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International and multinational banking under Bretton Woods (1945-1971): The experience of Italian banks

Dates:
  • Thu 23 Jul 2020 11.00 - 13.30
  Add to Calendar 2020-07-23 11:00 2020-07-23 13:30 Europe/Paris International and multinational banking under Bretton Woods (1945-1971): The experience of Italian banks

Banking and financial historians distinguish between a first and a second wave of international and multinational banking. The Great Depression and the two World Wars interrupted the first wave which began in the mid 19th century. The second wave was kickstarted in the late 1950s by the advent of the Euromarkets under the international monetary regime of Bretton Woods (1944-1971).

Focusing on the internationalization of Italian banks, the thesis reinterprets the origins of the second wave of international and multinational banking and of the Euromarkets under Bretton Woods. The thesis argues that the Eurodollar market was a consequence of the re-emergences of post-war international banking rather than is cause. I argue that Italian banks re-entered international and multinational banking from the late 1940s onwards in order to contribute to establish Italy as a commercial power. Competition between the banks in the international arena led them to pioneer the Eurodollar market in the 1950s and the 1960s thus contributing to the globalization of finance.

European continental banks internationalized in parallel to Italian banks and for the same reasons. Nevertheless, in contrast to the latter, the former’s internationalization intersected with the Euromarkets because of the American challenge after 1965. The contrast is explained by the political economy of the Eurodollar market in Italy and the reluctance of the big European banks to operate in the Eurodollar market in the early 1960s because it was unregulated.

The thesis argues that the Euromarkets were endorsed by European banks in the early 1960s and that the American challenge was sponsored by the United Sates. I show that the capital controls of 1965 were specifically designed to encourage American banks and multinational firms to migrate to the Euromarkets in order to reduce the US balance of payments deficit. Sources are drawn from bank and central bank archives in Italy, France and the United States.

Registration is required: This thesis defence will be held online via Zoom. Should you wish to attend, please contact [email protected]

By Zoom - - DD/MM/YYYY
  By Zoom - -

Banking and financial historians distinguish between a first and a second wave of international and multinational banking. The Great Depression and the two World Wars interrupted the first wave which began in the mid 19th century. The second wave was kickstarted in the late 1950s by the advent of the Euromarkets under the international monetary regime of Bretton Woods (1944-1971).

Focusing on the internationalization of Italian banks, the thesis reinterprets the origins of the second wave of international and multinational banking and of the Euromarkets under Bretton Woods. The thesis argues that the Eurodollar market was a consequence of the re-emergences of post-war international banking rather than is cause. I argue that Italian banks re-entered international and multinational banking from the late 1940s onwards in order to contribute to establish Italy as a commercial power. Competition between the banks in the international arena led them to pioneer the Eurodollar market in the 1950s and the 1960s thus contributing to the globalization of finance.

European continental banks internationalized in parallel to Italian banks and for the same reasons. Nevertheless, in contrast to the latter, the former’s internationalization intersected with the Euromarkets because of the American challenge after 1965. The contrast is explained by the political economy of the Eurodollar market in Italy and the reluctance of the big European banks to operate in the Eurodollar market in the early 1960s because it was unregulated.

The thesis argues that the Euromarkets were endorsed by European banks in the early 1960s and that the American challenge was sponsored by the United Sates. I show that the capital controls of 1965 were specifically designed to encourage American banks and multinational firms to migrate to the Euromarkets in order to reduce the US balance of payments deficit. Sources are drawn from bank and central bank archives in Italy, France and the United States.

Registration is required: This thesis defence will be held online via Zoom. Should you wish to attend, please contact [email protected]


Location:
By Zoom - -

Affiliation:
Department of History and Civilization

Type:
Thesis defence

Defendant:
Ioan Balaban (EUI - Department of History and Civilization)

Examiner:
Federico Romero (EUI - HEC)
Stefano Battilossi (University of Carlo III, Madrid)
Catherine Schenk (University of Glasgow)

Supervisor:
Prof. Youssef Cassis (EUI)

Contact:
Miriam Felicia Curci - Send a mail

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