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Indian Independence Act 1947
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Indian Independence Act 1947
Parliament of the United Kingdom
Long title
An Act to make provision for the setting up in India of two independent Dominion states, to substitute other provisions for certain provisions of the Government of India Act, 1935, which apply outside those Dominions, and to provide for other matters consequential on or connected with the setting up of those Dominions.
Citation
1947 c. 30
(10 & 11. Geo. 6.)
Dates
Royal assent
18 July 1947
Status: Spent
The Indian Independence Act 1947 (1947 c. 30 (10 & 11. Geo. 6.)) is an Act of the Parliament of the United Kingdom that partitioned British India into the two new independent dominions of India and Pakistan. The Act received the royal assent on 18 July 1947, and Pakistan came into being on 14 August and India came into being on 15 August.[1]
The legislation was formulated by the government of Clement Attlee with the recommendation of the Governor General of India Lord Mountbatten, after representatives of the Indian National Congress,[2] the Muslim League,[3] and the Sikh community[4] came to an agreement with Lord Mountbatten on what has come to be known as the 3 June Plan or Mountbatten Plan. This plan was the last plan for independence.
Contents
1 Background
1.1 Attlee's announcement
1.2 Future of the Princely States
1.3 3 June Plan
2 Provisions
3 Salient features
4 Partition
5 Princely states
5.1 India
5.2 Pakistan
6 Repeal
7 See also
8 Notes
9 External links
Background[edit]
Attlee's announcement[edit]
The Prime Minister of the United Kingdom announced on 20 February 1947 that:
the British Government would grant full self-government to British India by June 1948 at the latest,
The future of the Princely States would be decided after the date of final transfer is decided.[5]
Future of the Princely States[edit]
Attlee wrote to Mountbatten on 18 March 1947: "It is, of course, important that the Indian States should adjust their relations with the authorities to whom it is intended to hand over power in British India; but as was explicitly stated by the Cabinet Mission His Majesty's Government do not intend to hand over their powers and obligations under paramountcy to any successor Government. It is not intended to bring paramountcy as a system to a conclusion earlier than the date of the final transfer of power, but you are authorised, at such time as you think appropriate, to enter into negotiations with individual States for adjusting their relations with the Crown."[6]
3 June Plan[edit]
This was also known as the Mountbatten Plan. The British government proposed a plan announced on 3 June 1947 that included these principles:
Principle of the Partition of British India was accepted by the British Government
Successor governments would be given dominion status
Provisions[edit]
The Act's most important provisions were:
division of British India into the two new and fully sovereign dominions of India and Pakistan, with effect from 15 August 1947;
partition of the provinces of Bengal and Punjab between the two new countries;
establishment of the office of Governor-General in each of the two new countries, as representatives of the Crown;
conferral of complete legislative authority upon the respective Constituent Assemblies of the two new countries;
termination of British suzerainty over the princely states, with effect from 15 August 1947, and recognised the right of states to remain independent or accede to either dominion[7]
abolition of the use of the title "Emperor of India" by the British monarch (this was subsequently executed by King George VI by royal proclamation on 22 June 1948).
The Act also made provision for the division of joint property, etc. between the two new countries, including in particular the division of the armed forces.
Salient features[edit]
Two new dominion states: Two new dominions were to emerge from the Indian Empire, Pakistan and India. The Dominion of India may be regarded as an expression of the desire for self-government of the all people in India, and the Dominion of Pakistan as the expression of the demand for self-government by the Muslims.
Appointed Date: 15 August 1947 was declared as the appointed date for the partition.
Territories:
Pakistan: East Bengal, West Punjab, Sind, and Chief Commissioner’s Province of Baluchistan.
The fate of North West Frontier Province (now Pakhtunkhwa) was subject to the result of referendum.
Bengal & Assam:
The province of Bengal as constituted under the Government of India Act 1935 ceased to exist;
In lieu thereof two new provinces were to be constituted, to be known respectively as East Bengal and West Bengal.
The fate of District Sylhet, in the province of Assam, was to be decided in a referendum.
Punjab:
The province as constituted under the Government of India Act 1935 ceased to exist;
Two new provinces were to be constituted, to be known respectively as West Punjab and East Punjab
The boundaries of the new provinces were to be determined, whether before or after the appointed date, by the award of a boundary commission to be appointed by the Governor General.
