Jump to ContentJump to Main Navigation
Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries$
Users without a subscription are not able to see the full content.

Laure Quennouëlle-Corre and Youssef Cassis

Print publication date: 2011

Print ISBN-13: 9780199603503

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199603503.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 15 December 2018

An ‘Atypical’ Case? The First Emergence of Brussels as an International Financial Centre, 1830–1860 *

An ‘Atypical’ Case? The First Emergence of Brussels as an International Financial Centre, 1830–1860 *

Chapter:
(p.47) 3 An ‘Atypical’ Case? The First Emergence of Brussels as an International Financial Centre, 1830–1860*
Source:
Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries
Author(s):

Stefano Ugolini

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199603503.003.0003

Economic historians often take for granted the idea that financial centres have followed one standard bottom-up development process, gradually evolving from commercial hubs to banking places. This chapter suggests that such an interpretation is rather simplistic. The analysis is focused on a remarkable counterexample: the sudden emergence of Brussels as an international financial centre in the mid-19th century. The case-study is articulated into five parts, each one looking at a different aspect of the growth of the new centre (capital resources, business elites, regulation, the domestic money market, and the foreign exchange market). The conclusion is that the top-down process observed in the Brussels experience sheds light on the fact that semi-institutional actors (such as central banks, or commercial banks connected to the political power) can successfully enact specific policies aimed at enhancing local financial development.

Keywords:   financial centres, development, institutions, financial intermediation, money markets, stock markets, business elites, regulation

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .