Going multilateral? Financial markets' access and the League of Nations loans, 1923-8
Bibliographic Data
| ID | 3538563 |
|---|---|
| Authors | Juan Flores Zendejas (0000-0003-2800-7258, University of Geneva, corresponding author), Juan H Flores Zendejas (The Paul Bairoch Institute of Economic History University of Geneva), Yann Decorzant (Centre Régional d'Etudes des Populations Alpines) |
| Year | 2016 |
| Volume | 69 |
| Issue | 2 |
| Pages | 653-678 |
| Publication date | 2016-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic History Review (JOURNAL) |
| Journal identifiers | ISSN: 0013-0117 • E-ISSN: 1468-0289 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ehr.12126 |
| OpenAlex | W2180986384 |
| Language | EN |
| Citations received | 4 |
| References cited | 24 |
Why are international financial institutions important? This article reassesses the role of the loans issued with the support of the League of Nations. These long-term loans constituted the financial basis of the League's strategy to restore the productive basis of countries in central and eastern Europe in the aftermath of the First World War. In this article, it is argued that the League's loans accomplished the task for which they were conceived because they allowed countries in financial distress to access capital markets. The League adopted an innovative system of funds management and monitoring that ensured the compliance of borrowing countries with its programmes. Empirical evidence is provided to show that financial markets had a positive view of the League's role as an external, multilateral agent, solving the credibility problem of borrowing countries and allowing them to engage in economic and institutional reforms. This success was achieved despite the League's own lack of lending resources. It is also demonstrated that this multilateral solution performed better than the bilateral arrangements adopted by other governments in eastern Europe because of its lower borrowing and transaction costs
Business · Capital market · Credibility · Economics · Financial market · Financial system · Political science · Finance · Global Financial Crisis and Policies · International Development and Aid · State Capitalism and Financial Governance
Securing the World Economy
IMF lending programs
IMF conditionality
Poland, the United States, and the Stabilization of Europe, 1919-1933
The League of Nations Reconstruction Schemes in the Inter-War Period
The League of Nations in retrospect
The United States and Poland
Catalysing Private Capital Flows
Family banking in an era of crisis
Transnationalism and the League of Nations
Morgan Grenfell, 1838-1988
The League Loans
| Unique citing works | 4 |
|---|---|
| Citations per year | 0,57 |
| Citation span | 2019 - 2026 (8) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 4 |