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17 janvier 2019
- doi: 10.58079/q4la
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info:eu-repo/semantics/reference/issn/2646-3970
info:eu-repo/semantics/openAccess
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GDP Domestic product, Gross Stock brokerage firms Investment brokers Securities dealers Stock brokers Security traders 20th century 1900s (Century) Nineteen hundreds (Century) Papers 19th century Legislative acts Legislative enactments Acts, Legislative Enactments, Legislative Laws (Statutes) Gaming (Gambling) Games of chance Betting Chance, Games of Frenchmen (French people) Funds Funding Group discussion Finance, commerce, confiscations, etcCiter ce document
INCAS, « Discussion Paper Series 2019 #01: Trading Forward: The Paris Bourse in the Nineteenth Century », INCAS, ID : 10.58079/q4la
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Résumé
Contrary to what law and finance theory would predict, the Paris Bourse was highly liquid at the turn of the 20th century: the traded volumes amounted to four times the French GDP. This magnitude was mainly due to forward trading. The Bourse had developed as a forward market, despite a ban on forward transactions. The official stockbrokers played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new fi...