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European Banks and the American Challenge : Competition and Cooperation in International Banking Under Bretton Woods - Stefano Battilossi

European Banks and the American Challenge

Competition and Cooperation in International Banking Under Bretton Woods

By: Stefano Battilossi (Editor), Youssef Cassis (Editor)

Hardcover Published: 1st May 2002
ISBN: 9780199250271
Number Of Pages: 220

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The book provides a fresh historical perspective on the internationalization of banking business and the emergence of the Euro-Dollar and Euro-Bond markets from the late 1950s to the early 1970s -- a process which laid the foundations of the subsequent financial globalization. Since the mid-1950s, multilateralism and rapidly growing trade among OECD countries, the gradual (though asymmetrical) relaxation of exchange controls, and the return to external convertibility had sowed the seeds of economic interdependence and financial integration. All these factors actively encouraged American and European banks to pursue the expansion of their international business, largely free of regulations and controls affecting their domestic activity. International banking of the 1960s was also the forge of a restless wave of financial innovations. In fact Euro-Dollars (along with other minor Euro-Currencies) and Euro-Bonds fostered the emergence of fast-growing international money and capital markets, mainly based in the City of London, which rapidly became the new frontier of growth for banking business. Aggressive behaviour of American banks in Europe, coupled with an efficient multinational structure and a remarkable degree of financial creativity, added a sharp competitive edge to Euro-banking. Following their multinational customers as much as escaping from cumbersome domestic regulation, US banks rapidly attained a dominant position in London, while establishing at the same time their footholds on the Continent. This volume is based primarily upon largely unexplored archive records and addreses original issues. The causes of the primacy of London as an international financial centre are investigated, as well as the impact of Euro-banking on British clearing banks as a boost towards liability management and business diversification. Some wider perspectives are also included, which focus on innovative strategies designed by European banks -- such as consortium banking and other cooperative ventures -- in response both to the American challenge and to the establishment of the European Community.

Industry Reviews

"The editor's stated objective is to discuss a subject hitherto neglected: internationalization of banking in industrial countries and the rise of a new global financial order, with the added perspective offered by rigorous use of archival material." -Enterprise and Society.
"Thanks to Battilossi and Cassis' excellent volume we now have a much-improved picture of the emergence of this new arena of international finance, and also a study that highlights the need for further studies of the course and consequences of these developments in the 1970s."-- EH-NET
"This is a book that provides a welcome historical study of banking innovation and response. Both banking practitioners and scholars of banking history will find much interest in the volume."--Business History Review

1: Stefano Battilossi: Introduction. International Banking and the American Challenge in Historical Perspective 2: Youssef Cassis: Before the Storm: European Banks in the 1950s 3: Richard Sylla: United States Banks and Europe: Strategy and Attitudes 4: Catherine R. Schenk: International Finanical Centres 1958-1971: Competitiveness and Complementarity 5: Stefano Battilossi: Banking with Multinationals: British Clearing Banks and the Euromarkets' Challenge, 1958-1976 6: Duncan M. Ross: Clubs and Consortia: European Banking Groups as Strategic Alliances 7: Eric Bussière: European Aspirations and Market Reality: Paribas, the Crédit Lyonnais, and their European Strategies in the 1960s and 1970s 8: Ulrich Ramm: German Banks and the American Challenge 9: Harold James: Central Banks and the Process of Financial Internationalization: A Secular View

ISBN: 9780199250271
ISBN-10: 0199250278
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 220
Published: 1st May 2002
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 23.39 x 15.6  x 1.42
Weight (kg): 0.51