Journal articles: 'Nineteenth-century banking'

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Bodenhorn, Howard. "Free banking and bank entry in nineteenth-century New York." Financial History Review 15, no. 2 (October 2008): 175–201. http://dx.doi.org/10.1017/s0968565008000152.

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AbstractPrevious studies of entry under New York's free banking law of 1838 have generated conflicting results. This article shows that different measures of entry lead to different conclusions about the competitive effects of the law. Measured by the entry of new banks, New York's free banking law led to increased rates of entry relative to other states. Free banking did not, however, lead to significant increases in capital accumulation in the industry. This paradoxical outcome resulted from the regulatory features of free banking, especially the bond security feature, which reduced profitability and incentives to invest in banking.

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Newton, Lucy. "The Birth of Joint-Stock Banking: England and New England Compared." Business History Review 84, no. 1 (2010): 27–52. http://dx.doi.org/10.1017/s0007680500001239.

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By the end of the nineteenth century, the banking systems of England and New England were very different. England possessed a small number of large-scale clearing banks that had established extensive branch networks and dominated the domestic market. In contrast, New England banking was characterized by a large number of small-scale institutions. Yet, a century earlier, there were striking similarities between the two systems. An analysis of their evolution over the course of the nineteenth century provides an international and comparative perspective on the continuing debate over banking institutions, lending patterns, and economic growth.

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Turner, John D. "‘The last acre and sixpence’: views on bank liability regimes in nineteenth-century Britain." Financial History Review 16, no. 2 (September 16, 2009): 111–27. http://dx.doi.org/10.1017/s0968565009990047.

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AbstractIn the nineteenth century, British banking had a complete spectrum of shareholder liability regimes, ranging from pure limited to unlimited liability. Although the debate surrounding the US experience with double liability in banking is well documented, we know relatively little about the British experience of and debate about shareholder liability regimes in banking. Consequently, this article traces the development of views on shareholder liability regimes in nineteenth-century British banking. One of the main findings is that the chief argument for limited liability in British banking was based upon the perceived weaknesses of unlimited liability. In addition, it appears that much of the debate concentrated on the depositor-assuring viability of alternatives to unlimited liability.

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LEONARD, KAREN. "Palmer and Company: an Indian Banking Firm in Hyderabad State." Modern Asian Studies 47, no. 4 (January 16, 2013): 1157–84. http://dx.doi.org/10.1017/s0026749x12000236.

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AbstractAlthough the misreading of Hyderabad's early nineteenth century banking firm, Palmer and Company, as scandalous, illegal, and usurious in its business practices was contested at the time in Hyderabad, and at the highest levels of the East India Company in both Calcutta and London, such conspiracy theories have prevailed and are here challenged. The Eurasian William Palmer and his partner, the Gujarati banker, Benkati Das, are best understood as indigenous sahukars or bankers. Their firm functioned like other Indian banking firms and was in competition with them in the early nineteenth century as Hyderabad State dealt with the increasing power of the British East India Company and its man-on-the-spot, the Resident. Historians need to look beyond the English language East India Company records to contextualize this important banking firm more accurately.

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Tyson, Robert E., and Philip Ollerenshaw. "Banking in Nineteenth-Century Ireland: The Belfast Banks, 1825-1914." Economic History Review 41, no. 2 (May 1988): 325. http://dx.doi.org/10.2307/2596080.

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Nair, Malavika. "Enforcement of nineteenth century banking contracts using a marriage rule." Quarterly Review of Economics and Finance 51, no. 4 (November 2011): 360–67. http://dx.doi.org/10.1016/j.qref.2011.08.001.

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Lamoreaux, Naomi R. "Bank Mergers in Late Nineteenth-Century New England: The Contingent Nature of Structural Change." Journal of Economic History 51, no. 3 (September 1991): 537–57. http://dx.doi.org/10.1017/s0022050700039553.

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Although New England's unit banking system was declining in profitability during the late nineteenth century, the existing competitive environment prevented large institutions from outperforming their smaller rivals. As a result, there was little change in the structure of the banking system during this period. At the turn of the century, however, a wave of mergers radically transformed the banking sectors of Boston and Providence. Although the greater profitability of the mergers indicates they were a better fit to the economic environment than their smaller predecessors, their creation was only made possible by a special combination of historical circumstances.

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Levy, Juliette. "Notaries and Credit Markets in Nineteenth-Century Mexico." Business History Review 84, no. 3 (2010): 459–78. http://dx.doi.org/10.1017/s0007680500002208.

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Little is known about the logic of lending transactions and the development of credit markets in Mexico, or the rest of Latin America, prior to banks. We know even less about what role financial intermediaries played in these pre-banking markets, or who these intermediaries were. This article analyzes the intermediary role notaries played in the long-term credit market in Yucatan, in southeastern Mexico, in the nineteenth-century. Using a unique dataset of mortgages from the notarial records in the Yucatan state archive, the article shows that, in the absence of banks, notaries facilitated access to credit, and that, in the institutional and political context of Yucatan, both entrepreneurship and monopoly were being fostered.

