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Unsettled account [electronic resource] : the evolution of banking in the industrialized world since 1800 /
Richard S. Grossman.
imprint
Princeton [N.J.] : Princeton University Press, c2010.
description
xx, 384 p. : ill. ; 25 cm.
ISBN
0691139059 (cloth : alk. paper), 9780691139050 (cloth : alk. paper)
format(s)
Book
More Details
imprint
Princeton [N.J.] : Princeton University Press, c2010.
isbn
0691139059 (cloth : alk. paper)
9780691139050 (cloth : alk. paper)
restrictions
Licensed for access by U. of T. users.
contents note
Origins of banking -- Banking crises -- Rescuing the banking system: bailouts, lenders of last resort, and more extreme measures -- Merger movements -- Regulation -- Banking evolution in England -- Banking evolution in Sweden -- Banking evolution in the United States -- Constrained and deregulated banking in the twentieth century and beyond.
catalogue key
8848397
 
Includes bibliographical references (p. [321]-374) and index.
A Look Inside
Excerpts
Flap Copy
"This excellent and well-organized book will be the standard reference on commercial banking history for years to come."--Michael Bordo, Rutgers University"Until now, banking history has stubbornly clung to national boundaries, comparative inquiries being rare. In this book, the author has done an excellent job of synthesizing the large and varied literature, producing a readable and accessible book."--Joost Jonker, Utrecht University
Flap Copy
"What to do about the banks--tax them, break them up, or leave them alone--is topic number one on the financial reform agenda in the wake of the recent crisis. Understanding where to go requires first understanding how we got here. Richard Grossman's rich description of the historical life cycle of banking systems, not just in the United States but around the world, is the essential guide. If what's past is prologue, then this book should be essential reading for aspiring financial reformers."-- Barry Eichengreen, University of California, Berkeley " Unsettled Account details the history of commercial banking from ancient Greece to modern times. Blending history, economics, and politics, this book provides a remarkably thorough, engaging, and readable account of how our financial institutions have developed. Extraordinarily relevant to todays troubled financial affairs, it is essential reading for anyone who wants to understand contemporary banking."-- Jeffry Frieden, Harvard University "Richard Grossman has written an excellent treatise on the salient factors explaining the evolution of banking in advanced countries in the past two centuries. His comparative historical study of the banking systems of a number of important countries fills a gap in the literature which has been open for at least four decades. This book is a necessary addition to the libraries of serious scholars of financial history."-- Michael Bordo, Rutgers University "Richard Grossman's history of banking is a bold and hugely successful enterprise which could not have appeared at a better time. This is an elegantly written account of the origins, role, and contribution of these institutions through all manner of circumstances. An indispensable guide."-- Forrest Capie, Bank of England "This is an exciting panorama of the worldwide evolution of commercial banking during the past two hundred years. Covering a large number of countries, Grossman focuses on four major themes of banking: financial crises, resolution policies, mergers, and bank regulation. Providing a broad and pervasive view of the challenges to banking in the past and present, this is a must-read for all those interested in gaining a thorough understanding of the current problems in the financial system."-- Lars Jonung, European Commission "Until now, banking history has stubbornly clung to national boundaries, comparative inquiries being rare. In this book, the author has done an excellent job of synthesizing the large and varied literature, producing a readable and accessible book."-- Joost Jonker, Utrecht University "This excellent and well-organized book will be the standard reference on commercial banking history for years to come."-- Michael Bordo, Rutgers University
Flap Copy
"What to do about the banks--tax them, break them up, or leave them alone--is topic number one on the financial reform agenda in the wake of the recent crisis. Understanding where to go requires first understanding how we got here. Richard Grossman's rich description of the historical life cycle of banking systems, not just in the United States but around the world, is the essential guide. If what's past is prologue, then this book should be essential reading for aspiring financial reformers."--Barry Eichengreen, University of California, Berkeley " Unsettled Account details the history of commercial banking from ancient Greece to modern times. Blending history, economics, and politics, this book provides a remarkably thorough, engaging, and readable account of how our financial institutions have developed. Extraordinarily relevant to today's troubled financial affairs, it is essential reading for anyone who wants to understand contemporary banking."--Jeffry Frieden, Harvard University "Richard Grossman has written an excellent treatise on the salient factors explaining the evolution of banking in advanced countries in the past two centuries. His comparative historical study of the banking systems of a number of important countries fills a gap in the literature which has been open for at least four decades. This book is a necessary addition to the libraries of serious scholars of financial history."