Trading forward: The Paris Bourse in the nineteenth century

Paul Lagneau-Ymonet () and Angelo Riva
Additional contact information
Paul Lagneau-Ymonet: IRISSO - Institut de Recherche Interdisciplinaire en Sciences Sociales - INRA - Institut National de la Recherche Agronomique - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique, PSL - Université Paris Sciences et Lettres

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: Contrary to what law and finance theory would predict, the Paris Bourse was highly liquid at the turn of the twentieth century: the traded volumes amounted to four times the French GDP. This magnitude was mainly due to forward trading. The Bourse had developed as a forward market, despite a ban on forward transactions. The guild-like body running the Bourse played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new field of law (‘securities law') and paved the way for the heyday of the Paris Bourse.

Keywords: Financial markets; legal origin; nineteenth century; traded volumes; France (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Published in Business History, 2018, 60 (2), pp.257-280. ⟨10.1080/00076791.2017.1316487⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: Trading Forward: The Paris Bourse in the Nineteenth Century (2019)
Working Paper: Trading forward: The Paris Bourse in the nineteenth century (2018)
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:pseptp:halshs-01630655

DOI: 10.1080/00076791.2017.1316487

Access Statistics for this paper

More papers in PSE-Ecole d'économie de Paris (Postprint) from HAL
Bibliographic data for series maintained by Caroline Bauer ().