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James, John A. "Panics, payments disruptions and the Bank of England before 1826." Financial History Review 19, no. 3 (September 17, 2012): 289–309. http://dx.doi.org/10.1017/s0968565012000182.

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The structures of the banking systems in early nineteenth-century England and later nineteenth-century America were quite similar. In each the multitude of independent country or interior bankers maintained correspondent accounts with bankers in the metropolis, London and New York respectively, to hold reserves and to clear and settle financial instruments used in intercity financial transactions. In spite of such similarities in structure, the performances of the two systems were, however, rather different. Although panics were frequent and their extent widespread in late eighteenth- and early nineteenth-century England involving numerous bank failures, there was never a nationwide paralysis of the payments system such as had become a regular event in late nineteenth-century America. This was due to the Bank of England's functioning as a de facto lender of last resort even though such a role was not explicitly recognized or acknowledged until decades later.

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NAIR, MALAVIKA. "Caste as self-regulatory club: evidence from a private banking system in nineteenth century India." Journal of Institutional Economics 12, no. 3 (December 28, 2015): 677–98. http://dx.doi.org/10.1017/s1744137415000466.

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AbstractThe Chettiar banking system evolved and functioned in the absence of a government sponsored central bank in 19th-century India. I find that the underlying common social institution of caste was crucial for the workings of the banking system and effectively acted as a club. Exclusion was achieved by restricting membership by birth and the practice of endogamy. These mechanisms created the necessary incentives to provide meaningful rules as well as their enforcement. I describe and analyze the privately provided self-regulatory mechanisms of clearinghouses, inter-bank lending and information sharing. The Chettiar banking system thus adds to existing instances of self-regulated banking as well as points to the economic underpinnings of caste as an institution.

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Cuevas, J. "Banking Growth and Industry Financing in Spain during the Nineteenth Century." Business History 44, no. 1 (January 2002): 61–94. http://dx.doi.org/10.1080/713999256.

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Schroedel, Jean Reith, and Bruce Snyder. "People's Banking: The Promise Betrayed?" Studies in American Political Development 8, no. 1 (1994): 173–93. http://dx.doi.org/10.1017/s0898588x00000110.

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The period roughly encompassing the last twenty-five years of the nineteenth century and the first two decades of the twentieth century has been described as one in which America embarked on a “search for order.” It has also been characterized as a period that witnessed the genesis of the modern American administrative state. The time was one of profound change, marking the transition from a principally agrarian to an industrial society and economy. Positions on the most contentious issues of the era tended to fall along sectional lines that reflected regional disagreement on the scope, as well as the propriety, of that transition. Even after appeals to the “bloody shirt” had waned, the fundamentally sectional nature of the national debate over these issues, and the state's capacity to deal with them, remained.

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Visockytė, Ligita. "Assessment of income inequality in the nineteenth century Great Britain’s banking industry." Applied Economics: Systematic Research 12, no. 1 (2018): 95–115. http://dx.doi.org/10.7220/aesr.2335.8742.2018.12.1.6.

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Polsi, Alessandro. "Financial institutions in nineteenth-century Italy. The rise of a banking system." Financial History Review 3, no. 2 (October 1996): 117–37. http://dx.doi.org/10.1017/s0968565000000627.

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15

Black, Iain S. "Money, information and space: banking in early-nineteenth-century England and Wales." Journal of Historical Geography 21, no. 4 (October 1995): 398–412. http://dx.doi.org/10.1006/jhge.1995.0027.

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Ramon, Jose, and Garcia Lopez. "Banking merchants and banking houses: the hidden key to the workings of the Spanish banking system in the nineteenth century." Accounting, Business & Financial History 10, no. 1 (March 2000): 37–56. http://dx.doi.org/10.1080/095852000330186.

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Guinnane, Timothy W. "Delegated Monitors, Large and Small: Germany's Banking System, 1800–1914." Journal of Economic Literature 40, no. 1 (February 1, 2002): 73–124. http://dx.doi.org/10.1257/0022051026985.

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Banks play a greater role in the German financial system than in those of the United States or Britain. Germany's large universal banks are admired by those who advocate bank deregulation in the United States. Others admire the universal banks for their supposed role in corporate governance and industrial finance. Many discussions distort the German banking system by overstressing one of several types of banks, and ignore the competition and cooperation between the famous universal banks and other banking groups. Tracing the historical development of the German banking system from the early nineteenth century places the large universal banks in context.

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Chiaruttini, Maria Stella. "Woe to the vanquished? State, ‘foreign’ banking and financial development in Southern Italy in the nineteenth century." Financial History Review 27, no. 3 (December 2020): 340–60. http://dx.doi.org/10.1017/s0968565020000220.

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After Southern Italy became part of a new, national state in 1860, its financial sector was radically transformed under Piedmontese influence. This article challenges the conventional wisdom that the aggressive penetration of a Northern credit institution, the future Bank of Italy, into the South following unification harmed the local banking system and highlights instead its transformative role in modernising and deepening regional credit markets. On the basis of new statistics, banking and political records, this contribution shows that the introduction of ‘foreign’ banking from Northern Italy under the auspices of a national, constitutional government resulted in a financial revolution and a democratisation of credit supply to the advantage of the whole South. Public banking under the Bourbons had privileged the needs of an absolute government over those of the private economy and of the capital city over those of the rest of the country, retarding financial development. Credit undersupply and regional fragmentation could only be overcome through the integration of the South within a larger Italian market, in which, however, the lion's share went to a predominantly Northern institution.

