The Penetration of European Banking into Ottoman Lands During the Second Half of the Nineteenth Century

Nurhan Davutyan

Journal of Balkan and Near Eastern Studies, 2023, vol. 25, issue 3, 322-339

Abstract: We discuss the development of ‘modern’ banking in core Ottoman lands during the latter half of nineteenth century. We present evidence showing considerable local financial sophistication prior to European entry around 1856. Drawing on the ‘constitutional commitment’ literature we maintain its success was related to enhanced security of life and property European financial ties provided to Ottoman decision-makers. We argue international relations substituted for missing domestic institutions. We describe the conflictual process ending around 1900, with the domination of Ottoman capital markets by European banks, particularly the Banque Impériale Ottomane, or BIO. The competition pitting BIO against ethnically based local banking networks opens a different window into the economic and fiscal occurrences of that epoch. We consider the role of London based ‘South African Gold Panic of Autumn 1895’ and its interactions with the unfolding ‘Armenian Crisis’ of Istanbul and Anatolia in bringing about this final outcome.

Date: 2023
References: Add references at CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://hdl.handle.net/10.1080/19448953.2022.2143853 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:cjsbxx:v:25:y:2023:i:3:p:322-339

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/cjsb20

DOI: 10.1080/19448953.2022.2143853

Access Statistics for this article

Journal of Balkan and Near Eastern Studies is currently edited by Professor Vassilis Fouskas

More articles in Journal of Balkan and Near Eastern Studies from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().