die Beschreibung der Verschlechtemng der Weltalter M XII , ist in der Manusmrti hinter den Schopfungsbericht geruekt.

Die Mannsmrti hat also die ganze Lehre von Weltaltem nnd Weltschopfung iibemommen, nur hat sie sie zerrissen. Die Bede des Mann enthalt am Anfang den Mythus vom Weltenei, daran ist nngeschickt genng die Anfzahlnng der Samkh- yaprincipien geschlossen, dann folgt aus tmserer Lehre die Stelle, wie sich die Elemente, manas nnd ihutatmd zur Bildung der Wesen zusammenschiiessen, darauf tritt wieder der Gott Brahma anf nnd schafft die einzelnen Klassen von Wesen, die Veden n.

Die ganze Znsammenfugung ist recht plump nnd gibt naturlieher Weise, wie die vergeblichen Bemiihnngen der Erldarer zeigen, kein einheitliches Bild. M XII , 8, der die Accnmnlationstheorie enthalt nnd im Untersuchungen zum Moksadharma 59 Mahabharata sich in Polge dessen iinmittelbar an die Lehre von der Entstehnng der Elemente anschliesst, bier zu dem anderen Stuck gezogen und Manusm.

I 20 ganz ohne Zusanunenhang eingeschoben ist. Es ist sehr wahrscheinlich, dass diese Zerreis- sung erst bei der Bhrgurecension des Manutextes erfolgte, da doch offenbar erst diese den zweiten Sprecher Bhrgu einfiihrte. Auf dieser Umformung beruht anch der Einschub der samkhyistischen Verse Manusm. Piir unsere IJntersuchung ist diese Prage iibrigens ziemlich belanglos. Bemerkens- wert ist die tlbereinstimniung der Verse Manusm.

Besonders wichtig ist aber eine andere Beobachtung. Die Verse Manusm. I lauten; Dem entsprechen die oben be- handelten Verse Manusm. I , wo bei der Zusammensetzung der Wesen nicht der bhutdtmd als besondere Wesenheit angefiihrt wird, sondem wo es heisst, dass das brahma Teile von sich mit manas imd Elementen verbindet. XII und dass in dieser das mahad bhutam in der Entwicklungsreihe fehlte. Die folgenden Abschnitte sind zwar auch noch denselben Sprechem in den Mund gelegt, handeln aber von Kastenteilung und Pflichten der dsramas und sind in Folge dessen fiir nns hier ohne Interesse; ausserdem Bcheint mir anch urspriingliche Zusammengehorigkeit zweifelhaft.

Die oben genannten Abschnitte bilden dagegen ein deutlich zusam- mengehoriges Ganzes : zuerst eine Weltschopfung, dann eine aus fiihrliche Erorterung der Zusammensetzung der Wesen und insbe- sondere des menschlichen Korpers aus den Elementen und schliess- lich ein Beweis fiir die Existenz des jtva.

Das oberste Princip ist der mdnasa; die Lehre von der Entstehnng der Elemente weicht vom Samkhya ab, tiberhaupt zeigt der ganze Hauptteil nichts was auf samkhyistischen Einfluss hinweisen wixrde, ausser wenigen Versen, deren ganze Art sie deutlich genug als Zusatz kennzeichnet. So heisst es z. XII , : 3. Es ist ganz deutlich, dass v. Untersuchungen zum Moksadharma 61 tasmin yah samsriio dehe hy ahbindur iva puskare 25, Tcsetrajham tarn vijdmhi nityam loTcahitdtmakam tamo rajas ca sattvarn ca viddhi jlvagurmn imdn.

Das sind die beiden einzigen sam- khyistischen Einschiibe im Hauptteii. Bedeutender ist die Um- arbeitnng des Anfanges. Dort wird folgender Schopfungsbericht gegeben , 11 ff. Dass dieser Schopfimgsbericht visnnitisch ist, zeigt die ansdriickliche Erwahn- nng Yisnns v. Bestatigt wird es dadnrch, dass die hier vorliegende Form der Verschmelzung von philosophischem nnd mythischem Schopfimgsbericht dnrch die characteristische Gleich- setznng von Brahma nnd ahamkdra sich gerade in den Pahcara- trastiicken des Moksadharma wiederfindet z.

In zwei Punkten zeigt aber imser Text Abweichungen. Erstens darin, dass der mdnasa als oberstes Princip anfgestellt nnd dem avyaktam gleichgesetzt wird; das hat in den Samkhya- nnd Pahcaratratexten keine Parallele, wohl aber ist der mdnasa als oberstes Princip fiir nnser Stuck characteristisch. Zweitens in der Entstehnng der Elemente v. Wir woUen nun die alten Teile des Stiickes betrachten. Wir finden hier wenig Material, denn die metaphysischen Probleme treten vor naturwissenschaftlichen Fragen ganz zuriick.

Viel- leicht ist aber gerade das die TTrsache, dass wir einige alter- tiimliche Vorstellimgen bewahrt finden. Schon die Bezeichnung mdnasa ist wichtig. Sie kann nichts anderes bedeuten, als dass der dtmd manasartig ist; das heisst das manas ist keine eigene Wesenheit sondem fallt mit dem dtmd zusammen.

Die Verse lauten namlicb: Bhrgu gibt nur die Entscheidung. Als Product der Elemente kann hier das manas nicht gelten, denn sonst wiirde eben dass z. Das manas wird vielmehr direct zum jlva gestellt und argumentiert : weil man ohne manas hort, ist der jlva uberfliissig. Dazu kommt, dass bei der Schilder- ung der Zusammensetzung des Korpers aus den Elementen , das manas nicht erwahnt wird.