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Diekmann, Katharina, and Frank Westermann. "Financial development and sectoral output growth in nineteenth-century Germany." Financial History Review 19, no. 2 (April 3, 2012): 149–74. http://dx.doi.org/10.1017/s0968565012000066.

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In this article we re-evaluate the hypothesis that the development of the financial sector was an essential factor behind economic growth in nineteenth-century Germany. We apply a structural VAR framework to a new annual data set from 1870 to 1912 that was initially compiled by Walther Hoffmann (1965). With respect to the literature, the distinguishing characteristic of our analysis is the focus on different sectors in the economy and the interpretation of the findings in the context of a two-sector growth model. We find that all sectors were affected significantly by shocks from the banking system. Interestingly, this link is the strongest in sectors with small or non-tradable-goods-producing firms, such as construction, services, transportation and agriculture. In this regard, the growth patterns in nineteenth-century Germany are similar to those in today's emerging markets.

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Knodell, Jane. "The long road to accommodative central banking: the US case." European Journal of Economics and Economic Policies: Intervention 17, no. 3 (April 28, 2020): 325–38. http://dx.doi.org/10.4337/ejeep.2020.0061.

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For Basil Moore and post-Keynesians who have followed him in developing the theory of endogenous money, accommodative central-bank behavior is a logical necessity in credit-money economies. Such central banks have no choice but to accommodate the banking system's demand for liquidity. Accommodative central banking evolved through a historical process, as this paper shows for the specific case of the US economy. The road to accommodative central banking was a long one in the US, marked by failed experiments with alternative institutional regimes: the Second Bank of the US of the early national period, the urban clearing-houses of the late nineteenth century, and the early Federal Reserve.

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Weale, Martin. "Northern Rock: Solutions and Problems." National Institute Economic Review 202 (October 2007): 4–8. http://dx.doi.org/10.1177/0027950107086159.

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September brought the United Kingdom its first mass market bank run. Although there had been bank runs in the nineteenth century, with the last in 1866, very few people then had bank accounts so the runs were not in any sense comparable with what happened to Northern Rock, which showed a failure of mass retail banking.

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Marichal, Carlos. "Banking History and Archives in Latin America." Business History Review 82, no. 3 (2008): 585–602. http://dx.doi.org/10.1017/s0007680500082660.

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In recent years, business history has become a rich and varied terrain for research in Latin America. In this essay, I will present an overview of key aspects of banking history in the region, with an emphasis on the sources that are available in Argentina and Mexico. The extensive archives that have been built up in both countries offer historians the opportunity to study an array of topics: histories of individual banks; the evolution of banking systems; the relation between banking firms and industrial and agricultural development; the role of banks in government finance; the unique historical trajectories of central banks; the rise and relative decline of state-development banks; and the complex history of foreign banks in Latin America from the nineteenth century to the present.

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Sánchez Hormigo, Alfonso. "Las pasiones y los intereses: La educación sentimental de Gustave Flaubert." Studies of Applied Economics 32, no. 1 (March 3, 2020): 153. http://dx.doi.org/10.25115/eea.v32i1.3205.

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In Sentimental Education, Gustave Flaubert carries out a penetrating analysis of the behavior of a whole generation born during the second and third decades of the nineteenth century that will live, at a very young age, the introduction of the Orleanist regime whose bourgeoisie captained the first steps of the industrial boom of France. This generation will likewise attend the 1848 revolution, the birth of the Second Republic and the coup of Louis Napoleon. The world of big business, financial speculation and banking, along with the social response in the form of conspiracy and criticism is reported in this work. Through the story of a young provincial student moving to Paris as background, the passions and interests permanently confronted on the stage of the mid-nineteenth century France are collected.

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Ziegler, Dieter. "Central Banking in the English Provinces in the Second Quarter of the Nineteenth Century." Business History 31, no. 4 (October 1989): 33–47. http://dx.doi.org/10.1080/00076798900000083.

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Buyst, Erik, and Ivo Maes. "Central banking in nineteenth-century Belgium: was the NBB a lender of last resort?" Financial History Review 15, no. 2 (October 2008): 153–73. http://dx.doi.org/10.1017/s0968565008000140.

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AbstractThe creation of the National Bank of Belgium (NBB) in 1850 marked a fundamental reform of the Belgian financial system. It clearly aimed at rendering the financial system more crisis resistant, especially by restricting the leverage of the banking sector. The NBB, which received the privilege to issue banknotes, was subject to strict rules to grant only short-term credit against collateral. The NBB took up a key role in maintaining monetary stability, especially by safeguarding the convertibility of banknotes. The NBB also took part in certain rescue operations of financial institutions. However, this was mostly on explicit demand from the finance minister and for crises concerning discount banks. It would then be an exaggeration to consider it as a lender of last resort, in the sense of taking responsibility for the stability of the financial system. This should be no surprise, given the limitations imposed by its statutes, especially the limitation to short-term credits and the strict rules on collateral, the role of the profit motive in its commercial activities and the priority for safeguarding the convertibility of banknotes.

