London and Paris as International Financial Centres in the Twentieth Century

## Abstract London and Paris, the world's two leading financial centres in the 19th century, experienced differing fortunes during the 20th century. While London remained an international financial centre, Paris' influence declined. Yet over the last twenty years, deregulation, internationalization, and the advent of the single currency have reactivated their competition in ways reminiscent of their old rivalry before the First World War. This book provides a long-term perspective on the development of each centre, with special attention devoted to the pre-1914 years and to the last decades of the 20th century, and contrasts these two eras of globalization. The chapters include both archive-based and synthetic surveys. This comparison between Europe's two leading capital cities provides insights into two important subjects: the political economy of Britain and France in the 20th century and the history of two major international financial centres. As much as a comparison between London and Paris as international financial centres, this book is an Anglo-French comparison; in other words, it considers, through the prism of finance, several aspects of the two countries' economic, business, social, and political histories. Contents......Page 8 List of Figures......Page 10 List of Tables......Page 12 Notes on Contributors......Page 14 1. Introduction: Comparative Perspectives on London and Paris as International Financial Centres in the Twentieth Century......Page 16 PART I: LONDON AND PARIS IN LONG-TERM PERSPECTIVE, 1890–2000......Page 28 2. A Financial Phoenix: The City of London in the Twentieth Century......Page 30 3. When Paris Dreamed of Competing with the City......Page 57 PART II: ‘GOLDEN AGE’, 1890–1914......Page 70 4. The City of London and British Imperialism: New Light on an Old Question......Page 72 5. Paris, London, and the International Money Market: Lessons from Paribas, 1885–1913......Page 93 6. London Banks and International Finance, 1890–1914......Page 122 7. Banking Alliances and International Issues on the Paris Capital Market, 1890–1914......Page 134 PART III: FROM GLOBAL REACH TO REGIONAL WITHDRAWAL, 1914–1958......Page 166 8. Established Connections and New Opportunities: London as an International Financial Centre, 1914–1958......Page 168 9. The Challenged Competitiveness of the Paris Banking and Finance Markets, 1914–1958......Page 198 PART IV: THE ROAD TO GLOBALIZATION, 1958–1980......Page 220 10. Crisis and Opportunity: The Policy Environment of International Banking in the City of London, 1958–1980......Page 222 11. The International Opening-up of the Paris Bourse: Overdraft-Economy Curbs and Market Dynamics......Page 244 12. London as an International Banking Centre, 1958–1980......Page 262 13. French Banks and the Eurobonds Issue Market during the 1960s......Page 280 PART V: INTERNATIONALIZATION AND GLOBALIZATION, 1980–2000......Page 300 14. London as an International Financial Centre, 1980–2000: Global Powerhouse or Wimbledon EC2?......Page 302 15. The Future of the Paris Market as an International Financial Centre from the Point of View of European Integration......Page 328 A......Page 341 B......Page 343 C......Page 348 D......Page 354 E......Page 356 F......Page 358 G......Page 361 H......Page 362 I......Page 363 J......Page 365 L......Page 366 M......Page 368 N......Page 371 P......Page 372 R......Page 374 S......Page 375 T......Page 379 U......Page 380 W......Page 381 Z......Page 382 London and Paris, the world's two leading financial centres in the nineteenth century, experienced differing fortunes during the twentieth century. While London remained an international financial centre, Paris'influence declined. Yet over the last twenty years deregulation, internationalization, and the advent of the single currency have reactivated their competition in ways reminiscent of their old rivalry before the First World War. This book provides a long-term perspective on the development of each centre, with special attention devoted to the pre-1914 years and to the last decades of the twentieth century, in order to contrast these two eras of globalization. The chapters include both archive-based and synthetic surveys and are written by the leading specialists of the field. This comparison between Europe's two leading capital cities will also provide new insights into two important subjects: the political economy of Britain and France in the twentieth century, and the history of international financial centres. As much as a comparison between London and Paris as international financial centres, this book is an Anglo-French comparison; in other words, it considers, through the prism of finance, several aspects of the two countries'economic, business, social, and political histories. It includes contributions from leading banking, financial, and economic historians, and will be of interest to academics, researchers, and students of Financial and Economic History, and the role of London and Paris in particular.
London and Paris, the world's two leading financial centers in the nineteenth century, experienced differing fortunes during the twentieth century. While London remained an international financial center, Paris' influence declined. Yet over the last twenty years deregulation, internationalization, and the advent of the single currency have reactivated their competition in ways reminiscent of their old rivalry before the First World War.
This book provides a long-term perspective on the development of each centre, with special attention devoted to the pre-1914 years and to the last decades of the twentieth century, in order to contrast these two eras of globalization. "This is a comparison between London and Paris as international financial centres since the late nineteenth century. The chapters include both archive-based and synthetic surveys. It also gives insights into: the political economy of Britain and France in the twentieth century, and the history of international financial centres"--Provided by publisher. A long term perspective on the development of the financial centres of London and Paris, this study reveals how their recurrent competition has been reactivated in the last 20 years by deregulation, internationalization and the advent of the European single currency