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The origins of Swiss wealth management? Genevan private banking, 1800–1840

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  • Stefano Ugolini

    (LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - UT2J - Université Toulouse - Jean Jaurès - UT - Université de Toulouse - Institut d'Études Politiques [IEP] - Toulouse - ENSFEA - École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville)

Abstract

Geneva is host to the most ancient and venerable private banks of Switzerland, but not much is known about the circumstances in which the city allegedly developed an early competitive advantage in wealth management. Using an extraordinary qualitative source (Jacques Mirabaud's papers, and especially his memoirs), this article outlines the microstructure of Genevan private banking at the time of its emergence in the early nineteenth century. It finds that in those years, wealth managers' "raw material" did not consist of foreign capital, but of a remarkably abundant stock of domestic capital. Financial and social factors were intertwined in producing a very hierarchical division of labour in the origination and distribution of international sovereign loans.

Suggested Citation

  • Stefano Ugolini, 2018. "The origins of Swiss wealth management? Genevan private banking, 1800–1840," Post-Print hal-01886978, HAL.
    • Handle: RePEc:hal:journl:hal-01886978
    DOI: 10.1017/S096856501700021X
    Note: View the original document on HAL open archive server: https://univ-tlse2.hal.science/hal-01886978
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    References listed on IDEAS

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    1. Mauricio Drelichman & Hans‐Joachim Voth, 2011. "Lending to the Borrower from Hell: Debt and Default in the Age of Philip II," Economic Journal, Royal Economic Society, vol. 121(557), pages 1205-1227, December.
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    4. Luciano Pezzolo & Giuseppe Tattara, 2006. "Una fiera senza luogo. Was Bisenzone an offshore capital market in sixteenth-century Italy?," Working Papers 2006_25, Department of Economics, University of Venice "Ca' Foscari".
    5. Flandreau, Marc & Flores, Juan H., 2009. "Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830," The Journal of Economic History, Cambridge University Press, vol. 69(3), pages 646-684, September.
    6. Pezzolo, Luciano & Tattara, Giuseppe, 2008. "“Una fiera senza luogo”: Was Bisenzone an International Capital Market in Sixteenth-Century Italy?," The Journal of Economic History, Cambridge University Press, vol. 68(4), pages 1098-1122, December.
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    Cited by:

    1. Arthur J. Lin & Hai-Yen Chang & Sun-Weng Huang & Gwo-Hshiung Tzeng, 2021. "Criteria affecting Taiwan wealth management banks in serving high-net-worth individuals during COVID-19: a DEMATEL approach," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(4), pages 274-294, December.

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    Keywords

    Sovereign loans; Geneva; Financial centres; Private banking;
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