• Banking and Finance in Historical Perspective
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40. Jahrgang | Jahr 2014 | Heft 1

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Frans Buelens / Helma De Smedt / Hans Willems

The (De)regulation of the Brussels Stock Exchange around 1865–1875

Euronext Brussels has her roots in the Stock Exchange of Brussels which was founded in 1801. At that time the Southern Netherlands were part of the French empire of Napoleon. He decreed that in every city where commercial activities were of paramount importance a stock exchange must be founded. All these stock exchanges became government controlled and mehr...


Sibylle Lehmann-Hasemeyer / Carsten Burhop

Die Geografie der deutschen Börsen im Wandel (1913–37)

We compare the size of regional stock exchanges in Germany in 1913 and 1937. We provide new aggregate data about the number of listed and cross-listed firms as well as their market value in 1913 and in 1937. Larger firms tend to have multiple listings. In contrast, small firms were regularly only listed at one stock exchange, in most cases a stock exchange mehr...


Hans-Peter Burghof / Carolin Koch / Sebastian Schroff / Ulli Spankowski

From Traditional Floor Trading to Electronic High Frequency Trading (HFT) – Market Implications and Regulatory Aspects

In this paper, we study how the technology-driven rise in automated high frequency trading (HFT) strategies affects the functioning of today’s financial markets. We focus on how HFT affects market quality as well as systemic risk and overall economic welfare. First, we describe the emergence of fully automated electronic markets as a prerequisite mehr...


Harald Wixforth

Kreditgenossenschaften nach der Krise

Die Diskussion über die Struktur der Genossenschaftsbanken nach der Banken- und Finanzkrise 1931

Like other sectors of the German banking system, the credit cooperatives were severely affected by the German financial crisis of summer 1931. As a result, a lively discussion started on the future structure and business of the cooperatives. One of the most prominent representatives of this sector, Hans Helferich from the management board of the mehr...


Timothy W. Guinnane

Financial ‘Vergangenheitsbewältigung’: The 1953 London Debt Agreement

When the Federal Republic of Germany came into being in 1949, German citizens and earlier German governments were in default on some 30 billion Marks. The 1953 London Debt Agreement cut those debts by slightly more than half and extended the repayment periods. The Agreement also allowed Germany to postpone some payments until reunification. The London mehr...



Hartmut Schmidt / Henrik Sattler / Lutz Raettig

Curt Eisfeld und seine Bibliothek

Curt Eisfeld could not afford to finish high school. Despite this disadvantage and various occupational detours, he became a university professor and held the first and only chair for business administration at Hamburg University from 1927 onwards. When he died at 83 in 1969, his private library encompassing about 8.000 volumes was turned over to mehr...


Ulrich Gröschel

Geschäftspolitik der Sparkassen seit den 1990er-Jahren

Since the beginning of the 1990’s, there have been repeated demands to privatize the German ‘Sparkassen’ (savings banks). The intent behind this demand was to consolidate the entire German banking sector. While the legal form of the banks in the Sparkassen financial group remained unchanged, the liability of the municipalities and mehr...