The development of London money market and London clearing banks (1900-1970s)

2014 Fiscal Year Final Research Report

• Project/Area Number: 23730326
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic history
• Research Institution: Yamaguchi University
• Principal Investigator: KOGA DAISUKE 山口大学, 経済学部, 准教授 (50345857)
• Project Period (FY): 2011-04-28 – 2015-03-31
• Keywords: クリアリングバンク / ロンドン外国為替市場 / ユーロダラー

Outline of Final Research Achievements

Why was the City of London enable to survive as one of the most powerful financial centers in the world? As is known well, the most influential study on it set high value on the development of Euro-Dollars Market in 1960s and the financial “Big Bang” in 1980s, both of which main players were non British commercial banks such as merchant bankers, foreign banks including American banks. Whereas, this research investigates the fundamental factors on the development of London money market after the end of the golden age of pound sterling through an analysis of internal records which related with foreign exchange business by British commercial banks (hereafter “clearing banks”) and obtains a lot of unreported facts. These facts suggest that major clearing banks played major roles in the development of not only Euro-Dollar but foreign exchange business in London since the early twentieth century.

Free Research Field

イギリス金融史