Dark Matter Credit (eBook)

The Development of Peer-to-Peer Lending and Banking in France

Philip T. Hoffman, Gilles Postel-Vinay, Jean-Laurent Rosenthal (Autoren)

eBook Download: PDF

2019
320 Seiten
Princeton University Press (Verlag)
978-0-691-18505-7 (ISBN)

Infos

Philip T. Hoffman is the Rea A. and Lela G. Axline Professor of Business Economics and History at the California Institute of Technology. Gilles Postel-Vinay is professor emeritus at the Paris School of Economics. Jean-Laurent Rosenthal is the Rea A. and Lela G. Axline Professor of Business Economics and the Ronald and Maxine Linde Leadership Chair in the Division of the Humanities and Social Sciences at the California Institute of Technology.

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How a vast network of shadow credit financed European growth long before the advent of bankingPrevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of cleverly collected loan data from France to reveal how credit abounded well before banks opened their doors. This incisive book shows how a vast system of shadow credit enabled nearly a third of French families to borrow in 1740, and by 1840 funded as much mortgage debt as the American banking system of the 1950s.Dark Matter Credit traces how this extensive private network outcompeted banks and thrived prior to World War I-not just in France but in Britain, Germany, and the United States-until killed off by government intervention after 1918. Overturning common assumptions about banks and economic growth, the book paints a revealing picture of an until-now hidden market of thousands of peer-to-peer loans made possible by a network of brokers who matched lenders with borrowers and certified the borrowers' creditworthiness.A major work of scholarship, Dark Matter Credit challenges widespread misperceptions about French economic history, such as the notion that banks proliferated slowly, and the idea that financial innovation was hobbled by French law. By documenting how intermediaries in the shadow credit market devised effective financial instruments, this compelling book provides new insights into how countries can develop and thrive today.

Produkt-Details

• Erscheint lt. Verlag: 5.2.2019
• Reihe/Serie: The Princeton Economic History of the Western World
• Reihe/Serie: The Princeton Economic History of the Western World
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Geisteswissenschaften ► Geschichte ► Regional- / Ländergeschichte
• Themenwelt: Geschichte ► Teilgebiete der Geschichte ► Wirtschaftsgeschichte
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: 1740 market • 1780s • 1880s • Agriculture • Alternative Investment • amortization • ancient causes • Annuity • Balloon payment mortgage • Bank • bank failure • Banking in France • bank run • Bankruptcy • Banks • Banque de France • Bond (finance) • Bond Market • Bond Yield • borrowers • british institution • Business Ethics • Capital Market • Central Bank • Certificate of deposit • Chapter 9 • Commerce • Commercial Bank • Commercial code (communications) • commercial credit • commercial loans • Commercial Paper • Comparative Advantage • Consumer credit • corporate tax • Cost Of Funds • credit • Credit (finance) • credit history • Credit market • Credit Markets • Creditor • Credit Rating • Credit rating agency • Credit rationing • credit risk • credit system • Currency • Customer • debt • Debt Restructuring • Debt-to-GDP ratio • Default (finance) • developing economies • developing economy • Discount window • Diversification (finance) • down payment • Dummy variable (statistics) • Economic Growth • economic outcomes • Economics • economics literature • economic stagnation • economy • Escrow • Externality • Farmers • Finance • Financial asset • Financial Crisis • Financial crisis of 2007–08 • Financial Intermediary • Financial Performance • France • Fraud • French economic history • French Revolution • GDP • Government bond • Government Debt • head of household • High-yield debt • historical inheritance • Home Equity • income • Inflation • Information asymmetry • Insolvency • Institutional Reforms • Interest • Interest Rate • Investment • Investor • joint stock firm • Lending • Limited liability • Limited Partnership • line of credit • loan contracts • Loans • Long run and short run • long-run change • Marginal cost • market liquidity • matching markets • Merchant bank • modern outcomes • money market • Mortgage bank • mortgage loan • mortgage market • Nineteenth century • notarial credit • notarial debt • Notaries • notarized letter of exchange • notary • obligations • Old Regime • Paris • Partnership • Payment • peer-to-peer credit • peer-to-peer loans • Price Competition • price ranges • private credit • private lending • private network • Public Finance • Real estate appraisal • Recession • Registration fee • repayment • Second mortgage • Senior Debt • Shadow Banking System • shadow credit • short-term loans • single-price equilibrium • Social scientists • Sole proprietorship • southern France • Speculation • Structuring • Subprime Mortgage Crisis • Supply (economics) • Tax • Thomas Piketty • tradable shares • Unsecured creditor • Urban bias • urban hierarchy • urbanization • urban real estate • usury • Wealth
• ISBN-10: 0-691-18505-0 / 0691185050
• ISBN-13: 978-0-691-18505-7 / 9780691185057