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Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries$
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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

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The Decline of Paris as an International Financial Centre 1914–1940

The Decline of Paris as an International Financial Centre 1914–1940

Chapter:
(p.179) 8 The Decline of Paris as an International Financial Centre 1914–1940
Source:
Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries
Author(s):

Laure Quennouëlle-Corre

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199603503.003.0008

Paris, considered until 1914 as the second international financial centre after London, declined more than the other ones after WW1. This study revaluates the different factors which could have led to the dramatic situation of the Paris Bourse after its past heyday. Beyond the macro economic effects due to the War, it gives prior to the role of the market organisation, without neglecting the weight of regulation. After the World War I which first created serious financial and monetary issues, Paris underwent three periods: during the 1918–1926 decade, the erratic exchange rate of the currency led to an important capital evasion; then the bright period of 1926–1931 made Paris dreaming of a return to the “good all days”; but the entrance in the Great Depression in 1931, followed by an erratic monetary and financial policy increased the Paris Bourse fall down, until the Second World War.

Keywords:   Paris, international capital flows, taxation, regulation, free market, stock exchange, foreign securities, acceptations

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