Insider lending : banks, personal connections, and economic development in industrial New England

Resource Information

The work Insider lending : banks, personal connections, and economic development in industrial New England represents a distinct intellectual or artistic creation found in European University Institute. This resource is a combination of several types including: Work, Language Material, Books.

Label

Insider lending : banks, personal connections, and economic development in industrial New England

Title remainder

banks, personal connections, and economic development in industrial New England

Statement of responsibility

Naomi R. Lamoreaux

Creator

• Lamoreaux, Naomi R

Contributor

• National Bureau of Economic Research

Issuing body

• National Bureau of Economic Research

Subject

• Banks and banking -- New England -- History -- 19th century
• Commercial loans -- New England -- History -- 19th century
• Economic development projects -- New England -- Finance | History -- 19th century
• Asset-backed financing -- New England -- History -- 19th century

Language

eng

Summary

The term insider lending conveys an aura of abuse and corruption, of unethical, if not illegal, behaviour. In early nineteenth-century New England, however, insider lending was an integral aspect of the banking system. Not only was the practice an accepted fact of economic life, but, as Naomi R. Lamoreaux argues, it enabled banks (at least in this particular historical context) to play an important role in financing economic development. As the banking system evolved over the course of the century, however, lending practices became more impersonal and professional. Ironically, the information problems banks faced when they began to conduct more and more of their business at arm's length forced them to concentrate on providing short-term loans to commercial borrowers and to give up financing economic development. This book was first published in 1994.--

Assigning source

Provided by publisher

Cataloging source

UkCbUP

Index

index present

Literary form

non fiction

Nature of contents

dictionaries

Series statement

Cambridge Social Sciences eBooks