Xeben dem jlva als eigene Wesenheit konnen wir es aber nicht annehmen, denn davon findet sich keine Erwahnung. Andrerseits sagt, nachdem in den ange- fiihrten Yersen dargelegt wurde, wie das manas es ist, was in den Sinnesorganen wirkt, gleich darauf v. Ich schliesse mich in der Interpretation der irbersetzung Denssens an.

Untersuchungen zum Molcsadharma 63 es nur der dtmd ist, der Greriiche u. ATisserdem miissen wir noch v. Das fiihrt zu eiuer weiteren wichtigen Folgerung. Durch die Interpolation am An- fang ist der ursprungliche Beginn der Weltschopftmg tins ver- loren gegangen. Anf Grand onserer Darlegungen konnen wir aber jetzt sagen, dass die erste Schopfung hier nicht das manas gewesen sein kann, sondem offenbar als erstes sofort der dkdsa ans dem mdnasa hervorging.

Dass es diese Vorstellung gab, dafiir finden wir gliicklicher Weise noch einen Beleg im Moksadharma. Daraos ergibt sich schon, dass die folgenden Verse mit ihren confosen VorsteUungen ein Zusatz sind, and die oben beigebrachten Parallelversionen bestatigen es; ebenso das Vorkommen sonst im Stiick fehlender Begriffe wie cittam and vijndnam, Dann folgt , 17 der Vers : dkdsasya tadd ghosam tarn vidvan Tcnrute Hmani tad avyaJctam param brahma tac chdsvatam anuttamam. Die IJnzusam- mengehorigkeit ist offenkandig.

Fiir uns gewinnt der Vers jetzt aber Bedeutong, denn wir vermogen ihn jetzt als ein altes Bruch- stuck zu erkennen, als Rest einer Lehre, wo der dJcdsa die erste Schopfung des brahma war and in Folge dessen unmittelbar wieder in dasselbe einging.

Auch hier heisst es: tasmdd vd etasmad dtmana dhdsah sambhuta dlcasad vdyur 64 E, Frauwcdlner vdyor agnir agner dpo 'dbhyah prthivl prthivyd osadhayah u. Fassen wir kurz die bisherigen Ergebnisse znsammen! Lnd zwar lasst sich diese Lehre gut als eine Weiterentwicklung aus Vorstellungen der alteren Upani- saden auff assen ; andrerseits konnen wir sie mit keinem der spateren klassischen Systeme gleichsetzen.

Von den iibrigen nichtsajnkhyistischen Texten zeigt M XII nahe Verwandt- schaft mit dieser Lehre, In M XII tritt zwar die meta- physische Speculation ganz zuriick, so viel aber sehen wir, dass trotz verschiedener Abweichungen ahnliche Anschauungen die Grundlage abgegeben haben. Zn M XII , 26 ff. Diese kann aber dort nicht urspranglich sein, sondem ist ans M XII iibemommen darfiber ausfUhrlicher an anderer Stelle.

Die teilweise besser erhaltene Parallelversion zeigt nun, dass die Accumulationstheorie wirklich auch der Lehre von M XII zuznschreiben ist. Untersuchungen zutn MoTcsadharma 65 antahkararm des Samkhya rechnen, wieder solche, die ntir das manas beriicksichtigen. M XII , : Grewohnlich werden immer die niedrigeren Organe in den hoheren nnterdriickt, vgL z.

M XII , indriyagramam akhilam manasy abhinivesya ha Wiederholt — auch in einigen von den oben angefiihrten Stellen — wird gesagt, dass das manas in der buddhi einznschliessen ist. Welche Lehre die theoretische Gmndlage gab, lasst sich allerdings schwer sagen. Beides wiirde gut zu der oben behandelten Gruppe von Lehren stimmen, gibt aber doch nicht genug Sicherheit. Zum Gliick finden wir von anderer Seite Hilfe, die uns in dieselbe Eichtung weist. Fiir uns sind besonders wichtig die Abweiehimgen in der Lehre von der Weltentfaltung.

Wach dem Vyasabhasya vor allem zu S. II 19 ergibt sich folgende Entwicklxmgsreihe : pradhdnam mahat tattvam I I. Es finden sich aber doch wichtige tJnterschiede. Zuerst in der Lehre von den tanmdtras. Was hier so heisst, entspricht keineswegs den tanmdtras des Samkhya.

Denn Vyasa sagt zu S. II 19, dass jedes nicht bloss eine Eigen- schaft salda u. Das ist ein wichtiger Unterschied vom Samkhya. Dass das einzelae Her- vorgehen der Elemente anseinander nicht eigens erwahnt wird, bemht wohl nnr axif der Knappheit der Anfzahltmg. Ansserdem miissen wir noch die Lehre von den drei antahkaranas in Betracht ziehen.

Tatsachlich ist das ganze System auf der Annahme nnr eines Innenorganes anfgebant, die drei antahkarams spielen nur in der Lehre von Evolution und Kesorption der Welt eine EoUe, wo wir auch sonst starke Einwirkung des Samkhya sehen. Sie sind offenbar aus dem Samkhya genommen und haben nur ver- wirrend gewirkt.

Das erklart auch warum in der erhaltenen Form zAvischen avyaktam und tanmdtras nur eine geistige Wesenheit steht, Damit erhalt aber diese Evolu- tionsreihe eine Grestalt die fast voUig mit der Lehre von M XII iibereinstimmt. Tuxen, Toga S. Und bei Garbe, SdmkhyaphiL S. The full consequence of this dis- covery and the light it throws on the history of South Bussia and Bussia as a whole are yet to be investigated.

