Un, deux, trois, quatre marchés ? L'intégration du marché du capital, États-Unis et Grande-Bretagne (1865-1913)
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1992
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Capital assets Fixed assets Ressources financières Moyens de production Ressources en capital CapitauxCiter ce document
Robert Cull et al., « Un, deux, trois, quatre marchés ? L'intégration du marché du capital, États-Unis et Grande-Bretagne (1865-1913) », Annales, ID : 10.3406/ahess.1992.279067
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Résumé
One Two Three Four Markets ? Capital Market Integration the US and the UK 1865-1913. This paper contrasts the degree of maturity of the London and New York Stock Exchanges between 1865 and 1914. Relying on data on capital calls in the London market and daily prices in New York, it argues that the scope of UK portfolio investment in the US was substantially greater than the scope of American portfolio investment offerings on the New York Stock Exchange. Further, although the total contri bution of British capital to American development was not large the marginal contribution was substantial - substantial because at least until the late nineteenth century the more mature British market was able to direct financial resources to regions and indu tries that were not served by the still embryonic NYSE. By the early twentieth century however the New York exchange began to emerge as truly national domestic capital market servicing wider array of both regions and industries.