Dark matter credit : the development of peer-to-peer lending and banking in France / Philip T. Hoffman, Gilles Postel-Vinay, Jean-Laurent Rosenthal.
2019
HG3028 .H64 2019eb
Items
Linked e-resources
Linked Resource
Online Access
Details
Title
Dark matter credit : the development of peer-to-peer lending and banking in France / Philip T. Hoffman, Gilles Postel-Vinay, Jean-Laurent Rosenthal.
ISBN
9780691185057 (electronic book)
0691185050 (electronic book)
9780691182179
0691185050 (electronic book)
9780691182179
Published
Princeton, New Jersey : Princeton University Press, [2019]
Language
English
Description
1 online resource (303 pages) : illustrations.
Call Number
HG3028 .H64 2019eb
Dewey Decimal Classification
332.10944
Summary
Prevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of cleverly collected loan data from France to reveal how credit abounded well before banks opened their doors. This incisive book shows how a vast system of shadow credit enabled nearly a third of French families to borrow in 1740, and by 1840 funded as much mortgage debt as the American banking system of the 1950s. Dark Matter Credit traces how this extensive private network outcompeted banks and thrived prior to World War I--not just in France but in Britain, Germany, and the United States--until killed off by government intervention after 1918. Overturning common assumptions about banks and economic growth, the book paints a revealing picture of an until-now hidden market of thousands of peer-to-peer loans made possible by a network of brokers who matched lenders with borrowers and certified the borrowers' creditworthiness. A major work of scholarship, Dark Matter Credit challenges widespread misperceptions about French economic history, such as the notion that banks proliferated slowly, and the idea that financial innovation was hobbled by French law. By documenting how intermediaries in the shadow credit market devised effective financial instruments, this compelling book provides new insights into how countries can develop and thrive today. -- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references and index.
Access Note
Access limited to authorized users.
Source of Description
Description based on print version record.
Series
Princeton economic history of the Western world.
Available in Other Form
Dark credit matters.
Linked Resources
Online Access
Record Appears in
Online Resources > Ebooks
All Resources
All Resources
Table of Contents
Introduction
1740 and the rules of the game
Spatial variety versus centralization : change in eighteenth-century credit markets
The Revolution : collapse, reform, and modeling the space of debt
Networks of knowledge
The brief but significant life of an institutional innovation
The diffusion of banks : peer-to-peer credit markets as substitutes for banks
Banks and notaries
Prices return
Conclusion.
1740 and the rules of the game
Spatial variety versus centralization : change in eighteenth-century credit markets
The Revolution : collapse, reform, and modeling the space of debt
Networks of knowledge
The brief but significant life of an institutional innovation
The diffusion of banks : peer-to-peer credit markets as substitutes for banks
Banks and notaries
Prices return
Conclusion.