We limit ourselves to a few remarks. First, the supposition that in the Fourth Century a. He lived in the Sixth Century a. Then comes the testimony of the Eussian chronicle of Nestor Eleventh Century mentioning for the Ninth Century three na- tions from the Danube to the Dniester, which seem to be Iranian.

One of them, the Douliebs, is Iranian by name. Finally the Tivertsi on the Tyras, the present river Dniester. The name of his father, corrupted in the manuscripts, led to various suggestions Minns, Mierow, Mommsen. It is interesting to note that the Russian chronicle does not give the Persian form Simourg, but the Sarmatian Simarg; marg means bird in modem Ossetic, which is the last remnant of the Sarmatian lan- guage.

But the richest evidence is given by the Russian legends Byliny , the sculptures on the exterior of the churches of Vladimir-Souzdal Eleventh Century , and the Scythian le- gends and sculptured ornaments in gold and silver from the Scythian tumuli. KcdmyJeow deity is the goddess who is half-woman, but the lower part of whose body is that of a snake. She is mentioned by Herodotus as the mother of the whole Scythian race.

Her husband was Heracles. Knssian legend men- tions a divine snake with twelve trunks. Undoubtedly Herodotus knew it, but was afraid to mention it, because of its association with the Greek national hero Heracles. The Eussian legend and the Scythian monuments give an identical representation. Eus- sian art continued to represent the twelve-snake deity on gold and silver amulets as late as the Eighteenth and possibly the Nine- teenth Century Kondakov and Tolstoi, Russian Antiquities in Monuments of Art, Ease.

V, pp. Ossetic folklore in the Nineteenth Century knows women who can change themselves partly or entirely into snakes, and in South Eussia there is still the belief that witches have tails, the last remnant of the snake. The chief fantastic deities of Scythians, the snake woman, the Griffon Simarg, the winged horse, with wings concealed under the skin and projected during flight, and the cat woman possibly panther woman are represented in the Vladimir sculptures and described by Eussian folklore.

Iranians and Slavs in South Russia 71 Iranian influence was prominent in Eussian popular belief and pictorial representations and, along with Christian Byzantine in- fluence, contributed to create Eussian art and civilization. I may mention only the slave trade and later the serfdom and feudal landowning which are also derived from Iranian institutions. We know that the Slavs in the Eighth Century a. It is doubtful whether they had hereditary princes.

Generally they were ruled by a popular assembly and elected chiefs. Most of the com- mon people were serfs or slaves. The social distinction of classes was very sharp and so was the economic. In the Ninth Century, when prince Oleg took possession of Kiev and brought there the infant prince Igor, a sudden change came. In the course of the single lifetime of prince Igor Eussia, or at least the southern part of it, was turned into a strong monarchy, with nobles bearing Norman, Iranian and other foreign names the Slavonic names were very few , with an important class of merchants, who aflixed their names to diplomatic treaties, with slavery in full bloom and a growing serfdom.

Evidently the Normans, who composed a small armed minority among the Slavs, found the Scythian politi- cal organization extremely convenient for the consolidation of their dominion and readily adopted it. It was fully applied in South Eussia. As we advance to the North, away from Iranian influence, and enter the regions that were purely Slavonic or mixed with Finns, we find the new organization weaker and weaker. Moscow never had regular slaves and serfdom developed slowly and with great difficulty.

Novgorod maintained its full political freedom till it was overthrown in the Fifteenth Century by the Grand Duke of Moscow. Normans created the Eussian state by introducing Iranisation into its political and economic life. This explains the rapid growth of Kiev and its quick decay. The Nineteenth Cen- tury brought the emancipation of serfs, the Twentieth has seen the destruction of the remnants of Norman and Iranian traditions, the sudden disappearance of which shattered completely the Eus- sian state.

The work has been edited as No. Dalai and E. The inmates of the harem should know the Prakrta and the Samskrta languages, and his friends should know all languages. In his own house, how- ever, the linguistic rules which the master prescribes are followed.

In the first place, we are told that the exclusions were sanctioned by gisunaka on account of the difficulty in pronuncia- 72 Deh, Rajdsekhara on Sisunaka 73 tion, suggesting, primarily, the operation of Prakritic influence.

In the second place, we are informed that the linguistic legislation was devised for the royal seraglio, for ladies of rank. Consequently, if we must think of Prakrits, we must leave out their vulgar varie- ties. The dialects of the Iforth-Westem area which retained the three sibilants are a far cry. The solitary instance of early epigraphic Mag. And the few seals from Patna and elsewhere em- ploying ia for 8a do not establish for the dialect a position in cultured society.

It seems that among Mag. The soxmd of ha is very prominent in Prakrit, and cerebralization of dentals is a well-marked characteristic manifested by Indo-Aryan speech even as early as Vedic times; so that, in eliminating ha and the cerebral group from his harem, Sisunaka appears distinctly un-Indian. In short, he shows himself accustomed to a non-Indic tongue wherein ha and the cerebrals were taboo.

In attempting a more specific definition of this tongue, our choice is necessarily limited by geographical as well as historical considerations. Old Persian could have been adverted to, had it not contained its indispensable ha. We must first think of Elam, certainly before we think of Assyria or Ionia. See Bertin, Cuneiform Inscriptions, p. It is note- worthy that, in the trilingual Persian inscriptions, proper names beginning with h in Persian have lost the aspirate in their Elamite correspondents.

Susian s was, it is true, very nearly Indie sa; but its presence in Susian Deh, Rdjaselehara on SisundJca 76 we should attribute the exclusion of these sounds by Sisunaka to the influence of that tongue rather than to any other source, par- ticularly since his very name has a Susian appearance, and his- torical indications point to the possibility of an Elamite penetra- tion into India at that period.