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Lindgren, Håkan. "Parish banking in informal credit markets: the business of private lending in early nineteenth-century Sweden." Financial History Review 24, no. 1 (April 2017): 83–102. http://dx.doi.org/10.1017/s0968565017000087.

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This study demonstrates the existence of a private, informal and lively credit market in rural Sweden during the 1840s, a period that predates the development of a modern banking system. The market, mainly based on private promissory notes, was concentrated in the hands of a limited number of wealthy farmers who specialized in lending, They facilitated access to credit to well-off farmers, regardless of whether they owned their farms or leased taxed land. By using information from probate inventories, the article analyses the wealth portfolio and characteristics of the lending business of the largest creditors (‘parish bankers’) in a judicial district of southern Sweden in 1841–5. The heart and soul of their business was an intimate knowledge of borrowers’ creditworthiness and mutual trust, as typical of local credit networks. The article also explores the existence of an intergenerational transmission of parish banking business – a dimension of private lending that opens an original path of research on local credit markets in early modern Europe.

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NEWTON, LUCY. "Trust and virtue in English banking: the assessment of borrowers by bank managements at the turn of the nineteenth century." Financial History Review 7, no. 2 (October 2000): 177–99. http://dx.doi.org/10.1017/s096856500000010x.

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Lucy Newton, Trust and virtue in English banking: the assessment of borrowers by bank managements at the turn of the nineteenth centuryMuch has been made of the relationships between English banks and their customers. This article aims to examine the perceptions of banks' managements and their procedures in the assessment of English and Welsh borrowing customers at the turn of the century. During this period, as banks assumed the modern corporate form, their managements attempted to impose a more formalised structure for lending decisions – one that could be standardised and applied throughout an organisation. The article examines the impact of such changes upon lending decisions, together with the information utilised in making them. It focuses upon the use of ‘subjective’ information and criteria in order to shed light upon a transitional period in banking organisation. It also considers related issues such as customer reputation; the transition from personalised to transaction banking; and the respective roles of local branches and London head offices in decision-making.

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Tedde De Lorca, Pedro. "LA BANCA DE EMISIÓN ANDALUZA EN PERSPECTIVA NACIONAL (1856-1914)." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 36, no. 3 (June 1, 2018): 423–55. http://dx.doi.org/10.1017/s0212610918000095.

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ABSTRACTThis article attempts to establish a quantitative revision of issuing banks created in Andalusia in the middle of nineteenth century founded as a result of liberal banking laws in 1856, comparing with those of similar dimension in other Spanish provinces. Possible causes of their soon extinction are discussed, like the financial worldwide crisis in the 1860s, the monopoly issue granted to the Bank of Spain in 1874 and the specific circumstances of regional banking. The article tries also to evaluate the performance of Bank of Spain branches, since 1875 until 1914, in those Andalusian places where issue banks were independent before and in relation to the fluctuations of the regional economy in that period.

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van den Broek, Diane. "Strapping, as well as numerate: Occupational identity, masculinity and the aesthetics of nineteenth-century banking." Business History 53, no. 3 (June 2011): 289–301. http://dx.doi.org/10.1080/00076791.2011.565509.

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Hickson, C. R., and J. D. Turner. "Shareholder liability regimes in nineteenth-century English banking: The impact upon the market for shares." European Review of Economic History 7, no. 1 (April 1, 2003): 99–125. http://dx.doi.org/10.1017/s1361491603000042.

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Marshall, Neill, Stuart Dawley, Andy Pike, Jane Pollard, and Mike Coombes. "An evolutionary perspective on the British banking crisis." Journal of Economic Geography 19, no. 5 (September 18, 2018): 1143–67. http://dx.doi.org/10.1093/jeg/lby043.

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Abstract Developing an evolutionary perspective towards the changing anatomy of the banking sector reveals the enduring tensions and contradictions between spatial centralisation and the possibilities for decentralisation before, during and after the British banking crisis. The shift from banking boom to crisis in 2007 is conceptualised as a significant and on-going moment in the long-term evolution of the historical institutional–spatial dominance of London over other city-regions in Britain. The analysis demonstrates the importance of the institutional and geographical legacies of the British national political economy and variegation of capitalism established in the later nineteenth and early twentieth centuries in shaping contemporary geographical outcomes. Regulatory changes combined with financial innovation in the latter years of the twentieth century to create an opportunity for English regional and Scottish banks excluded from previous institutional–spatial centralisation to expand excessively and consequently several failed in the banking crisis. The paper considers the future trajectory of institutional–spatial centralisation in the banking sector amidst the continued spatial restructuring of the banking crisis, involving a re-drawing of organisational boundaries, overlapping institutional and technological changes and unprecedented uncertainty about the impact of Brexit on Britain’s wider political and economic landscape.

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Ugolini, Stefano. "The origins of Swiss wealth management? Genevan private banking, 1800–1840." Financial History Review 25, no. 2 (March 4, 2018): 161–82. http://dx.doi.org/10.1017/s096856501700021x.

