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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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Paris, London, and the International Money Market: Lessons from Paribas, 1885–1913

Paris, London, and the International Money Market: Lessons from Paribas, 1885–1913

Chapter:
(p.78) 5 Paris, London, and the International Money Market: Lessons from Paribas, 1885–1913
Source:
London and Paris as International Financial Centres in the Twentieth Century
Author(s):

Marc Flandreau

François Gallice

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199269495.003.0005

This chapter deals with one aspect of short-term capital movements over the period 1885-1913. It studies the role of the French haute banque in the operation of the international monetary system. It adopts a monographic approach, examining the international balances of the Banque de Paris et des Pays-Bas (Paribas), in an attempt to reinterpret what is known of the pre-1914 international money market's structure. The novelty of this methodology is that it uses microeconomics as a financial probe to reveal a number of more general problems. This is in contrast with macroeconomic studies of statistical interrelations among national interest rates which treat markets as black boxes.

Keywords:   short-term capital movements, haute banque, international monetary system, Paribas, money market

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