The Oxford Handbook of Banking and Financial History (Oxford Handbooks)

The financial crisis of 2008 aroused widespread interest in banking and financial history. In an attempt to better understand the magnitude of the shock, there was a demand for historical parallels. This volume provides the material for such a reflection by presenting the state of the art in banking and financial history. Contributions to this volume analyse banking and financial history in a long-term comparative perspective. Lessons drawn from these analyses may well help future generations of policy makers avoid a repeat of the financial turbulence that erupted in 2008. The financial crisis of 2008 aroused widespread interest in banking and financial history among policy makers, academics, journalists, and even bankers, in addition to the wider public. References in the press to the term'Great Depression'spiked after the failure of Lehman Brothers in November 2008, with similar surges in references to'economic history'at various times during the financial turbulence. In an attempt to better understand the magnitude of the shock, there was a demand for historical parallels. How severe was the financial crash? Was it, in fact, the most severe financial crisis since the Great Depression? Were its causes unique or part of a well-known historical pattern? And have financial crises always led to severe depressions? Historical reflection on the recent financial crises and the long-term development of the financial system go hand in hand. This volume provides the material for such a reflection by presenting the state of the art in banking and financial history. Nineteen highly regarded experts present chapters on the economic and financial side of banking and financial activities, primarily though not solely in advanced economies, in a long-term comparative perspective. In addition to paying attention to general issues, not least those related to theoretical and methodological aspects of the discipline, the volume approaches the banking and financial world from four distinct but interrelated angles: financial institutions, financial markets, financial regulation, and financial crises. The financial crisis of 2008 aroused widespread interest in banking and financial history among policy makers, academics, journalists, and even bankers, in addition to the wider public. References in the press to the term 'Great Depression' spiked after the failure of Lehman Brothers in November 2008, with similar surges in references to 'economic history' at various times during the financial turbulence. In an attempt to better understand the magnitude of the shock, there was a demand for historical parallels. How severe was the financial crash? Was it, in fact, the most severe financial crisis since the Great Depression? Were its causes unique or part of a well-known historical pattern? And have financial crises always led to severe depressions? Historical reflection on the recent financial crises and the long-term development of the financial system go hand in hand. This volume provides the material for such a reflection by presenting the state of the art in banking and financial history. Nineteen highly regarded experts present chapters on the economic and financial side of banking and financial activities, primarily though not solely in advanced economies, in a long-term comparative perspective. In addition to paying attention to general issues, not least those related to theoretical and methodological aspects of the discipline, the volume approaches the banking and financial world from four distinct but interrelated financial institutions, financial markets, financial regulation, and financial crises. Financial history and history / Youssef Cassis -- Financial history and financial economics / John D. Turner -- Financial history and economic development : pitfalls and promises / Gerard Caprio, Jr.-- Private banks and private banking / Youssef Cassis -- Commercial banking : changing interactions between banks, markets, industry, and state / Gerarda Westerhuis -- A brief history investment banking from Medieval times to the present / Caroline Fohlin -- From multinational to transnational banking / Christpher Kobrak -- Small-scale credit institutions : historical perspectives on diversity in financial intermediation / Dan Wadhwani -- Money markets / Stefano Battilossi -- Securities markets / Ranald C. Michie -- International capital flows / Moritz Schularick -- Financial centres / Youssef Cassis -- Monetary systems / Angela Redish -- Central banks / Forrest Capie -- International cooperation and central banks / Harold James -- Bank regulation and supervision / Catherine R. Schenk and Emmanuel Mourlon-Druol -- State and finance / Laure Quennouëlle-Corre -- Banking crises / Richard S. Grossman -- Currency crises : from Andrew Jackson to Angela Merkel / Peter Temin -- Capital markets and sovereign defaults : a historical perspective / Juan H. Flores Zendejas Cover The Oxford Handbook of Banking and Financial History Copyright Contents List of Figures List of Tables Notes on Contributors 1. General Introduction Part I Thematic Issues 2. Financial History and History 3. Financial History and Financial Economics 4. Financial History and Economic Development: Pitfalls and Promises Part II Financial Institutions 5. Private Banks and Private Banking 6. Commercial Banking: Changing Interactions between Banks, Markets, Industry, and State 7. A Brief History of Investment Banking from Medieval Times to the Present 8. From Multinational to Transnational Banking 9. Small-.scale Credit Institutions: Historical Perspectives on Diversity in Financial Intermediation Part III Financial Markets 10. Money Markets 11. Securities Markets 12. International Capital Flows 13. International Financial Centres Part IV Financial Regulation 14. Monetary Systems 15. Central Banking 16. International Cooperation and Central Banks 17. Bank Regulation and Supervision 18. State and Finance Part V Financial Crises 19. Banking Crises 20. Currency Crises: From Andrew Jackson to Angela Merkel 21. Capital Markets and Sovereign Defaults: A Historical Perspective Index Historical Reflection On The Recent Financial Crises And The Long-term Development Of The Financial System Go Hand In Hand. This Volume Provides The Material For Such A Reflection By Presenting The State Of The Art In Banking And Financial History. Nineteen Highly Regarded Experts Present Chapters On The Economic And Financial Side Of Banking And Financial Activities, Primarily Though Not Solely In Advanced Economies, In A Long-term Comparative Perspective. In Addition To Paying Attention To General Issues, Not Least Those Related To Theoretical And Methodological Aspects Of The Discipline, The Volume Approaches The Banking And Financial World From Four Distinct But Interrelated Angles: Financial Institutions, Financial Markets, Financial Regulation, And Financial Crises. Thematic Issues -- Financial Institutions -- Financial Matters -- Financial Regulation -- Financial Crises. Edited By Youssef Cassis, Richard S. Grossman, Catherine R. Schenk. Includes Bibliographical References And Index.