The origins and development of financial markets and institutions : from the seventeenth century to the present / [edited by] Jeremy Atack, Larry Neal

Additional Titles:: Origins & Development of Financial Markets & Institutions
Published:: Cambridge : Cambridge University Press, 2009.
Physical Description:: 1 online resource (xxii, 472 pages) : digital, PDF file(s).
Additional Creators:: Atack, Jeremy and Neal, Larry, 1941-

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Contents:

Financial innovations and crises: the view backwards from Northern Rock / Jeremy Atack -- An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange and the emergence of the first central bank / Stephen Quinn and William Roberds -- With a view to hold: the emergence of institutional investors on the Amsterdam securities market during the seventeenth and eighteenth centuries / Oscar Gelderblom and Joost Jonker -- Was John Law's System a bubble? The Mississippi Bubble revisited / François R. Velde -- Sir George Caswall vs. the Duke of Portland: financial contracts and litigation in the wake of the South Sea Bubble / Gary S. Shea -- The bell jar: commercial interest rates between two revolutions, 1688-1789 / Marc Flandreau [and others] -- Comparing the UK and US financial systems, 1790-1830 / Richard Sylla -- Natural experiments in financial reform in the nineteenth century: the Davis and Gallman analysis / Larry Neal -- Regulatory changes and the development of the US banking market, 1870-1914: a study of profit rates and risk in national banks / Richard J. Sullivan -- Anticipating the stock market crash of 1929: the view from the floor of the stock exchange / Eugene N. White -- The development of "non-traditional" open market operations: lessons from FDR's silver purchase program / Richard C.K. Burdekin and Marc D. Weidenmier -- The interwar shocks to US-Cuban trade relations: a view through sugar company stock price data / Alan Dye and Richard Sicotte -- Central bank reaction functions during the inter-war gold standard: a view from the periphery / Kirsten Wandschneider -- When do stock market booms occur? The macroeconomic and policy environments of twentieth century booms / Michael D. Bordo and David C. Wheelock -- Lessons from history for the twenty-first century / Larry Neal.

Summary:

Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.

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ISBN:

9780511757419 (ebook)
9780521895170 (hardback)
9780521154765 (paperback)

Note:

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

View MARC record | catkey: 34844813