Constitution for the New Dominions: until the time of framing of new constitution, the new dominions and the provinces thereof were to be governed by the Government of India Act 1935. (Temporary Provisions as to the Government of Each New Dominion.)
The Governors General of the new dominions:
For each of the new dominion a new Governor-General was to be appointed by the Crown, subject to the law of the legislature of either of the new dominions.
Same person as Governor General of both dominions: if unless and until provision to the contrary was made by a law of the legislature of either of the new dominions, the same person could be the Governor General of both.
Powers of Governor General: (Section-9)
The Governor General was empowered to bring this Act in force.
Division of territories, powers, duties, rights, assets, liabilities, etc., was the responsibility of Governor General
To adopt, amend, Government of India Act 1935, as the Governor-General may consider it necessary.
power to introduce any change was until 31 March 1948, after that it was open to the constituent assembly to modify or adopt the same Act. (Temporary Provisions as to the Government of Each New Dominion.)
Governor-General had full powers to give assent to any law.
Legislation for the new dominions:
The existing legislative setup was allowed to continue as Constitution making body as well as a legislature. (Temporary Provisions as to the Government of Each New Dominion.)
The legislature of each dominion was given full powers to make laws for that dominion, including laws having extraterritorial operation.
No Act of Parliament of UK passed after the appointed date would be extended to the territories of new dominions.
No law and provision of any law made by the legislature of the new dominions shall be void or inoperative on the ground that it is repugnant to the law of England.
The Governor-General of each dominion had full powers to give assent in His Majesty’s name to any law of the legislature. [Configuration of Pakistan’s Constitution Assembly (CAP I): 69 members of the central legislature + 10 immigrant members= 79]
Consequences of setting up of the new dominions:
His Majesty’s Government lost all the responsibility to the new dominions
The suzerainty of His Majesty’s Government over the Indian States lapsed.
All the treaties or agreements with the Indian States and the tribal areas that were in force at the passing of the Act lapsed.
The title of "Emperor of India" was dropped from the titles of British Crown.
The office of Secretary of State for India was abolished and the provisions of GOI Act 1935 relating to the appointments to the civil service or civil posts under the crown by the secretary of the state ceased to operate
Civil servants: Section 10 provided for the continuance of service of the government servants appointed on or before 15 August 1947 under the Governments of new Dominions with full benefits.
Armed Forces: Sections 11, 12, & 13 dealt with the future of Indian Armed Forces. A Partition Committee was formed on 7 June 1947, with two representatives from each side and the viceroy in the chair, to decide about the division thereof. As soon as the process of partition was to start it was to be replaced by a Partition Council with a similar structure.
First and Second Schedules:
First Schedule listed the districts provisionally included in the new province of East Bengal:
Chittagong Division:Districts of Chittagong, Chittagong Hill Tracts, Noakhali & Tipperah.
Dacca Division:Districts of Bakarganj, Dacca, Faridpur, & Mymensingh.
Presidency Division:Districts of Jessore(except Bangaon Tehsil), & Kustia and Meherpur Tehsils(of Nadia district)
Rajshahi Division:Districts of Bogra, Dinajpur(except Raiganj & Balurghat Tehsil), Rajshahi, Rangpur & Nawabganj Tehsil(of Malda district).
Second Schedule listed the districts provisionally included in the new province of West Punjab:
Lahore Division: Districts of Gujranwala, Lahore(Except Patti Tehsil), Sheikhupura, Sialkot & Shakargarh Tehsil(of Gurdaspur district).
Rawalpindi Division:Districts of Attock, Gujrat, Jehlum, Rawalpindi & Shahpur.
