Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium

Ugolini, Stefano

doi:10.2139/ssrn.1735390

SSRN Journal

2011

DOI: 10.2139/ssrn.1735390

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Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium

Stefano Ugolini

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2013

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What Financiers Usually Do, and What We Can Learn from History

Hautcœur

Riva

2013

Accounting, Economics and Law

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This paper aims at presenting an historical perspective on some of the major questions raised by Hyman Minsky and his recent followers, in particular about the instability of banking practices and the diffusion of the "originate and distribute" model under the domination of securities markets. We will argue that, when dealing with these issues, one must take great care at distinguishing what is actually new and what is recurrent. Financial innovation is nothing new. Risk taking through financial innovation is not new either. Banks have been innovating constantly over the last centuries, and many of their practices that we consider as "traditional" have not always been so, and result from a long process involving trials and errors, each error usually resulting in excessive risktaking and waves of failures. We point out that markets have survived these crises when they have been able to organize and build the institutional structure allowing the various interests involved to become consistent with each other.

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What Financiers Usually Do, and What We Can Learn from History

Hautcœur

Riva

2013

Accounting, Economics and Law

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show abstract

scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.

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Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium

Cited by 1 publication

References 60 publications

What Financiers Usually Do, and What We Can Learn from History

What Financiers Usually Do, and What We Can Learn from History

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