Anglo-American Financial Systems : Institutions and Markets in the Twentieth Century

by Bordo, Michael D.; Sylla, Richard; New York Univeristy Salomon Center

• ISBN13: 9780786308262
• ISBN10: 0786308265
• Edition: 1st
• Format: Hardcover
• Copyright: 1995-12-01
• Publisher: MCG

Summary

Anglo-American Financial Systems: Institutions and Markets in the Twentieth Century offers you the fascinating history of finance through the perspectives of leading scholars. These leading economic and financial historians together with financial practitioners provide you with insights into the market-oriented systems of the Anglo-American countries since 1900. They examine the similarities and differences of these systems and the contrasts between them and institution-oriented systems of continental Europe and Asia. Specific topics include comparing the U. S. and Canadian banking systems, 1933-1992; the rise and fall of the New York money market, 1900-1930; comparative financial market regulation; and financial integration in the 20th-century United States.
Anglo-American Financial Systems: Institutions and Markets in the Twentieth Century is a "must have" guide for all financial practitioners, policy makers, and financial economists. This comprehensive resource covers the major aspects of financial systems analysis, including banking systems; investment banking and financial market regulation; money, mortgage, and securities markets; and intermediation, foreign investment, and financial integration.

Table of Contents

Introduction	p. 1
A Comparison of the United States and Canadian Banking Systems in the Twentieth Century: Stability v. Efficiency?	p. 11
Prudent and Stable (but Inefficient?): Commercial Banks in Britain, 1890-1940	p. 41
The Effects of Banking Cartels and Credit Rationing on U. K. Industrial Structure and Economic Performance Since World War Two	p. 65
Discussion: On the Trade-Off Between Stability and Efficiency	p. 89
Discussion: Stability, Efficiency, and Credit Controls	p. 94
The Evolution of Market Structure, Information, and Spreads in American Investment Banking	p. 103
Banker Influence and Business Economic Performance: Assessing the Impact of Depression-Era Financial Market Reforms	p. 161
Information and Capital Market Regulation in Anglo-American Finance	p. 179
Discussion: Some Doubts and Alternative Explanations	p. 207
Discussion: The Economics and Politics of Disclosure	p. 213
The Rise and Fall of the Commercial Paper Market, 1900-1929	p. 219
Mortgage Securitization in the United States: Twentieth Century Developments in Historical Perspective	p. 261
The New York Stock Market in the 1920s and 1930s: Did Stock Prices Move Together Too Much?	p. 299
Discussion: On Commercial, Mortgage, and Equity Paper	p. 317
Discussion: On Fads, Crashes, and Asymmetric Information	p. 323
Financial Intermediation and Economic Growth: A Historical Comparison of the United States, United Kingdom, and Canada	p. 329
Foreign Financing of Canadian Railroads: The Role of Information	p. 383
A More Perfect Union: Regional Interest Rates in the United States, 1880-1960	p. 415
Discussion: Financial Integration Within and Between Countries	p. 455
Discussion: On Historical Financial Intermediation and Granger Causality	p. 469
Index	p. 473
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