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The European Association for Banking and Financial History (eabh) e.V.

eabh books

A Century of Banking Consolidation in Europe

The History and Archives of Mergers and Acquisitions

From the late nineteenth century to the late twentieth century the European banking sector experienced countless mergers and acquisitions. The outcome of this century of consolidation is strikingly similar across the continent, with the banking sector of each country now dominated by a handful of giant banking corporations. Some of the themes explored in the book include: the significance of mergers for bank archives; the regulation of mergers and their impact on banking legislation; reactions to consolidation from within and without the banking industry; case studies of particular mergers and their impact on the wider banking community.

  • A Century of Consolidation in European Banking – General Trends (Youssef Cassis)
  • Bank Mergers and Consolidation in Spanish History (Gabriel Tortella)
  • Spanish Banking Archives and the Legacy of Mergers and Acquisitions (Teresa Tortella)
  • Marriage Lines: The Archives Dimension of Bank Mergers (Edwin Green)
  • Supervision and Regulation of Bank Mergers: A Historical Survey (Ginette Kurgan-van Hentenryk)
  • The Banking Crisis and its Implications for Swiss Banking Legislation in the 1930s (Patrick Halbeisen)
  • The Application of European Community Regulations to Consolidations of Credit and other Financial Companies (Joaquin Lopez Madruga)
  • ‘Banks and Yanks’: Towards a History of the Restructuring of the London Securities industry in the 1980s (David Kynaston)
  • Bank Mergers and their Social Consequences, 1920-50. The Case of the Clydesdale Bank (Charles W. Munn)
  • Banking Mergers in Twentieth-Century Scotland (Alan Cameron)
  • Responses to Banking Concentration in Germany, 1900-33 (Gerald d. Feldman)
  • The Demand for Banking Deconcentration in France 1900-97: A Recurrent Endeavour to Alleviate Big Banks’ Hegemony (Hubert Bonin)
  • Overseas Banking in Latin America: Personal Reflections on the 1950s and 1960s (Eric Whittle)
  • European Banks in Latin America in the late Nineteenth and early Twentieth Centuries: The Cases of Brazil and Mexico – a Story of Diversity (Carlos Marichal, Gail D. Triner)

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Banking and Finance in the Mediterranean

A Historical Perspective

This volume presents a panoramic picture of the many national and international trends and developments, factors, customs, and events that have characterised banking in the Mediterranean area over the past two centuries. During this period banking in the Mediterranean evolved distinct characteristics, several going well beyond the restricted realities of colonial relations. The range of issues covered by the book is extensive and includes both national banking evolution and pan-regional topics. The volume offers an invaluable insight towards a wider and more detailed understanding of the roles of banking and finance in Mediterranean economic history. Seen in a context of what has hitherto been something of a historical vacuum in terms of the coverage of much writing on European banking and financial history, and the importance given to the Mediterranean region’s banking history in its own right, this is an innovative book that both contributes towards our knowledge the subject, and establishes a pattern for further work in this important area of European economic history.

  • A Small, Open Mediterranean Economy – Then and Now Address (Michael C. Bonello)
  • Malta’s Banking History Overview and Observations (John A. Consiglio)
  • Outlines of Malta’s Numismatic History (Joseph C. Sammut K.M.)
  • The Mediterranean Banking Systems: Convergence or Path Dependence? (Massimiliano Affinito and Riccardo De Bonis)
  • Stability against All Odds: The Imperial Ottoman Bank, 1875-1914 (Edhem Eldem)
  • Non-bank Financial Corporate Start-ups, 1830–1909: A Note on Greek Banking History (Ioanna Sapho Pepelasis)
  • Diversity in Banking Systems: France, Italy and Spain, Nineteenth and Twentieth Centuries (Juan Carlos Maixé-Altés)
  • Banking Expansions, Success and Failure in the British Mediterranean: The Ionian Bank, 1840s–1920s Alexandros Apostolides and Athanasios Gekas)
  • National States and Central Banks in the Mediterranean World in the Interwar Period (Nuno Valério)
  • Central Banking in the Iberian Peninsula: A Comparison (Pablo Martín-Aceña)
  • A Mediterranean Nineteenth Century: Economic Dynamics of the Mediterranean Area during the First Two-Thirds of the Century (Gérard Chastagnaret)
  • Second-rate Imperialism: The Banque d’Etat du Maroc, Viewed from the Archives of the Bank of Spain (Maria Teresa Tortella and Gabriel Tortella)
  • How French Banking Archives Document Mediterranean History (c. 1850–1960) (Catherine Dardignac and Roger Nougaret)
  • The Historical Archives of the Banco di Napoli: A Primary Resource for Social and Economic History in a Mediterranean View (Paola Avallone and Giovanni Lombardi)

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Centres and Peripheries in Banking

The Historical Development of Financial Markets

This volume presents a broad investigation into the relationship between the centre and the periphery in banking. Focusing on the historical development of financial markets, from their emergence in the early modern period to today’s global financial and capital markets, the chapters investigate how local, national and international relationships have affected and helped shape the banking industry over three-hundred years. This wide-ranging discussion in time and place is provided by a group of international experts, encompassing bankers, economists, economic historians and historians, and will be of interest to all those with a scholarly or professional interest in the development of financial institutions.

  • Trade and Finance in the Great War: German Banks and Neutral Scandinavia 1914-1918 (Boris Barth)
  • From the Levant to the City of London: Mercantile Credit in the Greek international Commercial Networks of the Eighteenth and Nineteenth Centuries (Maria-Christina Chatziioannou, Gelina Harlaftis)
  • The City of London as a Global Financial Centre, 1880-1939. Finance, Foreign Exchange, and the first World War (Ranald C. Michie)
  • The Rise of Hong Kong and Tokyo as International Financial Centres after 1950 (Catherine R. Schenk)
  • Between the Dollar-Sterling Gold Points: USA and Britain, 1791-1914 (Lawrence H. Officer)
  • The Confidence in a New Currency: The Introduction of the Mark in Germany 1871-1876 (Dieter Lindenlaub)
  • The Banque de France and the Emergence of a National Financial Market in France during the Nineteenth Century (Alain Plessis)
  • Capital Movements, Exchange Rates and Market Integration: The Baltic Area 1850-1913 (Lennart Schön)
  • Personal and Impersonal Exchange. The Role of Reputation in Banking: Some Evidence from Nineteenth and Early Twentieth Century Banks’ Archives (Monika Pohle Fraser)
  • The political Economy of Commercial Banking in Sweden: A Birds–eye View of the Relations between Industry and banking over 150 years (Ulf Olsson, Jan Jörnmark)
  • Merchants and Credit in the Southern and Eastern Baltic Areas, 1500-1800 (Michael North)
  • Lender of Last Resort in a Peripheral Economy with a Fixed Exchange Rate: Financial Crises and Monetary Policy in Sweden under the Silver and Gold Standards, 1834-1913 (Anders Ögren)
  • The Archives of a German Commercial Bank as a Mirror of Time (Reinhard Frost)
  • Preservation of Electronic Information: A Case Study of the Information Systems Department at Svenska Handelsbanken (Anastasia Victorsson)
  • Nordic and Local: Using History and Storytelling in Mergers and Brandings (Pontus Staunstrup)

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Crisis and Renewal in Twentieth Century Banking

Exploring the History and Archives of Banking at Times of Political and Social Stress

Crisis and Renewal in Twentieth Century Banking explores the behaviour of banks at times of war, revolution, civil war, social turmoil, and reconstruction. Analysing the history and archives of banks, it discovers examples of how banking is affected by political and social upheavals; how banks may influence the outcome of such events; how banking has recovered from periods of intense political and social stress; and how the archives of banks provide remarkable testimony to events in the wider world. By examining the setting of different banking markets in the last century, up to and including the transformation of Eastern and South Eastern Europe in the 1990s, this book marks a new direction for international discussion and research.

