XIII World Economic History Congress, Boston 2018
Banks and Capital Markets: Engines of Growth or Societal Destabilizers?
Session abstract
By the 1990s economists had reached a consensus about the relationship between finance and growth: finance was good for economic growth. However, since the 2008 global financial crises, finance has been increasingly viewed as a societal destabilizer because of its role in creating bubbles, prolonging the Great Recession, contributing to the rise in inequality, and sparking the rise of populism. There is therefore a public debate about the benefits of finance to society. Is there simply too much finance?
The study of the historical development of banks and capital markets across the globe has an important role to play in informing these debates. This session will examine the evolution of banks and capital markets over the past three centuries to understand the role of finance as either an engine of economic growth, a destabiliser of economies and societies, or both. The five main questions to be addressed are: (a) What were the underlying causes of historical financial booms and busts, what were their effects and how were these ameliorated?; (b) What roles have central banks played in the development of banking and capital markets and in responding to financial instability?; (c) How have law and regulation limited the excesses of banks and capital markets--or contributed to them?; (d) How large were historical financial systems and how did they contribute to economic growth? (e) How have historical financial systems been shaped and affected by financial elites, special interests and the needs of government?
The session will address whether historical financial systems have been engines of growth or destabilisers by examining a broad range of economies and time periods. In addressing the above questions, this session will provide insights into the modern debate among economists, policymakers and wider society about the size and shape of the financial system.
Organizers
Chris L. Colvin (Queen’s University Belfast)
Richard S. Grossman (Wesleyan University)
John Turner (Queen’s University Belfast)
Registration
You can register at the conference website (http://wehc2018.org/). Registration is open and there is an early-bird rate until the end of April.
You can also sign up for social events and excursions (http://wehc2018.org/excursions/).
Accommodation
There are accommodation suggestions and special rates on the conference website. See http://wehc2018.org/accommodations/. Please note that Cambridge and Boston hotels are very busy in the summer.
Timeline
Because we expect participants to have read papers, we will need your paper by 30th June. Please email your paper to the organisers by this date and we will circulate it and post it on the website.
Session format
We have been allocated two 90-minute slots. Authors will have 5 minutes to make an opening statement (slides optional). There will then be 10 minutes for Q&A on your paper. Further discussion on the papers will take place over breakfast, lunch and/or dinner - we will organise these closer to the time.
We do not know what time slots we have been allocated yet. We will let you know once these have been confirmed.
Papers and Presenters
Maylis Avaro (Graduate Institute, Geneva)
Monetary Policy and Counterparty Risk Management at Banque de France in Late 19th Century
Carsten Burhop (University of Bonn)
Transaction Costs, Stock Prices, and Stock Issues at the Berlin Stock Exchange, 1892-1913
Gareth Campbell (Queen’s University Belfast) and Meeghan Rogers (State University of New York)
The Rise and Returns of Investment Trusts
Chris L. Colvin (Queen’s University Belfast) and Philip T. Fliers (Utrecht University)
Going Dutch: Exchange Rates, Capital Mobility and Monetary Policy in the Netherlands during the Interwar Gold Standard
Marc Deloof (University of Antwerp)
The Economic Effects of the Société Générale de Belgique 1830-1988
Philip Fliers (Utrecht University)
Corporate Debt in Times of Crisis: Understanding Capital Structure Choice in the Netherlands in the 1920s
Eric Hilt (Wellesley College)
Andrew Jackson, the Bank War and the Panic of 1837: New Evidence
Matt Jaremski (Colgate University)
Mapping the U.S. Interbank Network: Regulation, Panics, and the Creation of the Federal Reserve
Ronan Lyons (Trinity College Dublin)
Politics, Wealth and Market Access: Evidence from Two Centuries of Irish Equity Prices
Yuheng Zhao (Boston University)
Caught in Net: An Inquiry into Shanghai Banking System in the 1930s from a Social Network Approach
More information: http://wehc2018.org/banks-and-capital-markets-engines-of-growth-or-societal-destabilizers/
Session abstract
By the 1990s economists had reached a consensus about the relationship between finance and growth: finance was good for economic growth. However, since the 2008 global financial crises, finance has been increasingly viewed as a societal destabilizer because of its role in creating bubbles, prolonging the Great Recession, contributing to the rise in inequality, and sparking the rise of populism. There is therefore a public debate about the benefits of finance to society. Is there simply too much finance?
