@Article{mfj:2101,
title={An Ancient Ancestor of the U.S. Secured Overnight Financing Rate Determination: The Florin Fix},
author={Iordanis Karagiannidis and G. Geoffrey Booth},
journal={Multinational Finance Journal},
volume={},
number={},
pages={--},
year=,
publisher={Multinational Finance Society; Global Business Publications},
url={http://www.mfsociety.org/}
keywords={},
abstract={Abstract: The Secured Overnight Financing Rate (SOFR), defined by the U.S. Alternative Reference Rates Committee (ARRC) and now used by the U.S. Federal Reserve instead of the London Interbank Offer Rate (LIBOR) because of a loss of faith in its veracity, has clear and strong historical roots. Its calculation is closely related to that of the florin-denaro daily exchange rate that the Arte del Cambio (moneychangers guild) developed and implemented in the Repubblica Fiorentine (Florence) city-state located in what is now Italy from 1252 to 1532. This paper explores the how SOFR is defined and calculated by the U.S. Federal Reserve and its economic and mathematical relationship to what has become known as the Florin Fix, i.e., the calculation of Florences’ exchange rate between its gold florin and silver billon denari..},
}