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History

The growing involvment of the Mutul with the international capital market was mediated by an early form of merchant banks. These grew out of merchant "administrative communities" (the "Nuk Nahob") that shifted their capital first from financing their own trade and inventories to acceptance credit and later branched out into various financial services in the Mutuleses markets.

Since the invention of the printing press, the Divine Throne slowly moved away from using commodities such as jade or copper for its exchanges, and adopted paper money. It also developed bonds as a form of debt recognition to raise new capitals for the construction of new infrastructure, the modernisation of its military, and also new military campaigns both in Ochran and Norumbia. These bonds were sold in marketplaces by government officials, jointly traded with the shares of various enterprises and corporations, a practice introduced by the Nuk Nahob operating in Ochran who where always in dire need of new capitals. As a result, many markets in the Mutul turned into early stock exchanges, separated from other market places. The Blessed Printmaker House was the first institution that performed tasks similar to that of a modern central bank, under the control of the Treasury.

After the Mutulo-Reze Wars and the Noble Rebellion in Sante Reze, merchants in the east coast, who were generally considered to be lagging behind their Tatinak, Teenek, and Yokot'an counterparts, enjoyed new opportunities offered by the fall of the Reze Trade Cartel. Under the guarantee of a newfound friendship between the Divine Throne and the Noble Republic, they started to invest in the reconstruction of Sante Reze after its takeover by the Noble Houses, with specialists brokers serving as middlemen : floating the bonds on behalf of the Noble Republic, and later also for other governments such as Ayeli or Caripe, and create a market for those bonds. These markets would remain active until the Sajal War of the 1820s and the ensuing crisis.

In 1750, the creation of the First Tsurushimese Republic sparkled an economic crisis in the Divine Kingdom's Vespanian possessions that had profound effects even in Oxidentale. It made investors feel that these far-away regions had become "too risky" and shied away from them. This distrust would only b further confirmed with the Second Kahei War of the 1810s, where the Mutulese throne even encouraged investors to liquidate all the assests they could from the region, with few exceptions like Benaajab. It's only with the end of the Sajal War and new technological innovations that some investors would return to the Vespanian, but no longer in a dominant position except in, once again, Benaajab, until the last decade of the 19th century when the Second Bandhaśēka and the collaboration of the Mutul in the nationalisation of foreign assets operated by the Daitoa Republic marked the end of that era.

Modern times

During the rule of Walijaj Chan K'awiil II, the Mutul had already started an heavy restructuration and modernisation of its financial institutions and system, alongside that of the rest of its society. Foreign banks, the Reze were favored but it also included Arthuristans and Latins institutions, started to open branch in the Mutul, while the Divine Throne took a more direct approach to the country's third sector, favorizing the creation of the Green Society from the reunion of local mutual farming banks or even founding new state-owned banks such as the Industry and Infrastructure Bank. These always had specific goals such as to promote lending to small family farms in the former example, or to facilitate the modernisation of the Mutul infrastructures and factories for the latter.