Financial History Review最新文献

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FHR volume 29 issue 2 Cover and Front matter FHR第29卷第2期封面和封面问题

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-08-01 DOI: 10.1017/s0968565022000166

引用次数: 0

Securities trading in an emerging market: Indonesia, 1890s–1940s 新兴市场的证券交易:印尼，19世纪90年代至40年代

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-08-01 DOI: 10.1017/S0968565022000099

Pierre van der Eng

This article analyses trends in the development of the stock exchange in Jakarta between its stepwise institutionalisation since 1898 and its closure in 1942. The article contributes to literature on the significance of stock markets in the process of mobilising external capital for investment by private enterprise in emerging economies. It finds that the brokers participating in the stock exchange traded shares and bonds of companies operating in Indonesia and registered in Indonesia or in the Netherlands. Many of these securities were also traded on the much larger stock exchange in Amsterdam. Although formally independent, both securities markets were integrated. Based on estimates of relatively high market capitalisation during 1901–40, the article concludes that the Jakarta and Amsterdam stock exchanges together contributed significantly to the mobilisation of private investment and the development of private enterprise in Indonesia.

本文分析了雅加达证券交易所从1898年逐步制度化到1942年关闭的发展趋势。这篇文章对新兴经济体私营企业调动外部资本进行投资过程中股票市场的重要性的文献做出了贡献。它发现，参与证券交易所的经纪人交易在印度尼西亚经营并在印度尼西亚或荷兰注册的公司的股票和债券。其中许多证券也在阿姆斯特丹规模更大的证券交易所进行交易。虽然形式上是独立的，但这两个证券市场是一体化的。根据对1901年至1940年间相对较高的市值的估计，文章得出结论，雅加达和阿姆斯特丹证券交易所共同为印尼私人投资的动员和私营企业的发展做出了重大贡献。

引用次数: 1

FHR volume 29 issue 2 Cover and Back matter FHR第29卷第2期封面和封底

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-08-01 DOI: 10.1017/s0968565022000178

引用次数: 0

The limits of control: corporate ownership and control of German joint-stock firms, 1869–1945 控制权的限制：1869-1945年德国股份公司的公司所有权和控制权

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-07-06 DOI: 10.1017/S0968565022000075

Sibylle Lehmann-Hasemeyer, A. Neumayer

We study the social structure of ownership of German joint-stock firms covering the period 1869 to 1945 based on a random sample of attendance lists of general meetings. We confirm previous research findings based on smaller samples that despite several changes in the economic and political environment, the majority of shares of the attendees of the general meetings remained firmly in the hands of a few male and mostly inside investors. Moreover, we closely investigate the socio-economic characteristics of the shareholders. We do occasionally find investors from lower social classes and women, but their share of votes was negligible. Adding to the discussion of whether banks strongly monitored and controlled German industrial firms, we aim to track their impact at the meetings. In about 30 per cent of the meetings, a banker or bank was the most influential shareholder and in more than 50 per cent of the meetings a banker or bank was among the three largest shareholders, remarkably without necessarily owning the shares themselves. Although we cannot evaluate whether the banks used this power to pursue their targets, they certainly were in a position to do so.

我们基于股东大会出席名单的随机样本，研究了1869年至1945年期间德国股份制企业所有权的社会结构。我们证实了之前基于较小样本的研究结果，即尽管经济和政治环境发生了几次变化，但股东大会与会者的大部分股份仍牢牢掌握在少数男性手中，其中大部分是内部投资者。此外，我们密切调查股东的社会经济特征。我们偶尔会发现来自下层社会和女性的投资者，但他们的选票份额微不足道。除了讨论银行是否对德国工业企业进行了强有力的监督和控制之外，我们还打算在会议上跟踪它们的影响。在大约30%的会议中，银行家或银行是最有影响力的股东，在50%以上的会议中银行家或银行属于三大股东之一，显然不一定自己拥有股份。尽管我们无法评估这些银行是否利用这一权力来追求目标，但它们肯定有能力这样做。

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引用次数: 1

Going Dutch: monetary policy in the Netherlands during the interwar gold standard, 1925–1936 各付各的:两次世界大战之间的金本位制期间荷兰的货币政策，1925-1936

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-05-05 DOI: 10.1017/s096856502200004x

Philip T. Fliers, Christopher L. Colvin

Our study of the day-to-day management of monetary policy in the Netherlands between 1925 and 1936 reveals that policy leaders and central bankers were both willing and able to deviate from the monetary policy paths set by other countries, all while remaining firmly within the gold bloc. The Netherlands wielded an independent monetary policy while remaining on gold thanks to its central bank's plentiful gold reserves. Central bankers quelled any speculation against the guilder by exploiting their domestic policy influence and international reputation to restrict capital mobility. However, maintaining pre-war parity until the collapse of the gold standard in September 1936 came at a cost. Our international comparisons and counterfactual analysis suggest that Dutch officials would have avoided a deepening of the Great Depression by leaving gold alongside the UK in 1931.

