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The Coevolution of Banks and Corporate Securities Markets: The Financing of Belgium’s Industrial Take-Off in the 1830s

Abstract : Recent developments in the literature on financial architecture suggest that banks and markets not only coexist, but also coevolve in ways that are non-neutral from the viewpoint of optimality. This article aims to analyse the concrete mechanisms of this coevolution by focusing on a very relevant case study: Belgium (the first Continental country to industrialize) at the time of the very first emergence of a modern financial system (the 1830s). The article shows that intermediaries played a crucial role in developing secondary securities markets (as banks acted as securitizers), but market conditions also had a strong feedback on banks’ balance sheets and activities (as banks also acted as market-makers for the securities they had issued). The findings suggest that not only structural, but also cyclical factors can be important determinants of changes in financial architecture.
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https://hal.archives-ouvertes.fr/hal-02164060
Contributor : Stefano Ugolini <>
Submitted on : Monday, June 24, 2019 - 5:47:54 PM
Last modification on : Thursday, September 2, 2021 - 4:40:35 PM

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Stefano Ugolini. The Coevolution of Banks and Corporate Securities Markets: The Financing of Belgium’s Industrial Take-Off in the 1830s. Business History, Taylor & Francis (Routledge), 2021, 63 (6), pp.892-913. ⟨10.1080/00076791.2019.1621293⟩. ⟨hal-02164060⟩

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