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Hidden in plain sight: Correspondent banking in the 1930s

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  • Laura Panza
  • David Merrett

Abstract

We present novel quantitative evidence on the number and location of correspondent banking relationships in the 1930s, a neglected area of international banking. Our data, collected from Thomas Skinners’ Bankers’ Almanac, captures over 2000 correspondent banking connections primarily based on London and New York and a smaller cohort of multinational banks. We draw on the new institutional economics and international business literature to explain the relative ubiquity of correspondent banking and the relative scarcity of multinational banks. Our argument that bilateral trade flows drive correspondent banking is tested empirically using an instrumental Poisson pseudo-maximum likelihood estimation.

Suggested Citation

  • Laura Panza & David Merrett, 2019. "Hidden in plain sight: Correspondent banking in the 1930s," Business History, Taylor & Francis Journals, vol. 61(8), pages 1300-1325, November.
    • Handle: RePEc:taf:bushst:v:61:y:2019:i:8:p:1300-1325
    DOI: 10.1080/00076791.2017.1418858
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    Cited by:

    1. Murinde, Victor & Rizopoulos, Efthymios & Zachariadis, Markos, 2022. "The impact of the FinTech revolution on the future of banking: Opportunities and risks," International Review of Financial Analysis, Elsevier, vol. 81(C).
    2. Abe De Jong, 2022. "Research in business history: From theorising to bizhismetrics," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 62(1), pages 66-79, March.
    3. Tara Rice & Goetz von Peter & Codruta Boar, 2020. "On the global retreat of correspondent banks," BIS Quarterly Review, Bank for International Settlements, March.
    4. Monica Keneley, 2020. "Reflections on the Business History Tradition: Where has it Come from and Where is it Going to?," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 60(3), pages 282-300, November.

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