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Geneva is host to the most ancient and venerable private banks of Switzerland, but not much is known about the circumstances in which the city allegedly developed an early competitive advantage in wealth management. Using an extraordinary qualitative source (Jacques Mirabaud's papers, and especially his memoirs), this article outlines the microstructure of Genevan private banking at the time of its emergence in the early nineteenth century. It finds that in those years, wealth managers’ ‘raw material’ did not consist of foreign capital, but of a remarkably abundant stock of domestic capital. Financial and social factors were intertwined in producing a very hierarchical division of labour in the origination and distribution of international sovereign loans.

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White, Eugene N. "California Banking in the Nineteenth Century: The Art and Method of the Bank of A. Levy." Business History Review 75, no. 2 (2001): 297–324. http://dx.doi.org/10.2307/3116647.

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An 1890s loan book of the Bank of A. Levy permits a detailed examination of the lending operations of a private bank in California during the National Banking Era (1864–1914). This period has been intensively analyzed at the national and state level, but there are few studies of banks at the firm level. This unregulated bank was integrated into money markets and lent to a broad cross section of the community. Although the bank appeared to adhere to the real bills doctrine, it provided businesses with medium-term, uncollateralized financing. The bank priced risk carefully, offering rates equal to the lowest in the country to its best customers while charging extraordinarily high rates to borrowers deemed risky. In the absence of modern accounting, the bank's close scrutiny of borrowers' businesses and personal lives enabled it to fulfill a special intermediary role.

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Vause, Erika. "A subject of interest: usurers on trial in early nineteenth-century France." Financial History Review 24, no. 1 (April 2017): 103–19. http://dx.doi.org/10.1017/s0968565017000063.

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This article examines perceptions and practices of habitual usury, a crime consisting of lending above the legal rate of interest on multiple occasions, in early nineteenth-century France using descriptions of usury trials found in the popular legal periodical the Gazette des Tribunaux. Following the French Revolution, French law legitimized lending at interest in principle, but punished ‘habitual usurers’ who ‘made a profession’ from lending above the legal limit. The decades that followed witnessed striking growth in banking, joint-stock companies and other financial institutions. Highlighting the connections between cultural constructions of the usurer and the actual processes deemed usurious, this article seeks to understand a paradox: that usury was deemed omnipresent in French society yet it was rarely prosecuted. By examining how habitual usury was defined and prosecuted in French courtrooms, this article shows how habitual usurers both validated and undermined stereotypical notions of predatory lending behavior found in popular culture of the time. Habitual usury trials also reveal the actual practices that allowed those excluded from formal financial networks to participate in the growth of capitalist relations. This article argues that the nineteenth-century obsession with the usurer can be explained by the crucial role played by usurious practices in the credit economy of the period. As such, prosecution of usury tended to focus on the character of the usury rather than the actual practice of illegal lending. This article suggests that by occasionally prosecuting particularly egregious ‘immoral’ moneylenders, the legal system and journals like the Gazette des Tribunaux worked to keep credit accessible to the ‘underbanked’.

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Jaremski, Matthew, and Price V. Fishback. "Did Inequality in Farm Sizes Lead to Suppression of Banking and Credit in the Late Nineteenth Century?" Journal of Economic History 78, no. 1 (March 2018): 155–95. http://dx.doi.org/10.1017/s0022050718000062.

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This article creates a new database that covers all U.S. banks in the census years between 1870 and 1900 to test the interaction between inequality and financial development when the banking system was starting over from scratch. A fixed-effects panel regression shows that the number of banks per thousand people in the South has a strong positive relationship with the size of farm operations. This suggests that large southern farm operators welcomed new banks after the Civil War. When the analysis is extended into the 1900s, the relationship becomes more negative, as bankers may have tried to block entrants.

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ROUSSEAU, PETER L. "The Market for Bank Stocks and the Rise of Deposit Banking in New York City, 1866–1897." Journal of Economic History 71, no. 4 (November 14, 2011): 976–1005. http://dx.doi.org/10.1017/s002205071100221x.

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The rapid growth of deposits in New York over the late nineteenth century is often attributed to the release of pent-up demand for transactions services. I advance a complementary explanation that emphasizes the market for bank shares. The stock market was important because it generated quotations that signaled depositors about the condition of individual banks as innovations in banking practices allowed confidence to grow. A new database of prices, dividends, and balance sheet items for traded banks and a series of dynamic panel models show that fluctuations in bank prices influenced the course of the expansion.

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Roy, Tirthankar. "Trading Firms in Colonial India." Business History Review 88, no. 1 (2014): 9–42. http://dx.doi.org/10.1017/s0007680513001402.

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The aim of this article is to develop a general narrative of the firms that led the growth of trade in nineteenth-century India, and thus to supply a missing piece in modern Indian business history. The trading firms had several features in common with trading firms globally, especially, a high degree of mobility, institutional adaptation, and occasionally, diversification into banking and manufacturing. But certain aspects of the process were specific to the regions where they operated, such as differences between the ports and the interior trading orders, between cities, and between expatriate and indigenous firms. The article reconsiders these features.

