Refer to the passage. Furthermore all merchants arriving from India or other countries, and bringing with them gold or silver or gems and pearls, are prohibited from selling to any one but the Emperor. He has twelve experts chosen for this business, men of shrewdness and experience in such affairs; these appraise the articles, and the Emperor then pays a liberal price for them in those pieces of paper. The merchants accept his price readily, for in the first place they would not get so good a one from anybody else, and secondly they are paid without any delay. And with this paper-money they can buy what they like anywhere over the Empire, whilst it is also vastly lighter to carry about on their journeys. And it is a truth that the merchants will several times in the year bring wares to the amount of 400,000 bezants, and the Grand Sire pays for all in that paper.

Excerpt from The Book of Ser Marco Polo, the Venetian, Concerning Kingdoms and Marvels of the East, Vol. 2, 1871

Based on the evidence in this passage, which of the following was an economic development that encouraged trade in Europe from 1200 to 1450?

the creation of state-chartered joint-stock companies
the mechanization of manufacturing
the invention and use of stock exchanges
the growth of banking houses