The weight to be attached to such tradition is naturally uncertain. But, as the very existence of Sisunaka is attested by literary tradition of a date not earlier than the 4th century a. Habit Kbishna Deb. Calcutta, India. The invaders are called Tavanas. Georges Foucart. This is a fine folio volume, the result of many years of pains- taking research. It is a real treasure-house of information as to products available in a period of history on which our information is relatively scanty — that of the early Caliphate in Egypt, Egyp- tians had gained a high reputation in medicine, and several formu- laries of the Pharaonic period have been discovered, including the Papyrus Ebers, revealing an advanced therapeutic science.

Later Egyptian literature in these lines is, however, very scanty. There is a small parchment manuscript in the Vatican library, but the most extensive is the papyrus on which M. ChassinaPs work is based, which was found at Meshaikh. This shows that there was an unbroken tradition of science between Pagan and Christian periods in Egypt.

Native, Greek and Christian influences were combined. The Mohammedan rulers in Egypt placed much confi- dence in the Christian physicians. Their works were translated into Arabic. It is notable that few texts of this sort in Coptic are known, but this seems to be due to accidental disappearance. This Coptic manuscript contains Arabic formulae in addition to the earlier authorities.

It is written in the Sahidic dialect, in language which is clear and simple, but less pure than that of the ecclesi- astical writings. The vocabulary is largely new and contains tech- nical expressions difficult of interpretation. The identification of drugs and products is also difficult. As is well known, scholars and others frequently applied the same name to different substances of which their knowledge was also defective.

The manuscript con- tains some alchemical symbols, also pharmaceutical. According to the account given by M. Chassinat of the discovery of this manuscript, it was purchased by Bouriant for the Library of the French Institute of Oriental Archaeology at Cairo in the winter of It appears that peasants had discovered a ruined brick chamber at Meshaikh which occupies a part of the site of the.

Within this chamber was a pottery jar, the mouth of which was sealed with clay, and within the Jar were a roll and some loose scraps of written papyrus. These the natives separated for sale, and some of the pieces came to Bouriant, who realized their value and after considerable effort succeeded in get- ting possession of most of them. The manuscript itself is a single roll 0. The text is in long lines with a margin at the left side only.

The prescriptions are usually at the beginning of a line, with ornamented initial letter, and a closing sign, in form a double circle. There are lines in the treatise and separate medical formulae. It is the largest work of this kind that has yet seen the light. The manuscript dates approxi- mately from the 9th or 10th century.

There are indications that the writer knew both Arabic and Greek, in addition to Coptic. Its mention of galangal and of other Arabian products indicates that it was written after the great work of translation undertaken at Bagdad under the Abbassid Caliphs, which was completed during the 9th century. Chassinat thinks that the author probably lived in the second half of the 10th century.

He recalls that after the conquest of Egypt the Copts were rather slow in acquiring the Arabic language. The treatise is written anonymously. The author was evidently a practising physician, as his father before him, and was familiar with the earlier medical writers. In its general plan it is not a medical treatise properly so-called, but rather a sort of formulary of general therapeutics.

Its chapter headings resemble those of the Papyrus Ebers, and its structure is similar to that of medical texts of the Pharaonic period in such matters as the classification of ailments, etc. Its materia medica is abundant and varied. Its medicaments specially named are few.

These usually appear under Greek names, though some are Coptic or Arabic. The author rarely alludes to his sources. In two cases the names of physicians are attached to his prescriptions. He shows a predilection for medical writings in the Arabic language, often preferring them to Greek works which he translates or copies.

One formula found in Galen M. It is impossible to tell from this manu- script how far it represents purely Egyptian medicine. Progress 78 Reviews of Books of the science in the early Christian centuries remains almost un- known, But the manuscript does show a profound knowledge of medicine in Egypt since the time of the Vatican manuscript.

In this cipher the 24 letters of the Greek alphabet are divided into three rows of eight letters each, a to th, i to Pj and r to and the regular order of the letters in the three rows is reversed so that th replaces p replaces i 6 replaces r, etc. There are also five additional characters which remain apart and hold their regular order. The words written according to this system have certain peculiarities. Almost always they are fully vocalized. L is assimilated to r more often than elsewhere in the text where the cipher is not used.

Chassinat gives a complete comparative alphabetical table. The transcription of Arabic words is done with care, but is often phonetic rather than orthographic, and a detailed concordance is attached. The weights and measures in the receipts in this treatise are on the Graeco-Boman system and the units are the pound, the ounce, the drachm, the scruple and the obol. For liquid measure, we find the lak and the ovath, corresponding to the Greek cotyle and oxy- iaphon, the Latin acetabulum. The manuscript is provided with a complete index of words in Coptic, Greek and Arabic transcript, also materia medica and formulae.

Space forbids any general discussion of the separate for- mulae contained in the treatise. A few items of interest may be noted. Several remedies for eye trouble are given, which incorpor- ate myrrh and gum arabic, and M. Chassinat, under the item myrrh, discusses the anti of the earlier hieroglyphs, which he thinks was frankincense because myrrh was not supposed to have reached Egypt until comparatively late.

He notes that it does not appear at any rate imder a separate name in the Papyrus Harris, but does appear frequently in the embalming ritual and in various temple inscriptions of the earlier dynasties. It might here be suggested that myrrh and frankincense are produced in the same regions of southern Arabia and Somaliland, and that a more probable classi- fication of the hieroglyphic nomenclature would be to suppose that Chassinat, Un Papyrus medical Copte these gums were separated according to the size, shape and color of the piece rather than the botanical orders of the trees which produiced them, with which the Egyptians had no direct personal acquaintance.