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Wilson, Craig, and Fan Yang. "Shanxi Piaohao and Shanghai Qianzhuang: a comparison of the two main banking systems of nineteenth-century China." Business History 58, no. 3 (February 5, 2016): 433–52. http://dx.doi.org/10.1080/00076791.2015.1122711.

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BARTOLOMEI, ARNAUD, CLAIRE LEMERCIER, VIERA REBOLLEDO-DHUIN, and NADÈGE SOUGY. "Becoming a Correspondent: The Foundations of New Merchant Relationships in Early Modern French Trade (1730–1820)." Enterprise & Society 20, no. 3 (November 6, 2018): 533–74. http://dx.doi.org/10.1017/eso.2018.88.

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This article discusses the relational and rhetorical foundations of more than 300 first letters sent in the eighteenth and early nineteenth centuries by merchant or banking houses based in Europe, the Mediterranean, and the Americas to two prominent French firms: Roux Brothers and Greffulhe Montz & Cie. We used a quantitative analysis of qualitative aspects of first letters to go beyond the standard opposition between premodern personal exchanges and modern impersonal transactions. The expansion of commercial networks during the period under analysis is often believed to have relied on families and ethnic networks and on explicit recommendations worded in the formulas prescribed in merchant manuals. However, most first letters did not use such resources. In many cases, commercial operations began thanks to a mutual acquaintance but without a formal recommendation. This was in fact the norm in the eighteenth century—and an underestimated foundation of the expansion of European commercial networks. In the early nineteenth century, this norm became less prevalent: it was replaced by diverse relational and rhetorical strategies, from recommendations to prospective letters dispensing with any mention of relationships. Whether before or after 1800, the relational and rhetorical resources displayed in letters did not systematically influence the sender’s chances of becoming a correspondent; instead, they depended on the receiving firm’s commercial strategy.

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ANTIĆ, DEJAN D., and IVAN M. BECIĆ. "THE NIŠ COOPERATIVE: 1921‒1947." ISTRAŽIVANJA, Јournal of Historical Researches, no. 32 (December 3, 2021): 191–205. http://dx.doi.org/10.19090/i.2021.32.191-205.

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Numerous local monetary bureaus owned by shareholders were established in the Kingdom of Serbia in the late nineteenth century. Many of these institutions, such as the Niš Cooperative, not only engaged in banking services but also owned industrial and trade companies. Economic circumstances changed so significantly after World War I that bank managements often were unable to cope with them. The Niš Cooperative was an example of a stable yet not particularly powerful monetary bureau whose reputation depended on the leading members of its Board of Directors. Unlike most other monetary bureaus, the Niš Cooperative continued operating after World War II up until privately-owned monetary bureaus were closed by the socialist Yugoslav government.

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Sim, David. "Following the Money: Fenian Bonds, Diasporic Nationalism, and Distant Revolutions in the Mid-Nineteenth-Century United States*." Past & Present 247, no. 1 (February 3, 2020): 77–112. http://dx.doi.org/10.1093/pastj/gtz036.

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Abstract This article tracks and analyses the history of bonds issued by the Fenian Brotherhood in the 1860s to argue that US Americans could take part in a marketplace in distant revolutions in the mid-nineteenth century. In this period, various, disparate nationalist groups issued bonds, suggesting a commonly understood method of generating funds, sustaining sentimental attachment, and projecting the authority of authentic nation-states. The Civil War-era United States was a particularly fertile environment for the issuance of such bonds because of its traditions of free banking, the ease with which bonds might be floated to a public increasingly au fait with their operation, and a broad rhetorical sympathy with the distant revolutions for which these bonds stood. The debt these bonds represented acted as a sentimental form of ‘special money’ and, for Irish-Americans, as for other immigrant communities in the United States, they allowed participation in a transnational movement without ever leaving their immediate neighbourhood. Tracing their issuance and circulation, then, allows us to write a material, sentimental and social history of everyday transnationalism and anti-imperialism in the mid-nineteenth century. For later generations, this sentimental quality could and did devolve into a more immediately financial form, and the article concludes by identifying the redemption of these bonds as a significant step in legitimating the new Irish republic to a US audience.

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Vernengo, Matías. "Classical Political Economy and the Evolution of Central Banks: Endogenous Money and the Fiscal-Military State." Review of Radical Political Economics 50, no. 4 (July 4, 2018): 660–67. http://dx.doi.org/10.1177/0486613418773754.

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The paper analyzes briefly the changing ideas on the role of money and banks from William Petty to Thomas Tooke, including the works of Adam Smith, David Ricardo, and Karl Marx. It analyzes the role of ideas in shaping the evolution of central bank regulation. Particular importance is given to the Bank of England’s inconvertibility period, from 1797 to 1821, and the ensuing debate in shaping Robert Peel’s Bank Act of 1844, which is often seen as the birth of modern central banking. The importance of the Say’s Law, and the inexistence of an alternative theory of the determination of output, is shown to play an essential role in the policy prescriptions of the so-called Bullionist authors, who won the debates that shaped central banking practices in the nineteenth century. The paper concludes with a brief analysis of what is a central bank according to the dominant (marginalist) mainstream of the profession, and what an alternative conception based on what may be termed classical-Keynesian political economy would be. JEL Classification: B10, N20, E58

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Botero Restrepo, María Mercedes. "Instituciones bancarias en Antioquia 1872-1886." Lecturas de Economía, no. 17 (October 21, 2011): 43–147. http://dx.doi.org/10.17533/udea.le.n17a10369.