我们对1925年至1936年间荷兰货币政策日常管理的研究表明，政策领导人和中央银行家既愿意也能够偏离其他国家设定的货币政策路径，同时又牢牢地留在金本位集团内。由于荷兰中央银行拥有丰富的黄金储备，因此荷兰实行了独立的货币政策。各国央行行长利用其国内政策影响力和国际声誉来限制资本流动，从而平息了对荷兰盾的任何投机。然而，在1936年9月金本位制崩溃之前保持战前平价是有代价的。我们的国际比较和反事实分析表明，如果荷兰官员在1931年让黄金与英国并排，就可以避免大萧条的加剧。

引用次数: 0

FHR volume 29 issue 1 Cover and Front matter FHR第29卷第1期封面和封面

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-04-01 DOI: 10.1017/s0968565022000051

引用次数: 0

The Bank of England's profits across 300 years: wars, financial crises and distribution 英格兰银行300年来的利润:战争、金融危机和分配

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-04-01 DOI: 10.1017/S0968565022000038

M. Anson, Forrest H. Capie

We have produced a series on the Bank of England's profits from its foundation in 1694 to the present time. This has not been available before. We explain the path of these profits over more than 300 years and account for their changing pattern. We next examine from where the profits derived, first in ‘normal times’, and then seeking, in particular, the impact of wars and financial crises. Other questions are: how much derived from seignorage; to what extent were profits passively acquired? Finally, we examine what the distribution regime was, and if, and how, that changed. This becomes more interesting in the period after nationalisation with some surprising results.

我们制作了一系列关于英格兰银行从1694年成立到现在的利润。这在以前是不可用的。我们解释了300多年来这些利润的路径，并解释了它们不断变化的模式。接下来，我们将研究利润的来源，首先是在“正常时期”，然后特别是战争和金融危机的影响。其他的问题是：有多少是从铸币税中获得的；被动获取利润的程度如何？最后，我们研究了分配制度是什么，以及这种制度是否以及如何改变。这在国有化后的时期变得更加有趣，并带来了一些令人惊讶的结果。

引用次数: 1

FHR volume 29 issue 1 Cover and Back matter FHR第29卷第1期封面和封底

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-04-01 DOI: 10.1017/s0968565022000063

引用次数: 0

Financing Japan's Greater East Asia Co-Prosperity Sphere in Thailand 为日本在泰国的大东亚共同繁荣领域提供资金

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2022-03-08 DOI: 10.1017/S0968565021000202

Panarat Anamwathana, Gregg Huff

This article analyses Thailand's place in Japan's Greater East Asia Co-Prosperity Sphere and how Japan financed its goal of integrating the kingdom into the sphere. Financial arrangements to incorporate Thailand in a yen bloc go well beyond finance to reveal Japanese attitudes and policy towards the Co-Prosperity Sphere. In Thailand, Japan's use of ‘special yen’ created near open-ended Japanese purchasing power. Japan could obtain whatever resources it could ship home but provide Thailand almost no goods in exchange. Although in response to Japanese demands the Thai government printed large quantities of money, prices rose not too much faster than monetary expansion. Thailand, unlike most of wartime Southeast Asia, avoided hyperinflation. It is argued that principal explanations for this economically unexpected stability were Thailand's particular economic structure and the behaviour of Thai peasants.

本文分析了泰国在日本“大东亚共荣圈”中的地位，以及日本如何为其将泰国纳入“大东亚共荣圈”的目标提供资金。将泰国纳入日元集团的金融安排远远超出了金融范畴，它揭示了日本对共同繁荣圈的态度和政策。在泰国，日本使用“特别日元”创造了近乎无限的日本购买力。日本可以获得任何可以运回国内的资源，但几乎不向泰国提供任何商品作为交换。尽管为了应对日本的需求，泰国政府印制了大量货币，但物价上涨的速度并不比货币扩张快多少。与大多数战时东南亚国家不同，泰国避免了恶性通货膨胀。有人认为，这种经济上意想不到的稳定的主要解释是泰国的特殊经济结构和泰国农民的行为。

引用次数: 0

The road to the 1980s write-downs of sovereign debt 走上了上世纪80年代主权债务减记的道路

IF 0.7 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review

Pub Date : 2021-12-01 DOI: 10.1017/s0968565021000196

Edwin M. Truman

The Latin American debt crisis consumed the 1980s and was not restricted to Latin America. Starting from the August 1982 Mexican weekend, the crisis had three phases: Concerted Lending (1982-5), Baker Plan (1985-9) and Brady Plan (1989 to mid 1990s). This article describes the evolution of the debt strategy and the road to embracing debt write-downs at the end of the decade. In the absence of an external coordinating mechanism, four groups of parties had to reach agreement on any change in the strategy: the borrowing countries, their commercial bank lenders, the home-country authorities of those lenders, and the International Monetary Fund as the principal international institution. Each group could effectively veto any change in the strategy. This need for consensus is lesson number one from the 1980s for today. Lesson number two is that political economy aspects dictated that the strategy be implemented on a case-by-case basis. The article concludes with an application of these lessons to a similar, but even more global, potential debt crisis in the wake of the COVID pandemic.

拉丁美洲债务危机消耗了20世纪80年代，而且不仅限于拉丁美洲。从1982年8月墨西哥周末开始，危机经历了三个阶段:协同放贷(1982-5)、贝克计划(1985-9)和布雷迪计划(1989 - 90年代中期)。本文描述了债务战略的演变，以及在这个十年结束时接受债务减记的道路。在缺乏外部协调机制的情况下，必须就战略的任何改变达成四组各方协议:借款国、其商业银行贷款人、这些贷款人的本国当局以及作为主要国际机构的国际货币基金组织。每个集团都可以有效地否决战略上的任何改变。这种对共识的需要是上世纪80年代给今天的第一课。第二个教训是，政治经济方面的因素决定了该战略必须在具体情况具体分析的基础上实施。文章最后将这些经验教训应用于COVID大流行之后类似但更具全球性的潜在债务危机。

引用次数: 0

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