The European financial crisis of 1931 was a pivotal moment in the economic and financial history of the twentieth century. Based on extensive archival research and a cultural conceptual framework, There Will be the Devil To Pay offers a new and much needed understanding of the European financial...

Capital in Banking traces the role of capital in US, British, and Swiss banking from the 19th to the 21st century. The book discusses the impact of perceptions and conventions on capital ratios in the 19th century, the effects of the First and Second World Wars, and the interaction of crises and...

Extroverted Financialization offers a new account of the Americanization of global finance through the concept of 'extroverted financialization'. The study presents German banks as active participants of financialization, demonstrating how deeply entangled they were with global markets since...

In the 19th century the United States had no formal central bank or lender of last resort, but it did have J. P. Morgan. His unique knowledge of financial markets gave him almost omniscient knowledge for crafting solutions to financial crises. Before the Fed examines Morgan's unusual role in...

In The City's Defense, Robert Yee examines how the City of London maintained its status as an international financial center. He traces the role of the Bank of England in restructuring the domestic, imperial, European, and international monetary systems in the aftermath of the First World War....

War reparations have been large and small, repaid and defaulted on, but the consequences have almost always been significant. Ever since Keynes made his case against German reparations in The Economic Consequences of the Peace, the effects of transfer payments have been hotly debated. When...

Before the US Federal Reserve and the Bank of England, the Bank of Amsterdam ('Bank') was a dominant central bank with a global impact on money and credit. How a Ledger Became a Central Bank draws on extensive archival data and rich secondary literature, to offer a new and detailed portrait of...

Central banks were not always as ubiquitous as they are today. Their functions were circumscribed, their mandates ambiguous, and their allegiances once divided. The inter-war period saw the establishment of twenty-eight new central banks - most in what are now called emerging markets and...

In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve....

The international monetary system imploded during the Great Depression. As the conventional narrative goes, the collapse of the gold standard and the rise of competitive devaluation sparked a monetary war that sundered the system, darkened the decade, and still serves as a warning to...