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The London and New York Stock Exchanges, 1850–1914

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  • Michie, Ranald C.

Abstract

This paper compares two financial institutions that provided the same functions at the same time, but in different countries and with different memberships. Though the London and New York stock exchanges appear to be alike between 1850 and 1914, they were not, as each responded in its own way to the forces acting upon it. The result was a radically different organization of the securities market in Britain and the United States. This had important implications for the money and capital markets and consequences for business and the economy.

Suggested Citation

  • Michie, Ranald C., 1986. "The London and New York Stock Exchanges, 1850–1914," The Journal of Economic History, Cambridge University Press, vol. 46(1), pages 171-187, March.
    • Handle: RePEc:cup:jechis:v:46:y:1986:i:01:p:171-187_04
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    Cited by:

    1. Asaf Bernstein & Eric Hughson & Marc D. Weidenmier, 2014. "Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse," NBER Working Papers 20459, National Bureau of Economic Research, Inc.
    2. Castelle, Michael, 2016. "Marketplace platforms or exchanges? Financial metaphors for regulating the collaborative economy," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(3), pages 14-26.
    3. Òscar Jordà & Moritz Schularick & Alan M. Taylor & Felix Ward, 2019. "Global Financial Cycles and Risk Premiums," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(1), pages 109-150, March.
    4. Monnet, Cyril & Quintin, Erwan, 2007. "Why do financial systems differ? History matters," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 1002-1017, May.
    5. Lyu Kai, 2015. "The Institutional Transformation of China’s Stock Exchanges: A Comparative Perspective," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 5(1), pages 43-89, March.
    6. Mary A. O'Sullivan, 2015. "Yankee Doodle went to London: Anglo-American breweries and the London securities market, 1888–92," Economic History Review, Economic History Society, vol. 68(4), pages 1365-1387, November.
    7. Geoffrey Poitras, 2012. "What Happened on 6 May 2010? Anatomy of the Flash Crash," Chapters, in: Geoffrey Poitras (ed.), Handbook of Research on Stock Market Globalization, chapter 11, Edward Elgar Publishing.
    8. Martin T. Bohl & Alexander Pütz & Pierre L. Siklos & Christoph Sulewski, 2018. "Information Transmission under Increasing Political Tension – Evidence for the Berlin Produce Exchange 1887-1896," CQE Working Papers 7618, Center for Quantitative Economics (CQE), University of Muenster.
    9. Gareth Campbell & Meeghan Rogers, 2017. "Integration between the London and New York Stock Exchanges, 1825–1925," Economic History Review, Economic History Society, vol. 70(4), pages 1185-1218, November.
    10. Zhylyevskyy, Oleksandr, 2010. "The paradox of interest rates of the Greenback Era: A reexamination," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 1026-1037, November.
    11. Martin T. Bohl & Alexander Pütz & Pierre L. Siklos & Christoph Sulewski, 2021. "Information transmission under increasing political tensions—Evidence from the Berlin Produce Exchange 1887–1896," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(2), pages 226-244, February.
    12. Bernard McSherry & Berry K. Wilson, 2020. "Margin practices and requirements during the National Banking Era: An early example of macro‐prudential regulation," Review of Financial Economics, John Wiley & Sons, vol. 38(S1), pages 210-225, March.
    13. Bernard Mcsherry & Berry K. Wilson & James J. Mcandrews, 2017. "Net Settlement and Counterparty Risk: Evidence from the Formation of the New York Stock Exchange Clearing House in 1892," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(6), pages 1273-1298, September.
    14. Geoffrey Poitras, 2012. "From the Renaissance Exchanges to Cyberspace: A History of Stock Market Globalization," Chapters, in: Geoffrey Poitras (ed.), Handbook of Research on Stock Market Globalization, chapter 3, Edward Elgar Publishing.

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