The Lyon Stock Exchange and other French stock exchanges. An initial evaluation of the geography of French financial markets in the nineteenth century
Type de matériel :
TexteLangue : français Détails de publication : 2018.
Sujet(s) : Ressources en ligne : Abrégé : This article aims to lay the foundations for a comparative history of French stock exchanges. It shows that the geography of the financial markets remained relatively stable between 1871 and 1913: based on the number of domestic listed companies, the development of Paris was not at the expense of regional stock markets, where Lyon acquired a leading role by doubling its weight both nationally and regionally. The relative stability of relations between Paris and the province and Lyon’s boom were the result of an institutional dynamic shaped by the competitive relations between financial centers and changes in the regulation of stock exchanges. This dynamic prevented the centralization of issuers in the dominant market, the Paris Stock Exchange, as predicted by the main theoretical literature.
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This article aims to lay the foundations for a comparative history of French stock exchanges. It shows that the geography of the financial markets remained relatively stable between 1871 and 1913: based on the number of domestic listed companies, the development of Paris was not at the expense of regional stock markets, where Lyon acquired a leading role by doubling its weight both nationally and regionally. The relative stability of relations between Paris and the province and Lyon’s boom were the result of an institutional dynamic shaped by the competitive relations between financial centers and changes in the regulation of stock exchanges. This dynamic prevented the centralization of issuers in the dominant market, the Paris Stock Exchange, as predicted by the main theoretical literature.
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