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FHR volume 30 issue 2 Cover and Front matter FHR第30卷第2期封面和封面问题
Financial History Review Pub Date : 2023-08-01 DOI: 10.1017/s0968565023000082
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引用次数: 0
FHR volume 30 issue 1 Cover and Back matter FHR第30卷第1期封面和封底
IF 0.7
Financial History Review Pub Date : 2023-04-01 DOI: 10.1017/s0968565023000045
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引用次数: 0
The consolidation of public banking in Spain: from the 1970s crisis to the 2008 crisis 西班牙公共银行业的整合:从20世纪70年代危机到2008年危机
IF 0.7
Financial History Review Pub Date : 2023-04-01 DOI: 10.1017/S0968565022000257
Y. Blasco-Martel, J. Cuevas, M. Riera-Prunera
{"title":"The consolidation of public banking in Spain: from the 1970s crisis to the 2008 crisis","authors":"Y. Blasco-Martel, J. Cuevas, M. Riera-Prunera","doi":"10.1017/S0968565022000257","DOIUrl":"https://doi.org/10.1017/S0968565022000257","url":null,"abstract":"This article contributes to the literature analysing the role of public banks in crises. Taking the case of Spain, it analyses the behaviour of the public bank (ICO) between 1971 and 2015, specifically during two crises: the crisis of the 1970s, when Spain was an economically backward country coming out of a dictatorship; and that of 2008–13, by which time it had integrated into the international economy. Public credit underwent sweeping privatization in 1991, which translated into major downsizing. From then on, a gradual process of modernization began, mainly characterized by institutional changes in governance and access to resources. Our results indicate that public and private credit behave differently during recessions. Private credit always remains closely synchronized with the business cycle, but public credit less so.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"30 1","pages":"1 - 28"},"PeriodicalIF":0.7,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43695700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FHR volume 30 issue 1 Cover and Front matter FHR第30卷第1期封面和封面
IF 0.7
Financial History Review Pub Date : 2023-04-01 DOI: 10.1017/s0968565023000033
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引用次数: 0
Financing industrial corporations in a developing economy: panel evidence from Imperial Russia 发展中经济中的工业企业融资:来自俄罗斯帝国的面板证据
IF 0.7
Financial History Review Pub Date : 2023-03-15 DOI: 10.1017/S096856502200018X
Amanda Gregg, Steven Nafziger
{"title":"Financing industrial corporations in a developing economy: panel evidence from Imperial Russia","authors":"Amanda Gregg, Steven Nafziger","doi":"10.1017/S096856502200018X","DOIUrl":"https://doi.org/10.1017/S096856502200018X","url":null,"abstract":"This article explores the financing of early industrial corporations using newly constructed panel data from Imperial Russian balance sheets. We document how corporate capital structures and dividend payout policies reflected internal agency issues, information asymmetries with external investors, life cycle considerations, and other frictions present in the Russian context. In particular, we find that widely held, listed and more profitable corporations were less reliant on debt financing. Asset tangibility was associated with lower debt levels, suggesting that Russian corporate debt was short-term, collateral was largely irrelevant, or agency problems dominated. Finally, we find that many of these same issues, for example ownership structure and access to securities markets, also mattered for financial performance and that dividends may have compensated investors for poor legal protections.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"30 1","pages":"125 - 161"},"PeriodicalIF":0.7,"publicationDate":"2023-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43390523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monthly credit from and deposits in Swedish commercial banks, 1875-2020 1875-2020年瑞典商业银行的月度信贷和存款
IF 0.7
Financial History Review Pub Date : 2023-01-13 DOI: 10.1017/S0968565022000191
Lars Ahnland
{"title":"Monthly credit from and deposits in Swedish commercial banks, 1875-2020","authors":"Lars Ahnland","doi":"10.1017/S0968565022000191","DOIUrl":"https://doi.org/10.1017/S0968565022000191","url":null,"abstract":"Since the global financial crisis in 2008, there has been an elevated interest in private debt and as a macroeconomic variable. In light of the lack of high-frequency data, this study presents a unique monthly time series dataset on credit from and deposits in Swedish commercial banks from 1875 to 2020, covering 1,752 monthly observations and most of Swedish commercial banking history. In a first application, the study examines to what extent money in Sweden has been exogenous, created independently of demand by the central bank, or endogenous, created in response to demand by commercial banks, during different institutional settings. The results, derived via cointegration and impulse-response functions, show that though the relationship between deposits and credit has changed over time, both theories often hold validity simultaneously. While changes in deposits often have had significant impact on credit, the opposite has also been true. There are, however, differences between different regulatory regimes, as well as for different groups of banks.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"30 1","pages":"29 - 50"},"PeriodicalIF":0.7,"publicationDate":"2023-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46856189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pre-welfare state provision and adverse selection: enrolment in a Swedish nationwide health insurance society 福利前国家规定和逆向选择:瑞典全国健康保险协会的注册人数