  • A Private Banking House at War: Barings and Russia, 1914-17 (John Orbell)
  • Russian Banks During the First World War and the Revolution (Sergej Lebedev)
  • Witnesses to Revolution: The Archives of Foreign Banks in Russia Catherine Potier
  • Under Western Eyes: Foreign Banks’ Archives Relating to Central and Eastern Europe Between the Wars (Edwin Green)
  • Croatian Banking During the 1926-36 Depression (Ivo Bićanić and Zeljko Ivanković)
  • The Republic Besieged? British Banks and the Spanish Civil Wars, 1936-39 (Tom Buchanan)
  • Spanish Banking After the Civil War: A Halting Reconstruction Under Fascism (Gabriel Tortella, José L. Garcia-Ruiz)
  • The Transition After the Civil War in Greece (Konstantinos Kostis)
  • The Transformation and Reconstruction of Banking in Germany, 1945-57 (Martin Müller)
  • New Political Realities and the Post-war Re-establishment of Foreign Banks in East and South-East Asia (Frank H.H. King)
  • A Comparison of Banking in Slovenia in the 1930s and 1990s (Franjo Stiblar)
  • Slovenian Banking in Transition (Ivan Ribnikar)
  • South-eastern European Banks and western Banking: Twentieth Century Connections and Crisis (John Lampe)
  • Reconstructing National Identities: The Banknotes of Central and Eastern Europe in the 1990s (Virginia Hewitt, Tim Unwin)

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Crisis Banking in the East

The History of the Chartered Mercantile Bank of India, London and China, 1853-93

The Chartered Mercantile Bank is one of the constituent banks of the huge Hongkong and Shanghai bank. This study charts its first 40 years as one of the pioneering banks of the Far East. Based upon meticulous research using a particularly rich set of banking archives, the book describes the complex political and financial circumstances on the subcontinent during the bank’s early years and introduces the personalities in the Indian business and London banking worlds who guided the infant institution. It provides an inside view of the workings of an Eastern bank – the nature of its business, methods of payment and exchange, recruitment and career patterns of staff, and includes valuable material on the role of European bankers in an eastern setting.

  • The Birth of Eastern Banking
  • The Foundation of Mercantile Bank
  • Early Success and a Charter, 1854-58
  • Expansion, Boom and Crisis, 1858-65
  • Survival and stagnation, 1866-70
  • Bad Banking, the Silver Crisis and New Leadership, 1871-84
  • The Officers, local Staff, Management and Directors
  • London Head Office: Its Business and Overseas Infrastructure
  • The mechanics of the Bank’s Business, 1854-93
  • The Last Years of the Chartered Mercantile Bank
  • Liquidation and Reconstruction, 1892-93

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East Meets West

Banking, Commerce and Investment in the Ottoman Empire

This volume offers a consideration from a number of perspectives of the principal forces that further integrated the Ottoman Empire and Western Europe during the first century of industrialisation. The essays not only review and analyse the commercial, financial and monetary factors, negative as well as positive, that bore upon the region’s initial stages of modern transformation, but also provide a ready introduction to major aspects the economy and society of the Ottoman Empire in the nineteenth century. The outcome is a broad ranging consideration of how all these issues played a fundamental role in the final decades of the Ottoman Empire and the emergence of Turkey as a modern state with links to both east and west.

  • Evolution of Domestic Borrowing in the Ottoman Empire (Murat Çizakça)
  • From Bimetallism to the ‘Limping Gold Standard’: The Ottoman Monetary System in the Nineteenth Century (Sevket Pamuk)
  • Trading Links: Patterns of Information and Communication: The Steamship and the Modernization of East-West Commerce (David M. Williams)
  • Europe and the Ottoman Empire in Mid-Nineteenth Century: Banks and the Finance of the State and Railway Construction (Çaglar Keyder)
  • A Survey of European Investment in Turkey, 1854-1914: Banks and the Finance of the State and Railway Construction (Philip L. Cottrell)
  • A General Survey of the History of the Imperial Ottoman Bank (Andre Autheman)
  • State Borrowing and the Imperial Ottoman Bank in the Bankruptcy Era (1863-1877) (Christopher Clay)
  • French Investment in Public and Private Funds in the Ottoman Empire on the Eve of the Great War (Jacques Thobie)
  • The Financial Structure of the Stock Exchange in the Late Ottoman Empire (Zafer Toprak)
  • Anatolian and Baghdad: Investment and Foreign Policy before the Great War (Boris Barth)

