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Challenging the Institutional Revolution of Credit Markets in the Nineteenth Century

In: Financing in Europe

Author

Listed:
  • Gabriele B. Clemens

    (Universität des Saarlandes)

  • Daniel Reupke

    (University of Bayreuth)

Abstract

The New Institutional Economics often refers to the nineteenth century as an era of an institutional revolution. Given that the mechanisms of credit markets were a network, we presume an evolution within this meta-institution complementary to a shift from personal to impersonal trust. Against a background of a comparable formal framework, this led to various informal phenomena coexisting on the market. Based on three comparable research sites in the border region of Saar–Prussia, Luxembourg and France, Clemens and Reupke focus on this institutional transition period. Especially they aim to reveal the mechanisms used either by private persons and by local banks. Within this context, it has to be mentioned that saving unions, including the company-internal ones, display a striking transitional form. Their research’s goal is to contribute to the differentiation of the research field by presenting the institutional revolution as a heterogeneously multilayered and locally varying process.

Suggested Citation

  • Gabriele B. Clemens & Daniel Reupke, 2018. "Challenging the Institutional Revolution of Credit Markets in the Nineteenth Century," Palgrave Studies in the History of Finance, in: Marcella Lorenzini & Cinzia Lorandini & D'Maris Coffman (ed.), Financing in Europe, pages 269-290, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-58493-5_11
    DOI: 10.1007/978-3-319-58493-5_11
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