IF 0.7
Financial History Review Pub Date : 2022-12-12 DOI: 10.1017/S0968565022000130
L. Andersson, Liselotte Eriksson, Josef Lilljegren
{"title":"Pre-welfare state provision and adverse selection: enrolment in a Swedish nationwide health insurance society","authors":"L. Andersson, Liselotte Eriksson, Josef Lilljegren","doi":"10.1017/S0968565022000130","DOIUrl":"https://doi.org/10.1017/S0968565022000130","url":null,"abstract":"Mutual benefit societies evolved as the major provider for sickness, accident and life insurance in the late nineteenth and early twentieth centuries on both sides of the Atlantic. One of the major problems facing insurers was the risk of adverse selection, i.e. that unhealthy individuals had more incentives than healthy individuals to insure when priced for the average risk. By empirically examining whether longevity among insured individuals in a nationwide mutual health society was different from a matched sample of uninsured individuals, we seek to identify the presence of adverse selection. We find no compelling evidence showing that unhealthy individuals were more likely to insure, or reasons to believe that problems related to adverse selection would have been a major reason for government intervention in the health insurance market in Sweden.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"30 1","pages":"74 - 99"},"PeriodicalIF":0.7,"publicationDate":"2022-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41574221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Central banks’ interventions in exchange rate markets during the international gold standard: Italy 1880–1913 国际金本位时期中央银行对汇率市场的干预:意大利1880-1913
IF 0.7
Financial History Review Pub Date : 2022-12-06 DOI: 10.1017/S096856502200021X
P. Di Martino
{"title":"Central banks’ interventions in exchange rate markets during the international gold standard: Italy 1880–1913","authors":"P. Di Martino","doi":"10.1017/S096856502200021X","DOIUrl":"https://doi.org/10.1017/S096856502200021X","url":null,"abstract":"This article reconstructs the history of direct interventions in exchange rate markets performed by the leading Italian banks of issue: the Banca Nazionale until 1893, then the Banca d'Italia between 1894 and 1913. The article shows that this type of operation represented a constant and relevant commitment for both institutions; interventions were made in the bills and/or the bonds market, sometimes also in conjunction with increases in the discount rate. Although often successful in the initial stages, until 1904 institutional provisions severely constrained the accumulation of foreign assets in the banks’ portfolios therefore reducing the viability, and hence the overall effectiveness, of these interventions.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"30 1","pages":"51 - 73"},"PeriodicalIF":0.7,"publicationDate":"2022-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44713739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FHR volume 29 issue 3 Cover and Back matter FHR第29卷第3期封面和封底
IF 0.7
Financial History Review Pub Date : 2022-12-01 DOI: 10.1017/s0968565023000021
{"title":"FHR volume 29 issue 3 Cover and Back matter","authors":"","doi":"10.1017/s0968565023000021","DOIUrl":"https://doi.org/10.1017/s0968565023000021","url":null,"abstract":"","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"29 1","pages":"b1 - b2"},"PeriodicalIF":0.7,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42957998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
From free-for-all to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796–1940 从全民免费到自治垄断:1796-1940年阿姆斯特丹证券交易所的市场组织和价格信息
IF 0.7
Financial History Review Pub Date : 2022-12-01 DOI: 10.1017/S0968565022000154
Abe de Jong, J. Jonker, Johan Poukens
{"title":"From free-for-all to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796–1940","authors":"Abe de Jong, J. Jonker, Johan Poukens","doi":"10.1017/S0968565022000154","DOIUrl":"https://doi.org/10.1017/S0968565022000154","url":null,"abstract":"For most of its history Amsterdam securities trading was entirely unregulated and spread over various venues frequented by different social groups, handicapping price transparency. A public price current emerged only in 1796 and then with wide bid-ask spreads to protect margins. To combat the confusion a curious pricing method, the mid-price system, emerged during the nineteenth century. Tied to a market microstructure centring on hoekmannen (market makers), this system transited effortlessly from a public market into a monopoly by 1913, self-governing, still without any government regulation, and offering wide rent-seeking opportunities.","PeriodicalId":44063,"journal":{"name":"Financial History Review","volume":"29 1","pages":"376 - 391"},"PeriodicalIF":0.7,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42839090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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