Multan Division:Districts of Dera Ghazi Khan, Jhang, Lyallpur, Montgomery, Multan & Muzaffargarh [8]
Partition[edit]
Main articles: Partition of India and Radcliffe Line
There was much violence, and many Muslims from what would become India fled to Pakistan; and Hindus and Sikhs from what would become Pakistan fled to India. Many people left behind all their possessions and property to avoid the violence and flee to their new country.[9]
Princely states[edit]
Main articles: Princely states of Pakistan and Princely states of India
On 4 June 1947 Mountbatten held a press conference in which he addressed the question of the princely states, of which there were over 570.[clarification needed] The treaty relations between Britain and the Indian States would come to an end, and on 15 August 1947 the suzerainty of the British Crown was to lapse. They would be free to accede to one or the other of the new dominions[10] or to remain independent.[11]
India[edit]
Further information: Princely states of India and Political integration of India
Lord Mountbatten of Burma, the last Viceroy, was asked by the Indian leaders to continue as the Governor-General of India. Jawaharlal Nehru became the Prime Minister of India and Sardar Vallabhbhai Patel became the Home Minister.
Over 560 princely states acceded to India by 15 August. The exceptions were Junagadh, Hyderabad and Jammu and Kashmir. The state of Jammu and Kashmir, which was contiguous to both India and Pakistan but, its Hindu ruler chose to remain initially independent. Following a Pakistani tribal invasion, he acceded to India on 26 October 1947, and the state became a dispute between India and Pakistan.[12] The state of Junagadh initially acceded to Pakistan but faced a revolt from its Hindu population. Following a breakdown of law and order, its Dewan requested India to take over the administration on 8 November 1947. India conducted a referendum in the state on 20 February 1948, in which the people voted overwhelmingly to join India. The state of Hyderabad, with majority Hindu population but Muslim ruler, faced an intense turmoil and sectarian violence. India invaded the state on 13 September 1948, following which the ruler of the state signed the Instrument of Accession, joining India.
Pakistan[edit]
Further information: Princely states of Pakistan
Muhammad Ali Jinnah became the Governor-General of Pakistan, and Liaquat Ali Khan became the Prime Minister of Pakistan.
Between October 1947 and March 1948 the rulers of several Muslim-majority states signed an Instrument of Accession to join Pakistan. These included Amb, Bahawalpur, Chitral, Dir, Kalat, Khairpur, Kharan, Las Bela, Makran, and Swat.[13][14][15]
Repeal[edit]
The Indian Independence Act was subsequently repealed in Article 395 of the Constitution of India and in Article 221 of the Constitution of Pakistan of 1956,[16] both constitutions being intended to bring about greater independence for the new states. Although, under British law, the new constitutions did not have the legal authority to repeal the Act, the repeal was intended to establish them as independent legal systems based only on home-grown legislation.[17] The Act has not been repealed in the United Kingdom, where it still has effect, although some sections of it have been repealed.
See also[edit]
Indian independence movement
Pakistan Movement
Political integration of India
Notes[edit]
Jump up ^ Hoshiar Singh, Pankaj Singh; Singh Hoshiar. Indian Administration. Pearson Education India. p. 10. ISBN 978-81-317-6119-9. Retrieved 2 January 2013.
Jump up ^ represented by Jawaharlal Nehru, Vallabhbhai Patel, and Acharya Kripalani
Jump up ^ represented by Muhammad Ali Jinnah, Liaqat Ali Khan, and Sardar Abdul Rab Nishtar
Jump up ^ represented by Sardar Baldev Singh
Jump up ^ Ghose, Sankar (1993). Jawaharlal Nehru : a biography (1. publ. ed.). New Delhi [u.a.]: Allied Publ. p. 151. ISBN 9788170233695.
Jump up ^ Extract of Clement Attlee's minute to the Secretary of State for India (Viscount Mountbatten of Burma), 18 March 1947 at British Library, accessed 27 December 2017
Jump up ^ See Section 7 (1) (b): "the suzerainty of His Majesty over the Indian States lapses, and with it, all treaties and agreements in force at the date of the passing of this Act between His Majesty and the rulers of Indian States, all functions exercisable by His Majesty at that date with respect to Indian States, all obligations of His Majesty existing at that date towards Indian States or the rulers thereof, and all powers, rights, authority or jurisdiction exercisable by His Majesty at that date in or in relation to Indian States by treaty, grant, usage, sufferance or otherwise."
Jump up ^ "Salient features of the act" (PDF). Retrieved 9 February 2013.
Jump up ^ "The history of partition". Retrieved 9 February 2013.
Jump up ^ R. P. Bhargava (1992) The Chamber of Princes, p. 313
Jump up ^ Indian Independence Act 1947. Opsi.gov.uk. Retrieved on 12 July 2013.