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Resumen En la segunda mitad del siglo XIX se fundaron en Colombia las primeras instituciones bancarias. En Antioquia este fenómeno se manifestó con la fundación en 1872 del Banco de Antioquia (de carácter semioficial); a partir de entonces comienzan a hacer su aparición una serie de bancos comerciales, los que se constituían como organismos de emisión, giro, depósito y descuento. Estos, junto con algunas casas comerciales que ejercían funciones bancarias, fueron configurando un sistema bancario regional: para 1883 funcionaban once establecimientos de banca. A través de este trabajo se busca estudiar las condiciones que condujeron al surgimiento de esos primeros bancos, su estructura y su aporte al desarrollo económico de Antioquia en el período 1872-1886. Abstract The first banking institutions in Colombia were established during the second half of the nineteenth century. This phenomenon first appeared, in Antioquia, in 1872, with the founding of the Banco de Antioquia (then of a semi-official character}. Following this, a series of commercial banks were established as issuing, draft, deposit and rebate organizations, which along with some commercial houses, that performed banking operations, began to the form a regional banking system and by 1883 there were eleven banking establishments functioning. The aim of this work is to analyse the conditions, that brought about the appearance of these first banks, their structureand contribution to the economic development of Antioquia during the period 1872-1886. Palabras claves: Origen y afianzamiento bancario en Antioquia.

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Altukhov, Oleksii. "„Banking Encyclopedia” as a source on the history of stock exchange business in Ukraine in the late nineteenth – early XX century." Bulletin of Luhansk Taras Shevchenko National University, no. 9 (347) (2021): 15–20. http://dx.doi.org/10.12958/2227-2844-2021-9(347)-15-20.

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The article considers and analyzes the informational significance of the leading economic specialized publication of the late XIX – early XX centuries. „Banking Encyclopedia”. It is noted that in 1917 the second volume of this work, fundamental at that time in the field of economics, was published in Kyiv, which was entirely devoted to the study of stock exchange business in the leading countries, the Russian Empire and the Ukrainian lands. The co-authors of the work were leading contemporary economists and lawyers, in particular A. N. Antsiferov, G. V. Afanasyev, H. A. Baranovsky, M. N. Bogolepov, E. V. Vanshtein, I. M. Goldstein, N. S. Dobrokhotov, V. Ya. Zheleznov, A. M. Lazarev, D. N. Levin, E. S. Lurie, P. P. Migulin, N. D. Silin, P. B. Struve, M. P. Tugan-Baranovsky and others. Among the aspects considered were, in particular, the activities of the leading stock exchange institutions of Dnieper Ukraine: in Odessa, in Kyiv, in Kharkiv. Leading economist, professor of the Kyiv Commercial Institute, long-term deputy of the State Duma Leonid Mykolayovych Yasnopolsky became the editor-in-chief of the publication. Analyzing the scientific works collected in the Second Volume of the Banking Encyclopedia of 1917, the author of the article came to the conclusion that they make it possible to trace the state of affairs in the development of the stock market in the late nineteenth and early twentieth centuries. In particular, one can trace the state policy towards these financial institutions, which in many respects slowed down the development of the stock market, both in Ukraine and in the Russian Empire as a whole.

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Woodward, Mark. "On vampire squid and pie in the sky - Reflections on greed, altruism, global capitalism, Muslim and other ethics." International Journal of Interreligious and Intercultural Studies 4, no. 2 (December 26, 2021): 1–21. http://dx.doi.org/10.32795/ijiis.vol4.iss2.2002.2224.

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This article points to some of the ethical short-comings of global capitalism in historical and contemporary contexts. Comparison of late eighteenth/early nineteenth century capitalist enterprises including the British and Dutch East India Companies and contemporary investment banking houses including Goldman Sachs indicates that ethical problems inherent in global capitalism have not changed significantly over the centuries. The analysis presented here builds on explicit critiques of capitalism by the eighteenth-century economist Adam Smith and contemporary critiques by linguist and social critic Noam Chomsky and implicit ones Reggae star Jimmy Cliff. Islamic finance is often described as an alternative to capitalisms that avoid greed based ethnical problems. This is not necessarily the case if Islamic finance is merely fiqh compliant. The fact that Goldman Sachs and other Western banks have entered the Islamic finance business buttresses this position. The economic ethics of the eleventh/twelfth century Muslim theologian and philosopher Hamid al-Ghazali and the contempory Muslim legal scholar Khaled Abou el Fadl offer possible correctives. If, however, Evolutionary biologist Lynn Margulis is correct and greed is a basic component of human nature, the full realization of any ethical economics is unlikely.

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BARNES, VICTORIA, and LUCY NEWTON. "Constructing Corporate Identity before the Corporation: Fashioning the Face of the First English Joint Stock Banking Companies through Portraiture." Enterprise & Society 18, no. 3 (June 22, 2017): 678–720. http://dx.doi.org/10.1017/eso.2016.90.

