Banking and Eurodollars in Italy in the 1950s

IF 0.7 2区 历史学 Q4 BUSINESS
Ioan Achim Balaban
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引用次数: 0

Abstract

This article challenges current interpretations of the rise of the Eurodollar market. It argues that rather than being the exclusive innovation of British banks, the Eurodollar market had also Italian origins. Foreign-currency lending in Italy in the 1950s was characterized by competitive behavior. I explain the accumulation of Eurodollar deposits by Italian banks as resulting from the fact that nonresident foreign-currency deposits were not subject to reserve requirements. Furthermore, I discuss the attitudes of the Bank of Italy regarding the financing of foreign-currency credits with nonresident dollar deposits (Eurodollars) and compare the Eurocurrency liabilities of Italian banks vis-à-vis those of the City of London. The comparison facilitates an approximate estimation of the size of the Eurocurrency market in the late 1950s and, even more importantly, a recalibration of the view that the City of London was the dominant Eurodollar player from the outset.
20世纪50年代意大利的银行业和欧元
本文对当前对欧洲美元市场崛起的解读提出了挑战。它认为,欧洲美元市场也起源于意大利,而不是英国银行的独家创新。20世纪50年代意大利的外币贷款以竞争行为为特征。我解释说,意大利银行积累的欧洲美元存款是由于非居民外币存款不受准备金要求的约束。此外,我还讨论了意大利银行对用非居民美元存款(欧洲美元)融资外币信贷的态度,并比较了意大利银行与-à-vis伦敦金融城的欧洲货币负债。这种比较有助于大致估计上世纪50年代末欧洲货币市场的规模,更重要的是,它重新校准了伦敦金融城从一开始就是欧洲美元的主要参与者的观点。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.20
自引率
30.00%
发文量
37
期刊介绍: Enterprise & Society offers a forum for research on the historical relations between businesses and their larger political, cultural, institutional, social, and economic contexts. The journal aims to be truly international in scope. Studies focused on individual firms and industries and grounded in a broad historical framework are welcome, as are innovative applications of economic or management theories to business and its context.
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