--Michael Bordo, Rutgers University "Richard Grossman's history of banking is a bold and hugely successful enterprise which could not have appeared at a better time. This is an elegantly written account of the origins, role, and contribution of these institutions through all manner of circumstances. An indispensable guide."--Forrest Capie, Bank of England "This is an exciting panorama of the worldwide evolution of commercial banking during the past two hundred years. Covering a large number of countries, Grossman focuses on four major themes of banking: financial crises, resolution policies, mergers, and bank regulation. Providing a broad and pervasive view of the challenges to banking in the past and present, this is a must-read for all those interested in gaining a thorough understanding of the current problems in the financial system."--Lars Jonung, European Commission "Until now, banking history has stubbornly clung to national boundaries, comparative inquiries being rare. In this book, the author has done an excellent job of synthesizing the large and varied literature, producing a readable and accessible book."--Joost Jonker, Utrecht University "This excellent and well-organized book will be the standard reference on commercial banking history for years to come."--Michael Bordo, Rutgers University
Flap Copy
"What to do about the banks--tax them, break them up, or leave them alone--is topic number one on the financial reform agenda in the wake of the recent crisis. Understanding where to go requires first understanding how we got here. Richard Grossman's rich description of the historical life cycle of banking systems, not just in the United States but around the world, is the essential guide. If what's past is prologue, then this book should be essential reading for aspiring financial reformers."--Barry Eichengreen, University of California, Berkeley"Unsettled Accountdetails the history of commercial banking from ancient Greece to modern times. Blending history, economics, and politics, this book provides a remarkably thorough, engaging, and readable account of how our financial institutions have developed. Extraordinarily relevant to today's troubled financial affairs, it is essential reading for anyone who wants to understand contemporary banking."--Jeffry Frieden, Harvard University"Richard Grossman has written an excellent treatise on the salient factors explaining the evolution of banking in advanced countries in the past two centuries. His comparative historical study of the banking systems of a number of important countries fills a gap in the literature which has been open for at least four decades. This book is a necessary addition to the libraries of serious scholars of financial history."--Michael Bordo, Rutgers University"Richard Grossman's history of banking is a bold and hugely successful enterprise which could not have appeared at a better time. This is an elegantly written account of the origins, role, and contribution of these institutions through all manner of circumstances. An indispensable guide."--Forrest Capie, Bank of England"This is an exciting panorama of the worldwide evolution of commercial banking during the past two hundred years. Covering a large number of countries, Grossman focuses on four major themes of banking: financial crises, resolution policies, mergers, and bank regulation. Providing a broad and pervasive view of the challenges to banking in the past and present, this is a must-read for all those interested in gaining a thorough understanding of the current problems in the financial system."--Lars Jonung, European Commission"Until now, banking history has stubbornly clung to national boundaries, comparative inquiries being rare. In this book, the author has done an excellent job of synthesizing the large and varied literature, producing a readable and accessible book."--Joost Jonker, Utrecht University"This excellent and well-organized book will be the standard reference on commercial banking history for years to come."--Michael Bordo, Rutgers University
Full Text Reviews
Appeared in Choice on 2010-11-01:
Grossman (Wesleyan Univ.) weaves an enormous amount of research into an impressive history of the banking industry in many developed countries over the last 200 years. His focuses primarily on changes in the size and structure of the banking industry over time and argues that banks and bank assets rise as a share of overall economic output and then fall as a country moves from developing to developed. Crises, bailouts, merger movements, and regulation are the triggering events that reshape the banking industry structure. Though the book covers the history of several OECD countries, it devotes full chapters to the UK, Sweden, and the US. This reviewer's only criticism is the disproportionate amount of space devoted to what happened rather than explaining why it happened; the reader is usually required to connect the dots. Nevertheless, this work represents a valuable contribution to the history of banking. Summing Up: Highly recommended. Upper-division undergraduate through research collections. B. B. Andrew Juniata College
Reviews
Review Quotes
[A] number of books stand out as works of real scholarship written by experts in their fields. Unsettled Account should be numbered among the best of those produced so far.
"[A] number of books stand out as works of real scholarship written by experts in their fields. Unsettled Account should be numbered among the best of those produced so far."-- Ranald Michie, BHR
[A] number of books stand out as works of real scholarship written by experts in their fields. Unsettled Account should be numbered among the best of those produced so far. -- Ranald Michie, BHR
Grossman's is a good read. The book tells you as to how we got to be where we are. There are lessons to be learnt for those who want to go about reshaping reforms in global banking.