It seems unnecessary to postulate in primitive times any such arbitrary separation of fragrant gums from the same source of supply as the contrary view would require. The author knows the Eastern camphor and aloes, but M. Chas- sinat notes that the Copts, although they knew and used the word Jcaphora, also applied to those substances another word zopissa which usually refers to a totally different substance, in Greek usage usually a barnacle.

Among other eye remedies appears a word sitraj, which M. Chas- sinat identifies with the Indian pepperwort, but in other works there was an Indian sitraj the description of which sounds rather like a product of the cinnamon laurel. There is frequently pre- scribed the impure oxide of zinc, a sublimate, which was known throughout the lands of the Caliphate as tutiya and was taken usually from furnaces where copper had been refined, but also sometimes direct from the mines.

This word seems to be more or less equated to the Latin cadmia. Chassinat renders as minium the Coptic word sili- Icon, which is the Greek serikon, which was given to the red oxides of both iron and lead, and also, of course, to the raw silk of Turkestan. For litharge is used the Coptic lytharTcyron, elsewhere in this manuscript UthdlJcyronj in other Coptic works it appears tharJciron. For a general eye tonic a single prescription may be quoted in full: Good powder for the eye ; ginger, galangal, dove, Indian nard ; one drachm of each; grind well; add wine for seven days, mixing every day, then let it dry ; grind again.

It will work for thee by itself mom and eve ; it is wheat for thee, 0 my son. For cataract there is prescribed carvi, presumably our caraway, which appears elsewhere as al-khamoun kharmenei, and M. Others say that caraway is Armenian cummin, and the confusion seems to arise from the ap- plication of the word kamoun to other vegetable substances than cummin.

The original sense of karmany is uncertain. Personal corre- spondence with Sir D. Wacha, a prominent Parsee of Bombay, informs me that it is still a popular remedy and condiment in western India. Some would derive the word from the Greek Kar- mania, but Avicenna distinguishes karmany cummin from Persian and says one is black and the other white. The Persians, however, associate the name karmany with caraway and quite possibly Persia produces two varieties farsi and karmani, both of which were con- fused with the Ethiopian cummin.

The following prescription may he referred to modem beauty parlors: To remove eyebrows: take three ticks from a black ox; pull out the hairs, rub with the blood from the ticks ; they will not grow again. Chassinat thinks that the word pterikon should be read pterygion, making it out to be an affection of the conjunctiva.

In this prescription it is interesting to note the Coptic word maror bathron which is given the synonym water of enteg. I have supposed that this was the leaf of the Indian laurel, of which cin- namon was the bark, though a Tamil correspondent suggests to me that it may more probably have been the sheath of the nutmeg. In another manuscript the trade word malaiathron is corrupted into marathron, showing how unsafe it is to identify such words with any single substance at different periods of history.

The word appears in numerous remedies for the eyes, and its name was given specifically to an eye salve. Chassinat notes that in the Bohairie Scala it appears as philon harabatroun, evidently a corruption from Greek phyllon molabathrou. Whatever this sub- stance was, the name was often abridged to phyllon, and mediaeval scholars knew it as phyllon indikon or folium indicum.

Pliny dis- tinguishes three sorts, the Syrian, Egyptian and Indian, but is very vague in his descriptions. That extraction of teeth was more of an undertaking in those days than now is indicated by a prescription for a tooth to be ex- tracted by iron; namely, that hellebore of good quality should be applied to the region of the cheek about the affected tooth. Apply, says the writer, and you will be surprised. It is true that hellebore has a certain analgesic quality. In Coptic the word is written ereiorou, Indian sandalwood appears in several prescriptions.

Here the native chandana, Arabic sandal has become in Coptic santeh The business side of the profession crops up in the prescription for a diseased mouth; alum and dill, each 1 drachm, to which is appended the remark, God knows how good this remedy is. Take your pay.

Chassinat renders as minium the word peres, which is older than the Greek or Eoman period and is found in Pharaonic Greek medical texts. Brugsch renders it coriander, but Loret after studying a recipe for Kyphi on the temple at Edfu, found the phrase peres otherwise called grains of ouan, which he identified with the juniper berry.

However, the Papyrus Ebers gives a hint that there were two peres, the one vegetable and the other mineral, and in this case a mineral substance seems to be indicated. In several of the prescriptions earlier folklore seems to be latent, as, for instance, a powder to stanch the flow of blood which consists of charcoal and the burned hair of a woman; and for a persistent ulcer, wax, sandal, hog fat and split mouse. Split fowl, cat or rabbit may be found as domestic remedies for wounds in many a S2 Reviews of Books backwoods settlement today, but a decoction of split mouse as one ingredient in a salve seems an over-refinement.

In an antidote for poisons is the Coptic pharmagia, identical, of course, with Greek pharmakeia, not usually limited to poisonous drugs. In another prescription for a healing plaster the items are scoria of silver, oil, distilled vinegar and fresh hoi. Boi ot hod was an ingredient of incense in the Zoroastrian ritual, and some have identified it with the hdellium of Baluchistan.

Iori et. Allen and Gale have highlighted. They identify two key structural characteristics of. In their. These actions lead to price overshooting and. The second considers that contagion risk depends on the. The third. On the other hand, a market is perfectly interconnected if. Nevertheless if the market is. This suggests that a market with a.

They show that in that case. However, if the monetary centre is the one that fails, this shock could be. Dispersion is an important characteristic to understand the structure of an interbank market. The matrix X shows the bilateral exposures of banks, where xij is interbank assets of bank i from.

Concentration makes reference to the degree of focus of interbank transactions by a small number. In order to determine the level of concentration through the time of analysis, some authors. Dealing only with uncollateralized transaction on Italian interbank market we calculated the. They represent about. According to this measure, contagion probability is low even if we observe a slight increase since.

