The Origins and Development of Financial Markets and Institutions Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- List of contributors
- Preface and acknowledgments
- 1 Financial innovations and crises: The view backwards from Northern Rock
- 2 An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange and the emergence of the first central bank
- 3 With a view to hold: The emergence of institutional investors on the Amsterdam securities market during the seventeenth and eighteenth centuries
- 4 Was John Law's System a bubble? The Mississippi Bubble revisited
- 5 Sir George Caswall vs. the Duke of Portland: Financial contracts and litigation in the wake of the South Sea Bubble
- 6 The bell jar: Commercial interest rates between two revolutions, 1688–1789
- 7 Comparing the UK and US financial systems, 1790–1830
- 8 Natural experiments in financial reform in the nineteenth century: The Davis and Gallman analysis
- 9 Regulatory changes and the development of the US banking market, 1870–1914: A study of profit rates and risk in national banks
- 10 Anticipating the stock market crash of 1929: The view from the floor of the stock exchange
- 11 The development of “non-traditional” open market operations: Lessons from FDR's silver purchase program
- 12 The interwar shocks to US–Cuban trade relations: A view through sugar company stock price data
- 13 Central bank reaction functions during the inter-war gold standard: A view from the periphery
- 14 When do stock market booms occur? The macroeconomic and policy environments of twentieth century booms
- 15 Lessons from history for the twenty-first century
- Index
Preface and acknowledgments
Published online by Cambridge University Press: 04 August 2010
- Frontmatter
- Contents
- List of figures
- List of tables
- List of contributors
- Preface and acknowledgments
- 1 Financial innovations and crises: The view backwards from Northern Rock
- 2 An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange and the emergence of the first central bank
- 3 With a view to hold: The emergence of institutional investors on the Amsterdam securities market during the seventeenth and eighteenth centuries
- 4 Was John Law's System a bubble? The Mississippi Bubble revisited
- 5 Sir George Caswall vs. the Duke of Portland: Financial contracts and litigation in the wake of the South Sea Bubble
- 6 The bell jar: Commercial interest rates between two revolutions, 1688–1789
- 7 Comparing the UK and US financial systems, 1790–1830
- 8 Natural experiments in financial reform in the nineteenth century: The Davis and Gallman analysis
- 9 Regulatory changes and the development of the US banking market, 1870–1914: A study of profit rates and risk in national banks
- 10 Anticipating the stock market crash of 1929: The view from the floor of the stock exchange
- 11 The development of “non-traditional” open market operations: Lessons from FDR's silver purchase program
- 12 The interwar shocks to US–Cuban trade relations: A view through sugar company stock price data
- 13 Central bank reaction functions during the inter-war gold standard: A view from the periphery
- 14 When do stock market booms occur? The macroeconomic and policy environments of twentieth century booms
- 15 Lessons from history for the twenty-first century
- Index
Summary
Most of the papers in this volume (Chapters 2–7 and 9–14) were presented at a conference on “The Development of Financial Institutions and Markets,” held April 28–29, 2006 at the University of Illinois at Urbana-Champaign. The purpose of the conference was to celebrate the contributions of Larry Neal upon the occasion of his retirement from active teaching at the University of Illinois. Financial historians who had interacted with Professor Neal over his career at Illinois, several of them former students of Larry's, were invited to contribute an original paper in their current area of research. Individually, the papers showcase the variety of approaches and theories that continue to motivate scholars in financial history. Together, they demonstrate various aspects of financial innovation and the evolution of financial institutions over time, which has been the focus of Neal's teaching and research for three decades.
Chapters 1, 8 and 15 were written later and serve to set the scene, recognize the contribution of one of Larry's co-authors, Lance E. Davis, who was not well enough to participate, and emphasize the lessons from these studies of the past for the present and future.
Discussants on each paper provided a perspective and began broader discussion of the issues raised in each among the audience. These included (listed alphabetically): Michael Bordo (Rutgers University), Charles Calomiris (Columbia University), Ann Carlos (University of Colorado and University College, Dublin), Conception Garcia-Iglesias (University of Helsinki), Charles Kahn (University of Illinois), Joseph Mason (Drexel University), and Maria Valderama (National Bank of Austria).
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- The Origins and Development of Financial Markets and InstitutionsFrom the Seventeenth Century to the Present, pp. xxi - xxiiPublisher: Cambridge University PressPrint publication year: 2009