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This article considers how the joint-stock banks established trust within the local marketplace. We undertake a new investigation of pictures of senior bank management. Building on the expansion of the art market in the nineteenth century, joint-stock banks used portraits as a public and visual mechanism to commemorate their successes and accomplishments. Portraiture, as a well-established art form, provided enterprises with a historical legacy that for many did not, as yet, exist. Through the use of portraiture, banks attempted to solidify their identity and add to the sitter’s social standing, as well as signal the new organization’s reputation for high culture, prestige, and professionalism to those who viewed these artworks. These illustrations personified the company and gave a human face to the early joint-stock economy.

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Bodale, Horațiu. "Romanian Funds and Foundations in Transylvania that supported the Phenomenon of Peregrinatio Accademica (The Second Half of the Nineteenth and the Early Twentieth Centuries)." Acta Musei Napocensis. Historica, no. 57 (January 15, 2021): 197–203. http://dx.doi.org/10.54145/actamn.57.10.

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In the second half of the nineteenth and early twentieth century, many young Romanians from Transylvania went to the universities of the Habsburg Empire, but also to universities in France, Germany, Switzerland, or Italy. For material academic support, they resorted to the foundations and funds established by the Greek‑Catholic Church and the Orthodox Metropolitanate of Transylvania, as well as by banking institutions or private individuals. The amount of scholarships varied depending on the number of years of study and the city where the young scholars were studying. After graduation, most of these youth returned to Transylvania, where they either practiced liberal professions such as medicine or law, or became teachers in Romanian high schools. These young people, trained at prestigious European universities, later formed the Romanian political and intellectual elite in Transylvania.

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Fuller, C. J., and Haripriya Narasimhan. "From Landlords to Software Engineers: Migration and Urbanization among Tamil Brahmans." Comparative Studies in Society and History 50, no. 1 (January 2008): 170–96. http://dx.doi.org/10.1017/s0010417508000091.

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In south India's rapidly expanding information technology (IT) industry, the small, traditional elite of Tamil Brahmans is disproportionately well represented. Actually, no figures to confirm this assertion exist, but all the circumstantial evidence suggests that it is true, especially among the IT professionals and software engineers employed by the leading software and services companies in Chennai (Madras).1Since the nineteenth century, Tamil Brahmans have successfully entered several new fields of modern professional employment, particularly administration, law, and teaching, but also engineering, banking, and accountancy. Hence the movement into IT, despite some novel features, has clear precedents. All these professional fields require academic qualifications, mostly at a higher level, and the Brahmans' success is seemingly explained by their standards of modern education, which reflect their caste traditions of learning.2

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Guinnane, Timothy W. "A “Friend and Advisor”: External Auditing and Confidence in Germany's Credit Cooperatives, 1889–1914." Business History Review 77, no. 2 (2003): 235–64. http://dx.doi.org/10.2307/30041145.

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An economic enterprise faces two, related, problems: effectively managing its activities and communicating to outsiders that it is, in fact, well run. The credit cooperative movement that grew up in Germany in the second half of the nineteenth century had to wrestle with both. These cooperatives thrived, in part, because they adopted strategies first to obtain and then to harness the information they needed about the communities in which they were located, giving them an advantage over other lenders. Particularly effective was the tactic of using local people as managers, which helped to cement their ties with the community. Yet because few, if any, locals had banking experience and most were not even familiar with basic accounting methods, the managers created internal management problems, intensifying outside suspicion of the cooperatives as banking enterprises. The methods the cooperatives developed to overcome these problems drew on a combination of local initiative and regional assistance that was typical of the movement as a whole. The movement's ability to train its own talent suggests that it had a broader impact than has been captured by statistics on its membership or financial assets.

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Game, Chantal S., Lisa M. Cullen, and Alistair M. Brown. "The rise of financial accountability in British joint stock banks: 1825 to 1845." Financial History Review 27, no. 2 (August 2020): 234–55. http://dx.doi.org/10.1017/s0968565020000086.

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This study explores parliamentary reforms related to the financial accountability of banks following the 1825–6 and 1836–7 financial crises in England. An appraisal of nineteenth-century parliamentary Hansard transcripts reveals early banking legislative pursuits. The study observes the laissez-faire and interventionist approaches towards the banking enactments of 1826, 1833 and 1844 that underpin the transformation of financial accountability during this era. The Bank Notes Act 1826 imposed financial accountability on the Bank of England by requiring the mandatory disclosure of notes issued. The Bank Notes Act 1833 extended this requirement to all other banks. The Bank Charter Act 1833 increased the financial accountability of the Bank of England by requiring it to provide an account of bullion and securities belonging to the governor and company, as well as deposits held by the bank. Thereafter, the Joint Stock Banks Act 1844 pioneered the regular publication of assets and liabilities and communication of the balance sheet and profit and loss account to shareholders. State intervention in the financial accountability of banks during the period from 1825 to 1845 appears to have been cumulative.

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Journal articles on the topic 'Nineteenth-century banking'

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