In order to assess the structure of the Italian interbank market from another. For example the. As shown in table 4, the. It is calculated by squaring the market share of. Table 4. The matrix of the average size of Italian interbank market assets from December to 30 June In the last decades the interbank markets have been considered an example of efficiency and self-. In such a framework, the liquidity used to be abundant, counterparty risks were.

In the aggregate, the interbank market only redistributes liquidity across. If this segment of wholesale money market is having liquidity. Developments in financial technology and markets since the s have in many ways increased. Central banks seemed to face a potentially large. The reason is the growing need for. It looked as if there was a. This appeared to be fostered by a more.

A number of participants maintained that the. The perception of the. This awareness that. As a consequence, weak intermediaries could. In this same context, if liquidity supplying entities in the interbank market face a. The latest won't be able to obtain the funds needed from the interbank market. Moreover, the history of. In theory, the liquidity premium on interbank exposure could be lower in the light of the provision. On the supply side, banks that have a greater.

In addition, creditors should also be more willing to provide. On the demand side, with a central bank liquidity backstop, banks should be. The fundamental dilemma in the interbank market resulted from implicit guarantees which would. These guarantees act much like as a domestic deposit insurance. They had the undesirable effect of lowering the scrutiny of potential borrowers credit risk exercised.

Later in this paper we will argue that because of the severe adverse selection. More recently, we have seen implicit guarantees turn into explicit guarantees of. It had already caused bank failures, a. Several dimensions of subprime crisis has been explored such as lack of sound risk management. Since the second half of the functioning of international interbank money.

Money market. Virtually both all segments. Uncertainty about losses associated with U. After a period of normalization, in September several defaults and bail. Two types of interest rate spreads are especially helpful in tracking events as they have. With the start of the financial market turbulences in August risk premia in short-term money. Graph 1. Evolution of spreads between Euribor and overnight-indexed swap OIS rates over 3 months. Similar strains emerged in many developed economy interbank markets, not least those of the United States, Europe,.

Although US sub-prime mortgage default rates, and the spreads on associated securities, had been rising since late. Euribor rates are widely used as reference rates in financial instruments such as variable-rate home mortgages and. The former is a good indicator of liquidity in interbank markets and the latter of credit risk premia. Overnight-indexed swaps OISs are a proxy for expected future overnight rates. The counterparty risk associated. Furthermore, the liquidity premia contained in OIS rates.

Under normal market conditions, OIS rates. Asymmetric information about counterparty risk as an underlying friction can also rationalize the. Thus, it is reasonable to affirm that the level achieved by interest rates.

In other words, banks having a surplus of funds were not available to lend to other. As the financial crisis deepened in September , with an additional increase in the level and the. Under the turmoil, banks. Refinancing from the ECB implies that banks are willing to bid. Furthermore, analyzing the data on the secured segment of the interbank markets in. Dealers in mortgage-backed securities and in over-the-counter. OTC derivatives started asking for more collateral from their counterparties.

Securities accepted. In repo markets, lenders sharply increased their margin calls and refused. Since bond dealers. Liquidity in US and European fixed-income markets seemed to evaporate. Trading on the interbank markets for maturities longer than overnight contracted sharply. Due to the above-mentioned shocks within the interbank markets, during the Great Financial Crisis.

This section critically analyzes the most significant response of the European. Central Bank ECB in order to restore the confidence within the euro area interbank market. At the beginning of August , when conventionally the financial crisis started, the world.

In this framework, the central banks. On the origins and causes of the crisis see Vento and La Ganga The European Central Bank, in the first stage, tried to contrast the tensions by means of the. Thus, the ECB immediately intervened in order to ensure normal. In the.

Liquidity in interbank market rapidly disappeared and the traded. Another measure of the increase in liquidity risk. There spreads, usually around 10 basis points within the euro area, reached. In such a situation, the European Central Bank decided to adopt a so-called frontloading approach.

Also the amounts offered in the longer-term. Furthermore, in order to offer longer-term. Eurosystem in April and July arranged two longer-term refinancing operations having six. Last, the dimension of the turmoil within the money markets and the increased systemic risk. Particularly, the Eurosystem facilitated the Term Auction Facilities of the. Federal Reserve, offering dollars against eligible collateral for its own refinancing operations. In general, despite the pressure within the interbank market and the funding difficulties of many.

In this framework, after maintaining the interest rates on MROs unaltered since the beginning of the. In this period, the excess liquidity reserves detained by banks were in line with the levels before the. The third stage is identified in the period that goes from mid September to October 8 th In particular, the Lehman Brothers. The fourth stage of the crisis, which goes from October 8 th to May 7 th , represented the. After the Lehman Brothers failure, in order to face the turmoil and.

Particularly, on October 2 nd the European Central Bank decided to maintain the rates. Only six days later, in a context of. In the press. First, the ECB decided to reduce from basis points to basis points the. This action was necessary because the huge liquidity. In absence of alternative liquid and. This measure, revoked since January 21 st , made possible to contain, in the. Given the severity of the situation in October , the. ECB decided to temporally renounce to control the quantity of money, so concretely putting in.

In the same month, the allotment procedure based. In the examined period, furthermore, the European Central Bank established to help banks in. Once adopted the open market operations without quantitative limits, the liquidity supplied through. Graph 4. Last, the non-conventional monetary policy measures adopted since October 8 th determined, among. However, such a market equilibrium.

In this date, the ECB board. Furthermore, the ECB chose to directly. England, in order to facilitate the credit flows to the economic system. Thus, for the first time the. European Central Bank decided not to operate through the banking channel, but wanted to act. However, the decision to directly buy covered bonds, after several weeks of debates within the.

