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Financial innovation and the golden ages of international banking: 1890-1931 and 1958-81
| Content Provider | Semantic Scholar |
|---|---|
| Author | Battilossi, Stefano |
| Copyright Year | 2000 |
| Abstract | International banking is essentially a facet of international economic interdependence. Over the second half of the twentieth century as during the decades before 1931, the growth of cross-currency and cross-border banking, together with banks’ transnational expansion through branches and subsidiaries, were ‘pull’ and ‘push’ factors within rising economic and financial globalisation. Nationalistic interwar retrenchment from 1931 and the resultant ‘U’-shaped pattern of internationalisation over the twentieth century has suggested to some a ‘back-to-the-future’ scenario, in which the new millennium’s international economy hardly compares with the level of financial integration attained during pre-1914 globalisation.1 However, this interpretation’s general validity has been convincingly disputed by recent studies. These emphasise the many aspects of post-1970 globalisation – in both scope and scale – that make it substantially dierent from its historical antecedent. 2 The resulting scholarly debate has raised interesting questions. Should international banking’s revival from the 1960s be viewed as a return to patterns that emerged with the pre-1914 global wave? Or should banking’s recent internationalisation be regarded as a secular shift in scale and scope towards something qualitatively unprecedented? This article aims to provide some tentative answers. As is known, international banking raises two discrete though interrelated sets of issues. One, concerned with international finance, mainly focuses upon banks as agents and vehicles for international capital flows. The other, rooted in industrial |
| Starting Page | 141 |
| Ending Page | 175 |
| Page Count | 35 |
| File Format | PDF HTM / HTML |
| DOI | 10.1017/S0968565000000093 |
| Volume Number | 7 |
| Alternate Webpage(s) | https://e-archivo.uc3m.es/bitstream/handle/10016/5515/financial_batilossi_FHR_2000.pdf;jsessionid=7E4755CE96D504C0D1B3DD454C30BA7D?sequence=1 |
| Alternate Webpage(s) | https://doi.org/10.1017/S0968565000000093 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