Jump up ^ Stein, Burton; Arnold, David (2010), A History of India, John Wiley & Sons, p. 359, ISBN 978-1-4051-9509-6, retrieved 27 July 2012
Jump up ^ Behera, Navnita Chadha (2007), Demystifying Kashmir, Pearson Education India, pp. 12–13, ISBN 8131708462
Jump up ^ Z. H. Zaidi, ed., Jinnah Papers: The states: Historical and Policy Perspectives and Accession to Pakistan, vol. VIII (Quaid-i-Azam Papers Project, Government of Pakistan, 2003), p. 113
Jump up ^ "Dominion of Pakistan". Retrieved 9 February 2013.
Jump up ^ "Article 221: The Government of India Act, 1935, and the Indian Independence Act, 1947, together with all enactments amending or supplementing those Acts, are hereby repealed: Provided that the repeal of the provisions of the Government of India Act, 1935, applicable for the purposes of Article 230 shall not take effect until the first day of April, 1957."
Jump up ^ "India's benign constitutional revolution". Retrieved 20 October 2015.
External links[edit]
Wikisource has original text related to this article:
Indian Independence Act 1947
Indian Independence Bill,1947
"Indian Independence Act 1947 (c.30)" (PDF). Original Statute from The UK Statute Law Database. Office of Public Sector Information, National Archives, UK. Retrieved 2010-04-30.
"Indian Independence Act 1947 (c.30)". Revised Statute from The UK Statute Law Database. Office of Public Sector Information, National Archives, UK. Archived from the original on 15 October 2008. Retrieved 2008-06-02.
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Hieratic
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This article may be confusing or unclear to readers. In particular, The term is very broad and can incorporate many different types, including "cursive hieroglyphs". Please help us clarify the article. There might be a discussion about this on the talk page. (August 2014) (Learn how and when to remove this template message)
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Hieratic
Type
Abjad[citation needed] with logographic elements
Languages
Egyptian language
Time period
Protodynastic Period–3rd century AD
Parent systems
Egyptian hieroglyphs
Hieratic
Child systems
Demotic
→ Coptic
→ Meroitic
Byblos syllabary
Sister systems
Cursive hieroglyphs[dubious – discuss]
Direction
Right-to-left
ISO 15924
Egyh, 060
Unicode range
U+13000–U+1342F (unified with Egyptian hieroglyphs)
This article contains IPA phonetic symbols. Without proper rendering support, you may see question marks, boxes, or other symbols instead of Unicode characters. For an introductory guide on IPA symbols, see Help:IPA.
Hieratic (English: /haɪərˈrætɪk/; Ancient Greek: ἱερατικά, translit. hieratika, lit. 'priestly') is a cursive writing system used in the provenance of the pharaohs in Egypt. It developed alongside cursive hieroglyphs,[1] to which it is distinctly related. It was primarily written in ink with a reed brush on papyrus, allowing scribes to write quickly without resorting to the time-consuming hieroglyphs.[2]
Contents
[hide]
1 Etymology
2 Development
3 Uses and materials
4 Characteristics
5 Influence
6 Unicode
7 See also
8 Notes
9 References
10 External links
Etymology[edit]
In the 2nd century AD, the term hieratic was first used by Clement of Alexandria.[3] It derives from the Greek phrase γράμματα ἱερατικά (grammata hieratika; literally "priestly writing"), as at that time, hieratic was used only for religious texts, as had been the case for the previous eight and a half centuries.
Hieratic can also be an adjective meaning "[o]f or associated with sacred persons or offices; sacerdotal."[4]
Development[edit]
In the Proto-Dynastic Period of Egypt, hieratic first appeared and developed alongside the more formal hieroglyphic script. It is an error to view hieratic as a derivative of hieroglyphic writing. Indeed, the earliest texts from Egypt are produced with ink and brush, with no indication their signs are descendants of hieroglyphs. True monumental hieroglyphs carved in stone did not appear until the 1st Dynasty, well after hieratic had been established as a scribal practice. The two writing systems, therefore, are related, parallel developments, rather than a single linear one.[1]
Hieratic was used throughout the pharaonic period and into the Graeco-Roman Period. Around 660 BC, the Demotic script (and later Greek) replaced hieratic in most secular writing, but hieratic continued to be used by the priestly class for several more centuries, at least into the 3rd century AD.