ECB, has been severely criticized because these bonds are largely issued in Germany, but have no. In April the. In order to analyze the reasons of the anomalous functioning of the interbank markets during the. A first important distinction to perform is. Interbank markets worldwide are characterized for an undefined structure. Moreover, they are. For direct loans, which account for the vast majority of lending volume, the.

Other banks do not have access to the same terms, and do not even know that. Trades are largely bilateral or undertaken via voice brokers. The vast majority of. Under the. Reuters - which publish the quotations of interbank contracts for different maturities. This market. Beside over-the-counter interbank markets on telephonic basis, in Italy since the late 80s an.

This market, which is unique for several. The key operative features of the e-MID can be summarized as. The success of the e-MID market up to the crisis has been witnessed by the increasing number of. In May , banks from European countries and from United States used to participate at the market; among these banks. Before the Great. Since August , however, the overall interbank trading. Nevertheless, the recent difficulties in the functioning of the e-MID.

In the last two years the activity of foreign operators. The trends registered in the e-MID appear much. A usual survey conducted by the European Central Bank b on a panel of 85 large banks. Graph 5. Thus, it is useful to interpret the reasons why the spread between Euribor and. Eurepo rates, usually close to 10 basis points, increased to about 70 basis points since the beginning.

A first interpretation of these data could induce to believe that the market participants required a. However, such interpretation does not appear. The factors that, beside credit risk, seem to have affected interbank interest rates during the turmoil. In this framework, treasurers preferred to accumulate significant volumes of liquidity,. On the other hand, banks reduced their participation in interbank markets also being afraid that, in a.

Last, despite the lack of official data, other factors -. Particularly, the smallest banks within the euro. This evidence for the Italian banks — which is not in line with the trends at European level that can. The above-mentioned phenomena concerning interbank markets, absolutely peculiar of the recent.

Nevertheless, negotiations on e-MID are characterized for an higher transparency level. Thus, this evidence can be considered as one of the. Since September the volumes on interbank market registered a further reduction 36 and, at the. In this framework, also the company that manages the e-MID market decided to offer services. In order to tackle the volumes drop, since the end.

Such function let the participants to request specific quotations from a. Alternatively, the banks can propose directly to a. However, a more significant innovation has been registered since February , when the Bank of. Italy started — together with the company that manages the e-MID market, the Italian banking.

Collateralized Interbank Market addressed to create a new interbank segment, guaranteed by. A major lesson of the recent financial crisis is that the ability of banks to withstand liquidity shocks. To this aim, we use data on transactions on the Italian interbank money market, e-MID. As above. Collateralizzato operates with the aim of further developing the interbank market using the e-MID.

Trading in the e-MID starts at 8 a. During our sample period. After a considerably growth in recent years where it was fully used by major European banks non. A strong decline in the overall electronically. Every trade proposal posted on the system is transparent because the identity of the proponent is disclosed to all.

In particular, in the major electronic marketplace for interbank loans in the euro area deals between Italian banks. Deals involving at least a foreign bank mature by noon next day. In the same reference period, a large number of. Graph 8. Monthly volumes and number of contracts for unsecured deposits traded on the e MID. The analysis of the intraday volumes distribution Graph 8 shows the permanence of the liquidity.

The introduction of Express II increased overall transactions volume on the e-Mid,. This is due both to. At the same time, the overall trading pattern throughout a business day basically retained its U-. The U-shape of overnight volumes also reveals a slight. In an environment of higher uncertainty about. At least during healthy financial periods, little explicit risk pricing takes place in the overnight.

This may well be rational behavior in an environment where the vast majority of. Thus, we may. The information collected on provide evidence of borrowers switching from a transparent electronic. It seems that banks. As the empirical analysis shown in our paper suggests, it is plausible that market discipline or.

It brought out an increasing concentration on volume. Graph 10 as underlined by the Herfindahl index, estimated on bid and ask volume of Italian banks. To foster a recovery in trading on the interbank circuits and a greater diversification of contract. Inside the MIC, which originally had to remain active up to the end of , but it has been. EU banks only after an agreement with the national central banks of the country of the bank that. The banks that can participate to the collateralized market are only those with a registered office on Italy, provided.

EU banks with remote access to e-MID or. The trading on MIC is characterized for a specific guarantee of the Bank of Italy on the obligations. Limits on MIC have been fixed in order to facilitate large market participation, but. The eligible assets in the MIC are all those accepted in the.

Baa3 , and other assets of lower quality, accepted by the Bank of Italy on discretionary basis Besides the above mentioned assets, also the bank loans towards non financial companies, public. Supervision Department of the Bank of Italy. In this way, also less liquid assets, or securities which. All the assets have different haircuts, according to the issuer category, the typology of. With regards to. In the unlikely event that. Particularly, the financial.

Last, the guarantee of the Bank of Italy. The Great Financial Crisis, among other consequences, had peculiar and unexpected effects on the. According to the analysis hereby done, the fall in traded. At the same, the liquidity accumulation was addressed to avoid to send signals to the market,. Therefore, these empirical evidences induce to affirm that the current unsecured interbank market.

Despite the e-MID has clear advantages in trading. OTC interbank market make possible to better deal in undisclosed conditions, whenever the market. Since February , in order to. On the other hand, the crisis demonstrated how the systematic underestimation of credit risk, typical. Furthermore, as long as the treasurers are performing an analysis of counterparty risk on interbank.

It is also likely that the money market will be able. Eurosystem and the supervisory authorities must have a role in incentivizing the European banking. In such a framework, the smallest. This gives the impression to depend on the current reduction in credit supply and in.

In this context, also the orientations coming from the supervisory. Moreover, the Great Financial Crisis established a structural divergence between the official. This phenomenon does not seem to depend on. The presence of the MIC makes possible to have a perception of the evolution of. Also in the perspective of the central bank that supports the MIC,. For all these.

