Catherine R. Schenk

The demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. Why was this demise so prolonged? Traditional explanations emphasize British efforts to prolong sterling's role because it increased the capacity to borrow, enhanced prestige, or supported London as a centre for international finance. This book challenges this view by arguing that sterling's international role was prolonged by the weakness of the international monetary system and by collective global interest in its continuation. Using the archives of Britain's partners in Europe, the USA and the Commonwealth, Catherine Schenk shows how the UK was able to convince other governments that sterling's international role was critical for the stability of the international economy and thereby attract considerable support to manage its retreat. This revised view has important implications for current debates over the future of the US dollar as an international currency.

Managing the Retreat of an International Currency, 1945–1992

The Decline of Sterling

Youssef Cassis

How do people remember financial crisis? Do these memories affect how policy-makers and the public respond to crises, or is the past used in different ways by different actors? This volume examines a range of cases of financial crisis where either the past has been remembered, forgotten, used, or dismissed to try to begin to answer these questions.

Remembering and Learning from Financial Crises

The financial crisis of 2008 aroused widespread interest in banking and financial history among policy makers, academics, journalists, and even bankers, in addition to the wider public. References in the press to the term 'Great Depression' spiked after the failure of Lehman Brothers in November 2008, with similar surges in references to 'economic history' at various times during the financial turbulence. In an attempt to better understand the magnitude of the shock, there was a demand for historical parallels. How severe was the financial crash? Was it, in fact, the most severe financial crisis since the Great Depression? Were its causes unique or part of a well-known historical pattern? And have financial crises always led to severe depressions? Historical reflection on the recent financial crises and the long-term development of the financial system go hand in hand. This volume provides the material for such a reflection by presenting the state of the art in banking and financial history. Nineteen highly regarded experts present chapters on the economic and financial side of banking and financial activities, primarily though not solely in advanced economies, in a long-term comparative perspective. In addition to paying attention to general issues, not least those related to theoretical and methodological aspects of the discipline, the volume approaches the banking and financial world from four distinct but interrelated angles: financial institutions, financial markets, financial regulation, and financial crises.

The Oxford Handbook of Banking and Finance

Werner Plumpe

Alexander Nützenadel

Die Deutsche Bank im Wandel der Zeit Seit ihrer Gründung im März 1870 sieht die Deutsche Bank ihren Auftrag darin, Investitionsströme und Handelsbeziehungen Deutschlands mit der übrigen Welt auch in Zeiten politischer und gesellschaftlicher Umbrüche auszubauen. Genau diese Rolle eines der größten Finanzinstitute Europas beleuchten drei renommierte Historiker. Spannend erzählen sie von den ökonomischen, politischen und gesellschaftlichen Veränderungen der vergangenen anderthalb Jahrhunderte – und was sie für die Deutsche Bank bedeuteten. In den verschiedenen Epochen ihrer 150-jährigen Geschichte sah sich die Deutsche Bank vor zahlreiche Herausforderungen gestellt. Kenntnisreich und lebendig erzählen die Autoren von den Wegen, die das Geldinstitut finden musste, um mit den tiefen Zäsuren der Zeit und unterschiedlichen Anforderungen umzugehen. Mit dem Ersten Weltkrieg endete schlagartig die Phase der ersten Globalisierung.Der überwiegend nationale Rahmen, in den sich die Bank zwischen 1914 und 1989 einordnen musste, endete mit dem Fall der Mauer. Anschließend standen wieder europäische und sogar globale Aspekte im Vordergrund. Die Deutsche Bank wandte sich dem angloamerikanischen Kapitalmarktgeschäft zu – was ein weiteres außergewöhnliches Kapitel in der bewegten Geschichte der Bank bedeutete.

Catherine R. Schenk

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