"Grossman's is a good read. The book tells you as to how we got to be where we are. There are lessons to be learnt for those who want to go about reshaping reforms in global banking."-- BusinessWorld
Grossman's is a good read. The book tells you as to how we got to be where we are. There are lessons to be learnt for those who want to go about reshaping reforms in global banking. -- BusinessWorld
Grossman weaves an enormous amount of research into an impressive history of the banking industry in many developed countries over the last 200 years. His focuses primarily on changes in the size and structure of the banking industry over time and argues that banks and bank assets rise as a share of overall economic output and then fall as a country moves from developing to developed. . . . [T]his work represents a valuable contribution to the history of banking.
"Grossman weaves an enormous amount of research into an impressive history of the banking industry in many developed countries over the last 200 years. His focuses primarily on changes in the size and structure of the banking industry over time and argues that banks and bank assets rise as a share of overall economic output and then fall as a country moves from developing to developed. . . . [T]his work represents a valuable contribution to the history of banking."-- Choice
Grossman weaves an enormous amount of research into an impressive history of the banking industry in many developed countries over the last 200 years. His focuses primarily on changes in the size and structure of the banking industry over time and argues that banks and bank assets rise as a share of overall economic output and then fall as a country moves from developing to developed. . . . [T]his work represents a valuable contribution to the history of banking. -- Choice
Professor Grossman has assembled an impressive collection of historical, statistical, and bibliographic data, one that would be extremely difficult to reproduce using other sources. This information will prove invaluable for those conducting intensive research on commercial or international banking, and Unsettled Account will make an excellent addition for libraries that commonly serve such patrons. Academic law libraries at institutions offering specific courses in commercial banking may also want to consider a copy.
"Professor Grossman has assembled an impressive collection of historical, statistical, and bibliographic data, one that would be extremely difficult to reproduce using other sources. This information will prove invaluable for those conducting intensive research on commercial or international banking, and Unsettled Account will make an excellent addition for libraries that commonly serve such patrons. Academic law libraries at institutions offering specific courses in commercial banking may also want to consider a copy."-- Shannon L. Kemen, Law Library Journal
Professor Grossman has assembled an impressive collection of historical, statistical, and bibliographic data, one that would be extremely difficult to reproduce using other sources. This information will prove invaluable for those conducting intensive research on commercial or international banking, and Unsettled Account will make an excellent addition for libraries that commonly serve such patrons. Academic law libraries at institutions offering specific courses in commercial banking may also want to consider a copy. -- Shannon L. Kemen, Law Library Journal
Richard Grossman has long been a well regarded figure in the field of financial history, and he has applied his knowledge and analysis to produce a comparative history of banking in Western Europe, North America, Australia, and Japan over the course of the nineteenth and twentieth centuries.
"Richard Grossman has long been a well regarded figure in the field of financial history, and he has applied his knowledge and analysis to produce a comparative history of banking in Western Europe, North America, Australia, and Japan over the course of the nineteenth and twentieth centuries."-- Ranald Michie, Business History Review
Richard Grossman has long been a well regarded figure in the field of financial history, and he has applied his knowledge and analysis to produce a comparative history of banking in Western Europe, North America, Australia, and Japan over the course of the nineteenth and twentieth centuries. -- Ranald Michie, Business History Review
Richard Grossman has produced a valuable and accessible synthesis of research on some key aspects of banking history in this publication. . . . Students and academics with an interest in financial history, as well as practitioners and regulators, would benefit from reading Unsettled Account .
"Richard Grossman has produced a valuable and accessible synthesis of research on some key aspects of banking history in this publication. . . . Students and academics with an interest in financial history, as well as practitioners and regulators, would benefit from reading Unsettled Account ."-- John Singleton, Australian Economic History Review
Richard Grossman has produced a valuable and accessible synthesis of research on some key aspects of banking history in this publication. . . . Students and academics with an interest in financial history, as well as practitioners and regulators, would benefit from reading Unsettled Account . -- John Singleton, Australian Economic History Review
Unsettled Account provides us with a new and welcome history of the last three centuries of banking. Who should read this book? A lot of people. For the legions of political, social and cultural historians, if they have to read one book on the historical evolution of banking, this is it. It will provide them with the needed theoretical background without an equation in sight, useful country studies, and the insights needed to instruct their students. For the legions of economic theorists, if they have to read one book on the historical evolution of banking, this is it. The book is a guide to every key stylized fact they might use for a model, identifying the broad parameters of institutions and history. For the legions of policy makers, if they have to read one book on the historical evolution of banking, this is it. Distanced from the crisis of the moment, Grossman nicely hits the key issues and distills some relevant lessons.