The study of the historical development of banks and capital markets across the globe has an important role to play in informing these debates. This session will examine the evolution of banks and capital markets over the past three centuries to understand the role of finance as either an engine of economic growth, a destabiliser of economies and societies, or both. The five main questions to be addressed are: (a) What were the underlying causes of historical financial booms and busts, what were their effects and how were these ameliorated?; (b) What roles have central banks played in the development of banking and capital markets and in responding to financial instability?; (c) How have law and regulation limited the excesses of banks and capital markets--or contributed to them?; (d) How large were historical financial systems and how did they contribute to economic growth? (e) How have historical financial systems been shaped and affected by financial elites, special interests and the needs of government?
The session will address whether historical financial systems have been engines of growth or destabilisers by examining a broad range of economies and time periods. In addressing the above questions, this session will provide insights into the modern debate among economists, policymakers and wider society about the size and shape of the financial system.
Organizers
Chris L. Colvin (Queen’s University Belfast)
Richard S. Grossman (Wesleyan University)
John Turner (Queen’s University Belfast)
Registration
You can register at the conference website (http://wehc2018.org/). Registration is open and there is an early-bird rate until the end of April.
You can also sign up for social events and excursions (http://wehc2018.org/excursions/).
Accommodation
There are accommodation suggestions and special rates on the conference website. See http://wehc2018.org/accommodations/. Please note that Cambridge and Boston hotels are very busy in the summer.
Timeline
Because we expect participants to have read papers, we will need your paper by 30th June. Please email your paper to the organisers by this date and we will circulate it and post it on the website.
Session format
We have been allocated two 90-minute slots. Authors will have 5 minutes to make an opening statement (slides optional). There will then be 10 minutes for Q&A on your paper. Further discussion on the papers will take place over breakfast, lunch and/or dinner - we will organise these closer to the time.
We do not know what time slots we have been allocated yet. We will let you know once these have been confirmed.
Papers and Presenters
Maylis Avaro (Graduate Institute, Geneva)
Monetary Policy and Counterparty Risk Management at Banque de France in Late 19th Century
Carsten Burhop (University of Bonn)
Transaction Costs, Stock Prices, and Stock Issues at the Berlin Stock Exchange, 1892-1913
Gareth Campbell (Queen’s University Belfast) and Meeghan Rogers (State University of New York)
The Rise and Returns of Investment Trusts
Chris L. Colvin (Queen’s University Belfast) and Philip T. Fliers (Utrecht University)
Going Dutch: Exchange Rates, Capital Mobility and Monetary Policy in the Netherlands during the Interwar Gold Standard
Marc Deloof (University of Antwerp)
The Economic Effects of the Société Générale de Belgique 1830-1988
Philip Fliers (Utrecht University)
Corporate Debt in Times of Crisis: Understanding Capital Structure Choice in the Netherlands in the 1920s
Eric Hilt (Wellesley College)
Andrew Jackson, the Bank War and the Panic of 1837: New Evidence
Matt Jaremski (Colgate University)
Mapping the U.S. Interbank Network: Regulation, Panics, and the Creation of the Federal Reserve
Ronan Lyons (Trinity College Dublin)
Politics, Wealth and Market Access: Evidence from Two Centuries of Irish Equity Prices
Yuheng Zhao (Boston University)
Caught in Net: An Inquiry into Shanghai Banking System in the 1930s from a Social Network Approach
More information: http://wehc2018.org/banks-and-capital-markets-engines-of-growth-or-societal-destabilizers/