Uses and materials[edit]
One of four official letters to vizier Khay copied onto fragments of limestone (an ostracon).
Through most of its long history, hieratic was used for writing administrative documents, accounts, legal texts, and letters, as well as mathematical, medical, literary, and religious texts. During the Græco-Roman period, when Demotic (and later Greek) had become the chief administrative script, hieratic was limited primarily to religious texts. In general, hieratic was much more important than hieroglyphs throughout Egypt's history, being the script used in daily life. It was also the writing system first taught to students, knowledge of hieroglyphs being limited to a small minority who were given additional training.[5] In fact, it is often possible to detect errors in hieroglyphic texts that came about due to a misunderstanding of an original hieratic text.
Most often, hieratic script was written in ink with a reed brush[6] on papyrus, wood, stone or pottery ostraca. Thousands of limestone ostraca have been found at the site of Deir al-Madinah, revealing an intimate picture of the lives of common Egyptian workmen. Besides papyrus, stone, ceramic shards, and wood, there are hieratic texts on leather rolls, though few have survived. There are also hieratic texts written on cloth, especially on linen used in mummification. There are some hieratic texts inscribed on stone, a variety known as lapidary hieratic; these are particularly common on stelae from the 22nd Dynasty.
During the late 6th Dynasty, hieratic was sometimes incised into mud tablets with a stylus, similar to cuneiform. About five hundred of these tablets have been discovered in the governor's palace at Ayn Asil (Balat),[7] and a single example was discovered from the site of Ayn al-Gazzarin, both in the Dakhla Oasis.[8][9] At the time the tablets were made, Dakhla was located far from centers of papyrus production.[10] These tablets record inventories, name lists, accounts, and approximately fifty letters. Of the letters, many are internal letters that were circulated within the palace and the local settlement, but others were sent from other villages in the oasis to the governor.
Characteristics[edit]
Exercise tablet with hieratic excerpt from The Instructions of Amenemhat. Dynasty XVIII, reign of Amenhotep I, c. 1514–1493 BC. Text reads: "Be on your guard against all who are subordinate to you ... Trust no brother, know no friend, make no intimates."
Hieratic script (unlike cursive hieroglyphs)[dubious – discuss] always reads from right to left. Initially, hieratic could be written in either columns or horizontal lines, but after the 12th Dynasty (specifically during the reign of Amenemhat III), horizontal writing became the standard.
Hieratic is noted for its cursive nature and use of ligatures for a number of characters. Hieratic script also uses a much more standardized orthography than hieroglyphs; texts written in the latter often had to take into account extra-textual concerns, such as decorative uses and religious concerns that were not present in, say, a tax receipt. There are also some signs that are unique to hieratic, though Egyptologists have invented equivalent hieroglyphic forms for hieroglyphic transcriptions and typesetting.[11] Several hieratic characters have diacritical additions so that similar signs could easily be distinguished. Particularly complicated signs could be written with a single stroke.
Hieratic is often present in any given period in two forms, a highly ligatured, cursive script used for administrative documents, and a broad uncial bookhand used for literary, scientific, and religious texts. These two forms can often be significantly different from one another. Letters, in particular, used very cursive forms for quick writing, often with large numbers of abbreviations for formulaic phrases, similar to shorthand.
A highly cursive form of hieratic known as "Abnormal Hieratic" was used in the Theban area from the second half of the 20th dynasty until the beginning of the 26th Dynasty.[12] It derives from the script of Upper Egyptian administrative documents and was used primarily for legal texts, land leases, letters, and other texts. This type of writing was superseded by Demotic—a Lower Egyptian scribal tradition—during the 26th Dynasty, when Demotic was established as a standard administrative script throughout a re-unified Egypt.
Influence[edit]
This section needs expansion. You can help by adding to it. (May 2008)
Hieratic has had influence on a number of other writing systems. The most obvious is that on Demotic, its direct descendant. Related to this are the Demotic signs of the Meroitic script and the borrowed Demotic characters used in the Coptic alphabet and Old Nubian.