 

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Enterprise in the Period of Fascism in Europe

The essays in this volume consider the involvement of business corporations and of individual businessmen in the politics of the 1930s and 1940s: in the move away from the market and also from democracy, towards state control and authoritarianism, including the massive intervention of the state in property rights. How far did businesses attempt to guide this intervention for their own purposes, and to what extent did they succeed? This debate deals, centrally, with the role of German business, of banks, of industrial corporations, and of small tradesmen in the Nazi regime. An older discussion of how they may have facilitated the Nazi takeover has been supplemented here by an investigation into how they made the regime’s policies possible, and the extent to which the profit motive drove them to participate in the politics of inhumanity.

  • The Economic Origins and Dimensions of the European Fascism (Gerald D. Feldman)
  • Banks and the Era of Totalitarianism: Banking in Nazi Germany (Harold James)
  • Industry under the Swastika (Peter Hayes)
  • Spanish Entrepreneurs in the Era of Fascism: From the Primo de Rivera Dictatorship to the Franco Dictatorship, 1923-1945 (Mercedes Cabrera, Fernando del Rey)
  • The Fascist Regime and Big Business: The Fiatand the MontecatiniCases (Franco Amatori)
  • Entrepreneurs and the Fascist Regime in Italy: From the Honeymoon to the Divorce (Luciano Segreto)
  • Enterprises in Switzerland during the second World War (Jean-François Bergier)
  • Business as Usual? The Danish Economy and Business during the German occupation (Per H. Hansen)
  • Business in the Grossraumwirtschaft: Eastern Europe, 1938-1945 (Richard J. Overy)
  • Polish and Jewish Entrepreneurs during the German Occupation in Poland, 1939-1945 (Zbigniew Landau)
  • The Belgian Business Elite, Economic Exploitation and National Socialist Corporatism (Dirk Luyten)
  • The Dutch Economy during the German occupation, 1940-1945 (Hein A.M. Klemann)
  • French Enterprises under German Occupation, 1940-1944 (Patrick Fridenson)

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European Banking Overseas

This volume contains the papers presented at the colloquium “European Banking Overseas 19th – 20th Century” in June 1999. It discusses different aspects of European overseas banking: some of the articles also examine the state of affairs at the end of the 20th Century and possible future developments.

  • A Short Story of ABN AMRO Bank in International Perspective (Jan Luiten van Zanden)
  • The Heritage and Archives of ABN AMRO Bank (Ton de Graaf)
  • National Banking: Strategies and Globalisation (Ulrich Ramm)
  • Global Archives: The Practicalities of Caring and Using International Archives (Roger Nougaret)
  • Reordering Space: British Bank Building Overseas 1900-1940 (Iain S. Black)
  • Rescuing the Papers of International Division: The Experience of BCI (Francesca Pino, Michele D´Alessandro)
  • The Relations between Sociéte Générale and the Belgian Authorities in Congo (1885-1960) (Erik Buyst)
  • The Banco Nacional Ultramarino as an Agent for the Government in the Colonies (Jorge Estevas Anastácio)
  • Between Banks and Governments: The Records of BIS (Piet Clement)
  • Completing the Picture: Records of the National Staff of International Banks since the 1850s (Edwin Green, Sara Kinsey)
  • Reshuffling Nationality and Ethnicity: the Ottoman Bank Staff from Empire to Republic (Edhem Eldem)
  • Recruitment and Training of International Bank Staff 1930-1964 (Willem Korthals Altes)
  • One World or many Worlds? Markets, Banks and Communications, 1850s-1990s (Ranald Michie)
  • A History of International Financial Communications. The Netherlands, since the 1850s (Joke Mooij)
  • International Archiving and New Technologies (Sergio Cardarelli)
  • Overseas Banks at the End of Empire: Challenges and Responses (Geoffrey Jones)
  • New Trends in International Finance: Shell Capital (Gabriel de Scheemaker)