Unsettled Account provides us with a new and welcome history of the last three centuries of banking. Who should read this book? A lot of people. For the legions of political, social and cultural historians, if they have to read one book on the historical evolution of banking, this is it. It will provide them with the needed theoretical background without an equation in sight, useful country studies, and the insights needed to instruct their students. For the legions of economic theorists, if they have to read one book on the historical evolution of banking, this is it. The book is a guide to every key stylized fact they might use for a model, identifying the broad parameters of institutions and history. For the legions of policy makers, if they have to read one book on the historical evolution of banking, this is it. Distanced from the crisis of the moment, Grossman nicely hits the key issues and distills some relevant lessons. -- Eugene White, EH.Net
What Grossman has done, in drawing our attention to the way in which past banking crises have been dealt with, is a significant contribution to the literature on the problems and difficulties involved in dealing with banks.
"What Grossman has done, in drawing our attention to the way in which past banking crises have been dealt with, is a significant contribution to the literature on the problems and difficulties involved in dealing with banks."-- Jonathan Warner, European Legacy
Richard Grossman has written an excellent treatise on the salient factors explaining the evolution of banking in advanced countries in the past two centuries. His comparative historical study of the banking systems of a number of important countries fills a gap in the literature which has been open for at least four decades. This book is a necessary addition to the libraries of serious scholars of financial history.
Richard Grossman's history of banking is a bold and hugely successful enterprise which could not have appeared at a better time. This is an elegantly written account of the origins, role, and contribution of these institutions through all manner of circumstances. An indispensable guide.
This excellent and well-organized book will be the standard reference on commercial banking history for years to come.
This is an exciting panorama of the worldwide evolution of commercial banking during the past two hundred years. Covering a large number of countries, Grossman focuses on four major themes of banking: financial crises, resolution policies, mergers, and bank regulation. Providing a broad and pervasive view of the challenges to banking in the past and present, this is a must-read for all those interested in gaining a thorough understanding of the current problems in the financial system.
Unsettled Accountdetails the history of commercial banking from ancient Greece to modern times. Blending history, economics, and politics, this book provides a remarkably thorough, engaging, and readable account of how our financial institutions have developed. Extraordinarily relevant to today's troubled financial affairs, it is essential reading for anyone who wants to understand contemporary banking.
Until now, banking history has stubbornly clung to national boundaries, comparative inquiries being rare. In this book, the author has done an excellent job of synthesizing the large and varied literature, producing a readable and accessible book.
What to do about the banks--tax them, break them up, or leave them alone--is topic number one on the financial reform agenda in the wake of the recent crisis. Understanding where to go requires first understanding how we got here. Richard Grossman's rich description of the historical life cycle of banking systems, not just in the United States but around the world, is the essential guide. If what's past is prologue, then this book should be essential reading for aspiring financial reformers.
This item was reviewed in:
Choice, November 2010
To find out how to look for other reviews, please see our guides to finding book reviews in the Sciences or Social Sciences and Humanities.
Summaries
Bowker Data Service Summary
Grossman takes a comparative look at the development of commercial banking systems over the last two centuries in Western Europe, the United States, Canada, Japan and Australia. He focuses on crises, bailouts, mergers and regulations.
Main Description
Commercial banks are among the oldest and most familiar financial institutions. When they work well, we hardly notice; when they do not, we rail against them. What are the historical forces that have shaped the modern banking system? InUnsettled Account, Richard Grossman takes the first truly comparative look at the development of commercial banking systems over the past two centuries in Western Europe, the United States, Canada, Japan, and Australia. Grossman focuses on four major elements that have contributed to banking evolution: crises, bailouts, mergers, and regulations. He explores where banking crises come from and why certain banking systems are more resistant to crises than others, how governments and financial systems respond to crises, why merger movements suddenly take off, and what motivates governments to regulate banks.Grossman finds that many of the same components underlying the history of banking evolution are at work today. The recent subprime mortgage crisis had its origins, like many earlier banking crises, in a boom-bust economic cycle. Grossman finds that important historical elements are also at play in modern bailouts, merger movements, and regulatory reforms.Unsettled Accountis a fascinating and informative must-read for anyone who wants to understand how the modern commercial banking system came to be, where it is headed, and how its development will affect global economic growth.
