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Private Banking in EuropeRise, Retreat, and Resurgence$
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Youssef Cassis and Philip L. Cottrell

Print publication date: 2015

Print ISBN-13: 9780198735755

Published to Oxford Scholarship Online: September 2015

DOI: 10.1093/acprof:oso/9780198735755.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 02 August 2021

Indian Summer, 1914–1931

Indian Summer, 1914–1931

(p.216) (p.217) Chapter 6 Indian Summer, 1914–1931
Private Banking in Europe

Youssef Cassis

Philip L. Cottrell

Oxford University Press

Chapter 6 suggests that the First World War did not mark a turning point in the history of private bankers. Private banks were unevenly affected by wartime conditions: some suffered heavy losses while a few made handsome profits. In all countries, private bankers continued to enjoy a competitive edge in international finance. The economic and financial problems inherited from the war and early post-war years (inflation, suspension and restoration of the gold standard, Reparations, Allied debts) ultimately required political decisions, but often were of a high degree of technical complexity. For the last time, private bankers were in a position to play a central role in international affairs, as advisers to the government, as ambassadors, or as actors on the capital markets. This unique role was to end with the definitive collapse of the Gold Standard and the old international monetary order in September 1931.

Keywords:   private banks, First World War, international finance, Reparations, Allied debts, Gold Standard

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