Since the nineteenth century, there has been an accepted distinction between financial systems that separate commercial and investment banking and those that do not. This comprehensive collection aims to establish how and why financial systems develop, and how knowledge of financial differentiation in the nineteenth century may afford insight into the development of contemporary banking structure.
This book poses a systematic challenge to Alexander Gerschenkron's 1950s thesis on universal banks. With contributions from leading scholars such as Ranald Michie and Jaime Reis, this well written book provides solid and intriguing arguments throughout.
Introduction 1. Explaining Cross-National Variations in Universal Banking in 19th Century Europe, North America and Australasia 2. Banks and Securities Markets, 1870-1914 3. Competing in Tandem: Securities Markets and Commercial Banking Patterns in Europe during the 19th Century 4. On the Development of Universal Bankingin Germany 5. The Early Development of Mixed Banking in Italy in an Adverse Institutional Context, 1850-1914 6. The Origins of Universal Banks in France during the 19th Century 7. Banking Systems as 'Ideal Types' and as Political Economy: The Swedish Case, 1820-1914 8. The Development of a Hybrid Structure in Norway: Banks and Economic Change in the European Periphery, 1870-1913 9. Universal Banking in Russia 10. Bank Structures, Gerschenkron and Portugal (pre-1914)