Main Description
Commercial banks are among the oldest and most familiar financial institutions. When they work well, we hardly notice; when they do not, we rail against them. What are the historical forces that have shaped the modern banking system? In Unsettled Account , Richard Grossman takes the first truly comparative look at the development of commercial banking systems over the past two centuries in Western Europe, the United States, Canada, Japan, and Australia. Grossman focuses on four major elements that have contributed to banking evolution: crises, bailouts, mergers, and regulations. He explores where banking crises come from and why certain banking systems are more resistant to crises than others, how governments and financial systems respond to crises, why merger movements suddenly take off, and what motivates governments to regulate banks. Grossman reveals that many of the same components underlying the history of banking evolution are at work today. The recent subprime mortgage crisis had its origins, like many earlier banking crises, in a boom-bust economic cycle. Grossman finds that important historical elements are also at play in modern bailouts, merger movements, and regulatory reforms. Unsettled Account is a fascinating and informative must-read for anyone who wants to understand how the modern commercial banking system came to be, where it is headed, and how its development will affect global economic growth.
Table of Contents
List of Illustrationsp. xiii
List of Tablesp. xv
Prefacep. xvii
Introductionp. 1
The Challenge of Intermediationp. 1
Banking and Economic Growthp. 5
Securities Markets, Banks, and Other Intermediatorsp. 10
The Scope of This Bookp. 13
The Argumentp. 16
Chapter Outlinep. 27
The Origins of Bankingp. 28
Early Banking Functionsp. 30
Credit Creationp. 32
Medieval Beginnings, Modern Prerequisitesp. 35
Government Debt and the Beginnings of Government Banksp. 38
Government Banksp. 41
Private Banksp. 45
Commercial Banksp. 48
Banking Crisesp. 53
Financial Crises and Banking Crisesp. 54
The Consequences of Banking Crisesp. 59
The Causes of Banking Crises: Hypothesesp. 61
Evidence from before 1870p. 64
Evidence from 1870 to World War Ip. 66
Evidence from the Interwar Periodp. 74
A Durable Patternp. 81
Rescuing the Banking System: Bailouts, Lenders of Last Resort, and More Extreme Measuresp. 83
Bailoutsp. 86
Lenders of Last Resortp. 98
More Extreme Measuresp. 104
Making the Cure Less Costly than the Diseasep. 107
Merger Movementsp. 110
Consequences of Mergersp. 111
The Urge to Mergep. 112
Evidencep. 115
Matching Evidence with Explanationsp. 120
Regulationp. 128
Motives for Regulationp. 129
Entry Regulationp. 134
The Emergence of Chartersp. 134
Banking Codes versus Corporation Lawp. 141
Capital Requirementsp. 145
The Role of Capitalp. 145
Market Capital Requirementsp. 147
Explaining Government Capital Requirementsp. 150
The Impact of Government Capital Requirementsp. 155
Other Regulationsp. 157
Universal Bankingp. 157
Identity of the Banking Supervisorp. 162
Summaryp. 167
Banking Evolution in Englandp. 169
The Bank of England and British Government Financep. 170
Private Banking in London and the Provincesp. 173
Joint Stock Banking Regulation, 1826-57p. 175
Mergersp. 183
Crises and Responsesp. 189
Fiscally Driven Evolutionp. 195
Banking Evolution in Swedenp. 197
The Riksbank and the Beginnings of Swedish Bankingp. 198
Bank Politics and Legislation: Enskilda Banksp. 202
The Emergence of Modern Bankingp. 207
Mergers, Crises, and Government Intervention, 1903-39p. 209
Universal Bankingp. 215
Sweden in a Nordic Contextp. 217
Banking Evolution in the United Statesp. 221
The First and Second Banks of the United States, 1791-1836p. 222
From Chartered to Free Banking, 1837-62p. 229
The National Banking Era, 1863-1913p. 230
The Crisis of 1907 and the Founding of the Federal Reservep. 243
The Great Depressionp. 245
Summaryp. 249
Constrained and Deregulated Banking in the Twentieth Century and Beyondp. 251
Constrained Bankingp. 251
The Era of Deregulation Beginsp. 260
Crises and Rescuesp. 266
Herstatt and Franklin Nationalp. 267
The U.S. Savings and Loan Crisisp. 269
The Nordic Crisesp. 272
Japan's "Lost Decade"p. 276
Crises and Rescues: Summaryp. 281
Mergersp. 282
Regulationp. 284
Appendixes
Appendix to Chapter 2p. 291
Appendix to Chapter 3p. 297
Appendix to Chapter 5p. 317
Bibliographyp. 321
Indexp. 375
Table of Contents provided by Ingram. All Rights Reserved.

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