Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New EnglandCambridge University Press, 28. aug. 1996 - 194 sider Banks in early nineteenth-century New England functioned very differently from their modern counterparts. Most significantly, they lent a large proportion of their funds to members of their own boards of directors or to others with close personal connections to the boards. In Insider Lending, Naomi R. Lamoreaux explores the workings of this early nineteenth-century banking system - how and how well it functioned and the way it was regarded by contemporaries. She also traces the processes that transformed this banking system based on insider lending into a more impersonal and professional system by the end of the century. In the particular social, economic, and political context of early nineteenth-century New England, Lamoreaux argues, the benefits of insider lending outweighed its costs, and banks were instrumental in financing economic development. As the banking system grew more impersonal, however, banks came to play a more restricted role in economic life. At the root of this change were the new information problems banks faced when they conducted more and more of their business at arm's length. Difficulties in obtaining information about the creditworthiness of borrowers and in conveying information to the public about their own soundness led them to concentrate on providing short-term loans to commercial borrowers and to forsake the important role they had played early on in financing economic development. |
Innhold
Vehicles for accumulating capital | 11 |
Insider lending and Jacksonian hostility toward banks | 31 |
Engines of economic development | 52 |
The decline of insider lending and the problem of determining creditworthiness | 84 |
Professionalization and specialization | 107 |
The merger movement in banking | 133 |
Conclusion | 157 |
166 | |
Andre utgaver - Vis alle
Insider Lending: Banks, Personal Connections, and Economic Development in ... Naomi R. Lamoreaux Ingen forhåndsvisning tilgjengelig - 1994 |
Insider Lending: Banks, Personal Connections, and Economic Development in ... Naomi R. Lamoreaux Ingen forhåndsvisning tilgjengelig - 1994 |
Vanlige uttrykk og setninger
amount Annual Report assets Bank Commissioners bank directors Bank of Boston bank officers bank stock bank's bankers banking system banks chartered borrowers Boston Archives Boston Athenaeum Boston banks Boston Evening Transcript Boston Morning Post Brown cashier chusetts clearinghouse collateral Colt Commercial Banking commercial paper committee Comptroller Currency customers depositors deposits discounts earnings economic development England enterprises entrepreneurs example failure firms Fleet National Bank Folder funds Hampshire increased Industrial Trust Company insider lending interest investment issue Jacksonian Jacksonian Democracy legislature loans Maine managers manufacturing Massachusetts Massachusetts Bank meetings Merchants merger Minute Book moreover National Bank Archives nineteenth century notes number of banks Panic percent period portfolio president privately printed problem professional profits Providence Bank rates ratio records region result Robert Rantoul securities Senate Doc Stockholders Suffolk Bank Sutton Bank tion University Press usury Warren Bank York
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Saving Capitalism from the Capitalists: Unleashing the Power of Financial ... Raghuram G. Rajan,Luigi Zingales Ingen forhåndsvisning tilgjengelig - 2004 |