 

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Finance and Modernization

‘Finance and Modernization’ centres on a set of historical developments and problems typified by the long history of the Oesterreichische Creditanstalt and its successor organizations, and opens the way to compare and contrast experiences throughout Central and Western Europe and also on other continents. The structure of this volume reflects the changing role and nature of banks as economies become industrialized and modernized. Although banks adapt to the needs of an industrializing economy, at the same time, industrialization influences the manner in which banking systems grow and the structures which they adopt.

  • ‘The Bankers’ View’: Austria’s Economic and Political Development and the Role of the Banks (Dieter Stiefel)
  • In the Centre of Europe: Vienna as a Financial Hub, 1873-1913 (Peter Eigner)
  • Torn between Monetary and Financial Stability: An Analysis of Selected Episodes of Austrian Central Banking History (Aurel Schubert)
  • Austrian Banking Between Two Great Depressions: The Creditanstalt from the 1870s to the 1930s (Fritz Weber)
  • Efficiency of Early German Stock Markets, 1836-1848 (Hartmut Kiehling)
  • The Balkan Railways, International Capital and Banking from the End of the Nineteenth Century until the Outbreak of the First World War (Peter Hertner)
  • Modern Communication: The Information Network of N. M. Rothschild & Sons in Nineteenth-Century Europe (Rainer Liedtke)
  • The Emergence of Joint-Stock Companies during the Industrial Breakthrough in Sweden (Oskar Broberg)
  • The Modernization of a Dutch Commercial Bank: The Twentsche Bank, 1858-1931
  • Success and Failure of Modernization in Post-War Greek Banking: The Case of Ergasias Bank (Margarita Dritsas)
  • Patriotic Banking and the Modernization of China: The Banque industrielle de Chine, 1900-1922 (Frank H.H. King)
  • Two Centuries of Apex Banking: The State Bank of India and the Evolution of Modern Banking in India (Abhik Ray)

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From the Athenian Tetradrachm to the Euro

Studies in European Monetary Integration

With the introduction of the Euro much attention was focused on the role of currencies and their national and international significance. Whilst much has been made of the Euro’s achievements in harmonizing Europe’s financial dealings, it is often forgotten that it is by no means the first pan-national currency to enter circulation. Indeed, as the various contributions to this volume make plain, the Euro can in many ways be regarded as a step ‘back to the future’, that is, a further international currency in a long historical tradition that includes the Athenian tetradrachm, the Spanish escudo and the French franc. Covering a timespan of some two and a half millennia, this volume provides a unique perspective, not only to the introduction and development of the Euro, and its predecessors, but also on the broader question of the relationship between trade and common currencies.

  • From the Athenian Tetradrachm to the Euro (Theodoros B. Karatzas)
  • Common Currency from Antiquity: Plus ça change, plus c’est la même chose(Ioannis Touratsoglou)
  • Monetary Integration in the Roman Empire (Juan Carlos Martinez Oliva)
  • ‘One Money for an Empire’: Achievements and Limitations of Byzantium’s Currency from Constantine the Great to the Fall of Constantinople (Cécile Morrisson)
  • On the History of German Monetary Union (Richard H. Tilly)
  • The Latin Monetary Union Revisited Once Again (Marcello de Cecco)
  • The Scandinavian Monetary Union 1873-1924 (Lars Jonung)
  • The Gold Standard: A View from the Periphery (Pablo Martín-Aceña)
  • The Bretton Woods Agreements: A Monetary Theory Perspective (Filippo Cesarano)
  • The European Monetary System (Michael Artis)
  • European Monetary Union: A Project of Promise and Risk (Paul De Grauwe)
  • From the Athenian Tetradrachm to the Euro: Some Concluding Remarks (Vítor Gaspar)

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