Outside of the Nile Valley, many of the signs used in the Byblos syllabary were apparently borrowed from Old Kingdom hieratic signs.[13] It is also known that early Hebrew used hieratic numerals.[14]
Unicode[edit]
The Unicode standard considers hieratic characters' font variants of the Egyptian hieroglyphs, and the two scripts have been unified.[15] Hieroglyphs themselves were added to the Unicode Standard in October 2009 with the release of version 5.2. To date, there is no known Unicode font with hieratic.
See also[edit]
Coptic alphabet
Egyptian numerals
Notes[edit]
^ Jump up to: a b Goedicke 1988:vii–viii.
Jump up ^ McGregor, W. B., Linguistics: An Introduction (London: Bloomsbury Academic, 2015), p. 306.
Jump up ^ Goedicke 1988:vii; Wente 2001:2006. The reference is made in Clement's Stromata 5:4.
Jump up ^ Definition of hieratic, Free Online Dictionary. Retrieved 2011-10-23.
Jump up ^ Baines 1983:583.
Jump up ^ During the Roman period reed pens (calami) were also used.
Jump up ^ Soukiassian, Wuttman, Pantalacci 2002.
Jump up ^ Posener-Kriéger 1992; Pantalacci 1998.
Jump up ^ Scribes and craftsmen: the noble art of writing on clay. Feb 29, 2012; UCL Institute of Archaeology
Jump up ^ Parkinson and Quirke 1995:20.
Jump up ^ Gardiner 1929.
Jump up ^ Wente 2001:210. See also Malinine [1974].
Jump up ^ Hoch 1990.
Jump up ^ Aharoni 1966; Goldwasser 1991.
Jump up ^ The Unicode Standard, Version 5.2.0, Chapter 14.17, Egyptian Hieroglyphs [1]
References[edit]
Aharoni, Yohanan (1966). "The Use of Hieratic Numerals in Hebrew Ostraca and the Shekel Weights". Bulletin of the American Schools of Oriental Research. 184 (184): 13–19. doi:10.2307/1356200. JSTOR 1356200.
Baines, John R. (1983). "Literacy and Ancient Egyptian Society". Man: A Monthly Record of Anthropological Science. 18 (new series): 572–599. Archived from the original on 2006-10-09.
Betrò, Maria Carmela (1996). Hieroglyphics: The Writings of Ancient Egypt. New York; Milan: Abbeville Press (English); Arnoldo Mondadori (Italian). pp. 34–239. ISBN 0-7892-0232-8.
Gardiner, Alan H. (1929). "The Transcription of New Kingdom Hieratic". Journal of Egyptian Archaeology. 15 (1/2): 48–55. doi:10.2307/3854012. JSTOR 3854012.
Goedicke, Hans (1988). Old Hieratic Paleography. Baltimore: Halgo, Inc.
Goldwasser, Orly (1991). "An Egyptian Scribe from Lachish and the Hieratic Tradition of the Hebrew Kingdoms". Tel Aviv: Journal of the Tel Aviv University Institute of Archaeology. 18: 248–253.
Janssen, Jacobus Johannes (2000). "Idiosyncrasies in Late Ramesside Hieratic Writing". Journal of Egyptian Archaeology. 86: 51–56. doi:10.2307/3822306. JSTOR 3822306.
Malinine, Michel (1974). "Choix de textes juridiques en hiératique 'anormal' et en démotique". Textes et langages de l’Égypte pharaonique: Cent cinquante années de recherches 1822–1972; Hommage à Jean-François Champollion. Cairo: Imprimerie de l’Institut français d’archéologie orientale du Caire. pp. 31–35. Vol. 1.
Hoch, James E. (1990). "The Byblos Syllabary: Bridging the Gap Between Egyptian Hieroglyphs and Semitic Alphabets". Journal of the Society for the Study of Egyptian Antiquities. 20: 115–124.
Möller, Georg Christian Julius (1927–1936). Hieratische Paläographie: Die aegyptische Buchschrift in ihrer Entwicklung von der Fünften Dynastie bis zur römischen Kaiserzeit (2nd ed.). Leipzig: J. C. Hinrichs’schen Buchhandlungen. 4 vols.
