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Erschienen in:
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2018 | OriginalPaper | Buchkapitel

2. End of the Golden Age

verfasst von : Brian O’Sullivan

Erschienen in: From Crisis to Crisis

Verlag: Springer International Publishing

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Abstract

The outbreak of war in 1914 is often represented as the end of a golden age for the merchant banks, whereas it is argued in this chapter that the golden age was by 1914 already severely tarnished. The outbreak of war acted as a catalyst that exposed existing weaknesses already embedded in the merchant banking sector especially as a result of increasing competition from joint-stock banks, both domestic and foreign. The high-risk strategies adopted by the market leaders, Barings and Rothschilds, which in the case of the former firm almost resulting in its failure in 1890, is considered. The response of the merchant banks to new opportunities both domestic and in the emerging markets is examined. A detailed analysis of securities issuance immediately before the outbreak of war together with a declining market share in acceptance finance is used to highlight the deteriorating position of the merchant banks before the outbreak of war in 1914.

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Vorheriges Kapitel Introduction
Nächstes Kapitel Thunderbolt from a Clear Sky
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Metadaten
Titel
End of the Golden Age
verfasst von
Brian O’Sullivan
Copyright-Jahr
2018
Buch
From Crisis to Crisis

Print ISBN: 978-3-319-96697-7

Electronic ISBN: 978-3-319-96698-4

Copyright-Jahr: 2018

DOI
https://doi.org/10.1007/978-3-319-96698-4_2