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Université d'Orléans |  |
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Université d'Orléans | |
| HAL : halshs-00547470, version 1 |
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| How to regulate a financial market? The impact of the 1893-1898 regulatory reforms on the Paris Bourse |
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| Pierre-Cyrille Hautcoeur 1, 2, 3Amir Rezaee 4, 5 |
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| (01/01/2010) |
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| Theoretical and historical experience suggests a financial centre may either include a single, consolidated and loosely regulated stock exchange attracting all intermediaries and actors, or a variety of exchanges going from strictly regulated to completely unregulated and adapted to the needs of different categories of intermediaries, investors and issuers. Choosing between these two solutions is uneasy because few substantial changes occur at this "meta-regulatory" level. The history of the Paris exchanges provides a good example, since two legal changes in opposite directions occurred in the late 19th century, when Paris was the second financial centre in the world. In 1893, a law threatened the existing two-exchanges equilibrium by diminishing the advantages of the more regulated exchange; in 1898, another law brought them back. We analyse the impact of these two changes on the competition between the exchanges in terms of securities listed, traded volumes and spreads. We conclude competition among exchanges is a delicate matter and efficiency is not always where one would think. |
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| 1 : | École des hautes études en sciences sociales (EHESS) |
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École des Hautes Études en Sciences Sociales [EHESS] |
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| 2 : | Ecole d'Économie de Paris - Paris School of Economics (EEP-PSE) |
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Ecole d'Économie de Paris |
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| 3 : | Paris-Jourdan Sciences Economiques (PSE) |
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CNRS : UMR8545 – École des Hautes Études en Sciences Sociales [EHESS] – Ecole des Ponts ParisTech – Ecole normale supérieure de Paris - ENS Paris |
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| 4 : | Laboratoire d'économie d'Orleans (LEO) |
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CNRS : UMR6221 – Université d'Orléans |
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| 5 : | EDHEC |
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Edhec |
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| 6 : | Institut de recherche de l'European Business School (IREBS) |
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European Business School |
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| 7 : | Institutions et Dynamiques Historiques de l'Economie (IDHE) |
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CNRS : UMR8533 – Université Paris I - Panthéon-Sorbonne – Université Paris VIII - Vincennes Saint-Denis – Université Paris X - Paris Ouest Nanterre La Défense – École normale supérieure de Cachan - ENS Cachan |
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| Discipline | : | Sciences de l'Homme et Société/Economies et finances |
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| Paris stock exchange – microstructure – monopoly – regulation |
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| Liste des fichiers attachés à ce document : | |||||
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| halshs-00547470, version 1 | |
| http://halshs.archives-ouvertes.fr/halshs-00547470 | |
| oai:halshs.archives-ouvertes.fr:halshs-00547470 | |
| Contributeur : Caroline Bauer | |
| Soumis le : Jeudi 16 Décembre 2010, 14:39:56 | |
| Dernière modification le : Jeudi 10 Février 2011, 10:36:25 | |