Möller, Georg Christian Julius (ed.) (1927–1935). Hieratische Lesestücke für den akademischen Gebrauch (2nd ed.). Leipzig: J. C. Hinrichs’schen Buchhandlungen. CS1 maint: Extra text: authors list (link) 3 vols.
Pantalacci, Laure (1998). "La documentation épistolaire du palais des gouverneurs à Balat–ˤAyn Asīl". Bulletin de l'Institut français d'archéologie orientale. 98: 303–315.
Parkinson, Richard B.; Stephen G. J. Quirke (1995). Papyrus. London: British Museum Press.
Posener-Kriéger, Paule (1992). "Les tablettes en terre crue de Balat". In Élisabeth Lalou (ed.). Les Tablettes à écrire de l'Antiquité à l'époque moderne. Turnhout: Brepols. pp. 41–49. CS1 maint: Extra text: editors list (link)
Soukiassian, Georges; Michel Wuttmann; Laure Pantalacci (2002). Le palais des gouverneurs de l’époque de Pépy II: Les sanctuaires de ka et leurs dépendances. Cairo: Imprimerie de l’Institut français d’archéologie orientale du Caire. ISBN 2-7247-0313-8.
Verhoeven, Ursula (2001). Untersuchungen zur späthieratischen Buchschrift. Leuven: Uitgeverij Peeters and Departement Oriëntalistiek.
Wente, Edward Frank (2001). "Scripts: Hieratic". In Donald Redford (ed.). The Oxford Encyclopedia of Ancient Egypt. Oxford, New York, and Cairo: Oxford University Press and The American University in Cairo Press. pp. 206–210. CS1 maint: Extra text: editors list (link) Vol. 3.
Wimmer, Stefan Jakob (1989). Hieratische Paläographie der nicht-literarischen Ostraka der 19. und 20. Dynastie. Wiesbaden: Harrassowitz Verlag.
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Financial intermediary
From Wikipedia, the free encyclopedia
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A financial intermediary is an institution or individual that serves as a middleman among diverse parties in order to facilitate financial transactions. Common types include commercial banks, investment banks, stockbrokers, pooled investment funds, and stock exchanges. Financial intermediaries reallocate otherwise uninvested capital to productive enterprises through a variety of debt, equity, or hybrid stakeholding structures.[1][2]
Through the process of financial intermediation, certain assets or liabilities are transformed into different assets or liabilities.[2] As such, financial intermediaries channel funds from people who have surplus capital (savers) to those who require liquid funds to carry out a desired activity (investors).[3]
A financial intermediary is typically an institution that facilitates the channeling of funds between lenders and borrowers indirectly.[4] That is, savers (lenders) give funds to an intermediary institution (such as a bank), and that institution gives those funds to spenders (borrowers). This may be in the form of loans or mortgages.[5] Alternatively, they may lend the money directly via the financial markets, and eliminate the financial intermediary, which is known as financial disintermediation.
In the context of climate finance and development, financial intermediaries generally refer to private sector intermediaries, such as banks, private equity, venture capital funds, leasing companies, insurance and pension funds, and micro-credit providers.[6] Increasingly, international financial institutions provide funding via companies in the financial sector, rather than directly financing projects.[7]
Contents
[hide]
1 Functions performed by financial intermediaries
2 Advantages and disadvantages of financial intermediaries
3 Types of financial intermediaries
4 Summary
5 See also
6 References
7 Bibliography
Functions performed by financial intermediaries[edit]
The hypothesis of financial intermediaries adopted by mainstream economics offers the following three major functions they are meant to perform:
Creditors provide a line of credit to qualified clients and collect the premiums of debt instruments such as loans for financing homes, education, auto, credit cards, small businesses, and personal needs.
