The Decline of a Great Financial Intermediary: Notaries in France, 1851–1934
Philip Hoffman,
Gilles Postel-Vinay and
Jean-Laurent Rosenthal
Additional contact information
Philip Hoffman: CALTECH - California Institute of Technology
Jean-Laurent Rosenthal: CALTECH - California Institute of Technology
Post-Print from HAL
Abstract:
Via peer-to-peer lending, notaries mobilized immense amounts of capital in France up into the 1930s. They did so despite a thriving stock market, widespread banking with branches, and the existence of an effective lender of last resort. Using detailed evidence on their careers and their businesses, we analyze their training, their successes and failures, how they were regulated, and how they dealt with political and economic crises. What we uncover teaches broader lessons about the misconceptions surrounding modernization, financial development, and the reputational models that economists rely upon to explain informal dealings.
Date: 2025-03
References: Add references at CitEc
Citations:
Published in Christiaan van Bochove; Juliette Levy. Beyond Banks: A Global History of Credit Markets and Intermediation, Springer Nature Switzerland, pp.49-73, 2025, Palgrave Studies in the History of Finance, 978-3-031-75818-8. ⟨10.1007/978-3-031-75819-5_2⟩
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
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:hal:journl:halshs-05031238
DOI: 10.1007/978-3-031-75819-5_2
Access Statistics for this paper
More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().