Bernard H. Bisignano , "Information, liquidity and risk in the International Interbank. Bhattacharya S. Bini Smaghi L. Borio C. Brunnermeier M. Carosio, G. Cifuentes R. Ferrucci, and H. Clarke S. Cocco J. Gomes and N. De Bandt O.

Diamond, D. Dybvig , "Bank runs, deposit insurance, and liquidity", Journal of. Estrada D. Financial Times , Is the liquidity management of the Eurosystem balkanising along national. Flannery M. Freixas X. Parigi and J. Freixas, X. Freixas X, and J. Furfine, C. Gonzalez, J. Gualandri E. Landi and V. Iazzetta C. Iori G. Jafarey, and F. Kaufman G.

Kiyotaki N. Lubloy A. Mistrulli E. Papademos, L. Rochet J. Stiglitz J. Upper C. Vento, G. Lessons from the Recent market Turmoil? The aim of the research is to investigate how the operative solutions recently adopted by the e-MID may represent a viable answer in order to improve the liquidity distribution. For this purpose, the paper examines the interbank transactions within the euro area since the current financial crisis started, both in the e-MID and in the over-the-counter interbank markets, pointing out if the introduction of an anonymous and collateralized segment in the e-MID market since February may improve the liquidity distribution within the euro area.

Introduction 2. The fundamental dilemma of interbank market 3. Money market and liquidity crisis: some empirical evidence 4. The response of the Eurosystem 5. The e-MID case and the interbank market within the euro area 6. Which perspectives for the interbank market and liquidity distribution? You have already flagged this document. Thank you, for helping us keep this platform clean. The editors will have a look at it as soon as possible. Self publishing.

Share Embed Flag. TAGS interbank liquidity markets european rates operations monetary funds volumes lending. You also want an ePaper? Introduction 1 For many years, the unsecured interbank market has been considered the archetypal of an efficient market. In such a place, the participants are all professionals and, consequently, they are supposed to be adequately equipped in order to assess the risks related to the market participation.

The efficiency of interbank market worldwide was also demonstrated by the high number of participants, the significant degree of market breadth and depth , as well as by the narrow bid-ask spreads. Nevertheless, during the Great Financial Crisis, many of the certainties concerning interbank markets suddenly disappeared, also affecting those financial intermediaries which were not involved in subprime business.

The fact that in the last years many large financial groups, mainly based in the most advanced financial countries, used to adopt Originate-to-Distribute business models increases, among others, the strategic significance of the global interbank market.

Actually, the adoption of O-t-D models on large scale imposes to have an efficient interbank market on which banks and Special Purpose Entities SPEs can easily, and without additional costs, raise the necessary funds in order to manage their liquidity mismatching. The aim of the paper is to analyze the operative solutions recently adopted by the e-MID interbank market for the unsecured interbank transactions.

For this purpose, the paper analyses the interbank transactions within the euro area since the current financial crisis started, both in the e-MID and in the over-the-counter interbank markets, pointing out if the introduction of an anonymous and collateralized segment in the e-MID market since February can represent a viable answer in order to improve the liquidity distribution within the euro area.

Section two reviews the most significant literature on both some externalities, and their effects, on the money market malfunctioning and the different structural options in the interbank market. Section three analyses the most considerable shocks which affected the market since summer , deepening the effects on volumes and interest rates, in order to verify why the usual efficiency assumptions have been not respected.

In section four we briefly 1 The authors are particularly grateful to Salvatore Abbatiello for his very useful support in providing the data about the e-mid transactions. The opinions expressed in this paper do not necessarily correspond to those of Bank of Italy. Despite this paper is the result of a research jointly carried on by the authors, sections 1, 4, 5 and 7 can be attributed to Gianfranco A.

Vento, while sections 2, 3 and 6 has been written by Pasquale La Ganga. This part critically analyzes the proactive role that the European Central Bank had in liquidity management during the crisis. The fact that banks preferred to deal with central banks rather than with other market participants during the turmoil had important implications in order to avoid systemic effects from the crisis.

However, such a market equilibrium with a major role of central banks in the interbank market cannot be considered efficient in the medium and long term and must be rethought. The following section is dedicated to the European interbank market and focuses on the e-MID case. Before the crisis, this unsecured interbank market has been demonstrated to be a more efficient solution for banks in order to smoothly manage the liquidity shortages.

On the other hand, the e-MID has some intrinsic features i. Section six explores the perspectives for interbank channel, starting from the unexpected reactions of such markets during the crisis. Last, section seven highlights some conclusions. The fundamental dilemma of interbank market. The interbank market, especially that for unsecured overnight loans 2 , plays at least a crucial role both in the transmission of monetary policy and in redistributing liquid assets within the financial system.

Policymakers are interested in having a robust and smooth functioning interbank market, that is, one in which the central bank can achieve its desired rate of interest and that allows institutions to efficiently trade liquidity. In normal times, through such network central banks guide their policy interest rates in order to affect inflation rate and the real economy. As highlighted by Freixas et al. By steering very short-term money market interest rates to keep them close to their official rates and using their regular monetary policy operations, central banks try to influence the longer-maturity rates that are relevant for bank loan rates.

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Fabio Canova (IUE) e Francesco Nucci (Università di Roma, La Sapienza) per la terza sessione Visco, I. (), Speech at Assiom Forex, 18 February Gianfranco A. Vento * & Pasquale La Ganga **. September 4, Abstract. The paper analyzes the behavior of the Italian e-MID unsecured interbank market. On foreign exchange The main exchange rates and oil (Brent) and commodities prices markets including Assiom Forex ); postal expenses (-€ million.