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London and Paris as International Financial Centres in the Twentieth Century$
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Youssef Cassis and Eric Bussière

Print publication date: 2005

Print ISBN-13: 9780199269495

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269495.001.0001

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Established Connections and New Opportunities. London as an International Financial Centre, 1914–1958

Established Connections and New Opportunities. London as an International Financial Centre, 1914–1958

Chapter:
(p.153) 8 Established Connections and New Opportunities. London as an International Financial Centre, 1914–1958
Source:
London and Paris as International Financial Centres in the Twentieth Century
Author(s):

Philip L. Cottrell

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199269495.003.0008

This chapter discusses the effects of the First World War on the City, reviewing opportunities for much greater dealings in foreign exchange and the ‘bill on London's rapid revival’. The war not only resulted in sterling becoming a floating currency but also caused the London capital market to be regulated, which is analysed in this chapter. The chapter then focuses upon how the 1931 liquidity crisis severely affected the City through leading houses' substantial commitments to Central and Eastern Europe. It also reviews the City's ‘long winter’ caused by, first, the world economy's prostrate state, and then the Second World War. In addition, the discussion in this chapter focuses on the recovery of the City's international role during the 1950s and the beginnings of an entirely new foundation for its global importance with the emergence of the Euromarkets. Some reflections on the City's experience during the first half of the 20th century are offered at the end of the chapter.

Keywords:   First World War, Second World War, liquidity crisis, sterling, capital market

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