Investment Banking and Security Speculation in the Late 1920's*

Giulio Pontecorvo

Business History Review, 1958, vol. 32, issue 2, 166-191

Abstract: The stock market boom and bust of the late 1920's has been closely associated by scholars and public alike with the great changes in American life that followed closely thereafter. Actually, the interrelationship is far from clear, and a better understanding of the capital market is needed. Historical evidence points to the absence of effective market regulation and to the violation of accepted norms of monetary policy, but the only clear-cut causal connection between levels of economic activity and the stock boom lies in the effect of security inflation on the psychological climate of the business community.

Date: 1958
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