European Banks and the American Challenge: Competition and Cooperation in International Banking…

Hardcover | March 1, 2002

EditorStefano Battilossi, Youssef Cassis

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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 themid-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 encouragedAmerican 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 otherminor 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 efficientmultinational 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 andaddreses 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, whichfocus 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.

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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 themid-1950s, multilateralism and rapidly growing tra...

Stefano Battilossi is Visiting Professor at the Department of Economic History, Universidad Carlos III, Madrid, and Visiting Fellow at the Business History Unit, London School of Economics. Youssef Cassis is Professor at the Department of Economic and Social History, University of Grenoble II, and Visiting Fellow at the Business Histo...

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Format:HardcoverDimensions:238 pages, 9.21 × 6.14 × 0.74 inPublished:March 1, 2002Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199250278

ISBN - 13:9780199250271

Customer Reviews of European Banks and the American Challenge: Competition and Cooperation in International Banking Under Bretton Woods

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Table of Contents

1. Stefano Battilossi: Introduction. International Banking and the American Challenge in Historical Perspective2. Youssef Cassis: Before the Storm: European Banks in the 1950s3. Richard Sylla: United States Banks and Europe: Strategy and Attitudes4. Catherine R. Schenk: International Finanical Centres 1958-1971: Competitiveness and Complementarity5. Stefano Battilossi: Banking with Multinationals: British Clearing Banks and the Euromarkets' Challenge, 1958-19766. Duncan M. Ross: Clubs and Consortia: European Banking Groups as Strategic Alliances7. Eric Bussiere: European Aspirations and Market Reality: Paribas, the Credit Lyonnais, and their European Strategies in the 1960s and 1970s8. Ulrich Ramm: German Banks and the American Challenge9. Harold James: Central Banks and the Process of Financial Internationalization: A Secular View

Editorial 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