By Patrice Baubeau, Anders Ogren
This number of essays goals to shape a concentrated, unique and optimistic method of reading the query of convergence and divergence in Europe.
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Additional info for Convergence and Divergence of National Financial Systems: Evidence from the Gold Standards, 1871-1971 (Financial History)
Crédit Lyonnais’s branches in Lille and Roubaix: [(deposits- credits) / credits] ratio, 1883–1913. 39 40 Convergence and Divergence of National Financial Systems In Paris, the Banque de France started to worry about that situation, and especially about the ‘ardour’ of the Roubaix manufacturers, about their ‘adventurous and entrepreneurial spirit’ and they deplored that ‘the heads of the financial societies tended to use their employees’ signatures with certain flippancy’. But one had to acknowledge rapidly that the crisis of its profits drove the Banque de France to impotence: it would be ‘undoubtedly very tricky’ to attempt to react against these local habits; and, unable ‘to change this trend’ or ‘to limit the extension’ of certain abuses, the Banque could not but adapt to the local rules.
They were bound by a common culture, revealed by books23 that described the customs of this small, original and jointly liable group, which they simply called the ‘Stock Exchange Operators’ – in fact professional operators and not clients from the financial market. The resistance of this professional network was increased by the cross-participations to the social capitals of the firms: certain sleeping partners were common to several firms,24 certain bankers were sleeping partners not only of their former firms when they retired, but also of competing, and hence also friendly, firms.
As their shareholders controlled the key sectors of the regional economy (textile, sugar, colliery, mineral chemistry), they formed a ‘regionalist’ pool seeing to the preservation of the regional financial autonomy. Thus the Crédit du Nord (the only regional bank to be publicly incorporated) formed a constellation whereof the core, composed of groups like Kuhlmann (chemistry; a promoter of the bank since 1848), Agache (flax textile industry; a family allied to the Kuhlmanns since 1873), and the Mines de Lens,4 extended, in the 1890s, to the Mines de Carvin and to the wool industrial activities of Roubaix-Tourcoing … while strengthening the family character of the Board of Administration.
Convergence and Divergence of National Financial Systems: Evidence from the Gold Standards, 1871-1971 (Financial History) by Patrice Baubeau, Anders Ogren