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Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium

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  • Stefano Ugolini

    ()
    (Graduate Institute of International and Development Studies (Geneva))

Abstract

This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron’s (1962) hypothesis: universality is interpreted as a strategy for banks to reach the critical size needed in order to perform successful securitization of corporate debt. A relevant natural experiment in universal banking and industrialization (Belgium in the 1830s) illustrates the argument. The conclusion is that creating a new financial market also implies establishing intermediaries to supply crucial functions such as underwriting, certification, and liquidity provision.

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File URL: http://www.norges-bank.no/en/Published/Papers/Working-Papers/2010/WP-201021/
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Bibliographic Info

Paper provided by Norges Bank in its series Working Paper with number 2010/21.

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Length: 38 pages
Date of creation: 23 Nov 2010
Date of revision:
Handle: RePEc:bno:worpap:2010_21

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Keywords: Universal banking; stock markets; intermediation; financial development;

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