Converting short-term liabilities to long term assets (banks deal with large number of lenders and borrowers, and reconcile their conflicting needs)
Risk transformation[citation needed]
Converting risky investments into relatively risk-free ones. (lending to multiple borrowers to reduce the risk)
Convenience denomination
Matching small deposits with large loans and large deposits with small loans
Advantages and disadvantages of financial intermediaries[edit]
There are two essential advantages from using financial intermediaries:
Cost advantage over direct lending/borrowing[citation needed]
Market failure protection; The conflicting needs of lenders and borrowers are reconciled, preventing[citation needed] market failure
The cost advantages of using financial intermediaries include:
Reconciling conflicting preferences of lenders and borrowers
Risk aversion intermediaries help spread out and decrease the risks
Economies of scale - using financial intermediaries reduces the costs of lending and borrowing
Economies of scope - intermediaries concentrate on the demands of the lenders and borrowers and are able to enhance their products and services (use same inputs to produce different outputs)
Various disadvantages have also been noted in the context of climate finance and development finance institutions.[6] These include a lack of transparency, inadequate attention to social and environmental concerns, and a failure to link directly to proven developmental impacts.[8]
Types of financial intermediaries[edit]
According to the dominant economic view of monetary operations,[9] the following institutions are or can act as financial intermediaries:
Banks
Mutual savings banks
Savings banks
Building societies
Credit unions
Financial advisers or brokers
Insurance companies
Collective investment schemes
Pension funds
cooperative societies
Stock exchanges
According to the alternative view of monetary and banking operations, banks are not intermediaries but "fundamentally money creation" institutions,[9] while the other institutions in the category of supposed "intermediaries" are simply investment funds.[9]
Summary[edit]
Financial intermediaries are meant to bring together those economic agents with surplus funds who want to lend (invest) to those with a shortage of funds who want to borrow.[10] In doing this, they offer the benefits of maturity and risk transformation. Specialist financial intermediaries are ostensibly enjoying a related (cost) advantage in offering financial services, which not only enables them to make profit, but also raises the overall efficiency of the economy. Their existence and services are explained by the "information problems" associated with financial markets.[11]
See also[edit]
Debt
Financial economics
Investment
Saving
Financial market efficiency
References[edit]
Jump up ^ Infinite Financial Intermediation, 50 Wake Forest Law Review 643 (2015), available at: http://ssrn.com/abstract=2711379
^ Jump up to: a b Siklos, Pierre (2001). Money, Banking, and Financial Institutions: Canada in the Global Environment. Toronto: McGraw-Hill Ryerson. p. 35. ISBN 0-07-087158-2.
Jump up ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 272. ISBN 0-13-063085-3.
Jump up ^ Global Shadow Banking Monitoring Report 2013 (PDF). Financial Stability Board. 2013. p. 12. ISBN 0-07-087158-2.
Jump up ^ Robert E. Wright and Vincenzo Quadrini. Money and Banking: Chapter 2 Section 5: Financial Intermediaries.[1] Accessed June 28, 2012
^ Jump up to: a b Institute for Policy Studies(2013), "Financial Intermediaries", A Glossary of Climate Finance Terms, IPS, Washington DC
Jump up ^ Eurodad (2012), "Investing in financial intermediaries: a way to fill the gaps in public climate finance?", Eurodad, Brussels
Jump up ^ Bretton Woods Project (2010)"Out of sight, out of mind? IFC investment through banks, private equity firms and other financial intermediaries", Bretton Woods Project, London
^ Jump up to: a b c "The currently dominant intermediation of loanable funds (ILF) model views banks as barter institutions that intermediate deposits of pre-existing, real, loanable funds between depositors and borrowers. The problem with this view is that, in the real world, there are no pre-existing loanable funds; and ILF-type institutions do not exist. Instead, banks create new funds in the act of lending, through matching loan and deposit entries, both in the name of the same customer, on their balance sheets. The financing-through-money-creation (FMC) model reflects this, and therefore views banks as fundamentally monetary institutions. The FMC model also recognises that, in the real world, there is no deposit multiplier mechanism." From "Banks are not intermediaries of loanable funds — and why this matters", by Zoltan Jakab and Michael Kumhof, Bank of England Working Paper No 529, May 2015
Jump up ^ "The Role Of Financial Intermediaries", Finance Informer website, Australia (accessed 10 June 2015)
Jump up ^ Gahir, Bruce (2009). "Financial Intermediation". Prague, Czech Republic.
Bibliography[edit]
Pilbeam, Keith. Finance and Financial Markets. New York: PALGRAVE MACMILLAN, 2005.
Valdez, Steven. An Introduction To Global Financial Markets. Macmillan Press, 2007.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Financial_intermediary&oldid=797661591"
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