U.S. banking in the Andes during the 1920s
DOI:
https://doi.org/10.37894/ai.v36i1.991Keywords:
Banking, Foreign Trade, International Credit, Andean Countries, NetworksAbstract
After the First World War, the financial world changed considerably. The capital-exporting countries from previous years became debtors, and U.S.A. banks emerged in the international capital markets. Although several of those banks had already approached the Andean region during the 1920s, others made a presence. However, the success was temporary because their operations did not exceed that decade, and local and some European banks were the ones that developed most of the operations during the following decade. This document explores the banking business evolution from the financial institutions’ atomization and the monetary liquidity expansion in the U.S.A. market, and it aims to understand the U.S.A. banks operations in Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela in the 1920s and Andean banking business reorganization during the economic and financial expansion of the United States of America.
References
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THORP, R. & BERTRAM, G., 1978. Peru 1890-1977: Growth and Policy in an Open Economy. London: Macmillan.
VEESER, C., 2007. A World Safe for Capitalism: Dollar Diplomacy and America’s Rise to Global Power. New York: Columbia University Press.
WHITE, E., 2000. Banking and Finance in the Twentieth Century. En S. Engerman, & R. Gallman (eds.), The Cambridge Economic History of the United States (pp. 743-802). New York: Cambridge University Press.
WILLIAMS, C., 1901. Polk’s World Bank Directory. Chicago: The Bankers Encyclopedia Company.
ZIEGLER, P., 1988. The Sixth Great Power. Barings, 1762-1929. London: Collins Sons & Co.
ALEXANDER, L., 1992. Las finanzas públicas en el Ecuador liberal: 1895-1925. Secuencia, 23, pp. 125-172. doi:https://doi.org/10.18234/secuencia.v0i23.386
ALLEN, F. L., 1931. Only Yesterday: An Informal History of the 1920s. 1997th ed. New York: Wiley Investment Classics.
BARABÁSI, A.-L., 2014. Linked: How Everything Is Connected to Everything Else and What It Means for Business, Science, and Everyday Life. Boston, MA: Basic Books.
BONILLA, H., 1993. El Perú en el contexto internacional del siglo XIX. Humanitas. Revista de la Universidad de Lima, pp. 67-84.
BRUNER, R., & CARR, S., 2007. The Panic of 1907. Lessons Learned from the Market’s Perfect Storm. Hoboken, NJ: John Wiley & Sons.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1943. Banking and Monetary Statistics. Washington, D.C.: Federal Reserve System.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1959. All Bank Statistics United States. Washington, D.C.: Federal Reserve System.
BUREAU OF THE CENSUS, 1949. Historical Statistics of The United States, 1789-1945. Washington, D.C.: United States Department of Commerce.
CAROSSO, V., 1970. Investment Banking in America: A History. Cambridge, MA: Harvard University Press.
CHAMBER OF COMMERCE, NEW YORK STATE, 1921. Sixty -Third Annual Report of the Corporation of the Chamber of Commerce of the State of New York. New York: Press of the Chamber of Commerce.
COHAN, W., 2007. The Last Tycoons. The Secret History of Lazard Frères & Co. New York: Anchor Books.
COHEN, L., 1990. Making a New Deal: Industrial Workers in Chicago, 1919-1939. Cambridge: Cambridge Univeristy Press.
CORTÉS, G., 1928. Los bancos y el Decreto Ley No. 559 sobre legislación bancaria. Santiago: Imprenta de la Armada.
DILLON READ, 1928. South America from an investment standpoint. New York: Dillon, Read & Co.
DILLON, L., 1927. La crisis económico-financiera del Ecuador. Quito: Editorial Artes Gráficas.
DRAKE, P. W., 1989. The Money Doctor in the Andes. Durham, NC: Duke University Press.
FEDERAL RESERVE BOARD, 1918. Federal Reserve Bulletin. Washington: Government Printing Office.
FEIS, H., 1966. Diplomacy of the Dollar, 1919-1932. New York: W.W. Norton & Company.
FOHLIN, C., & JAREMSKI, M., 2020. U.S. banking concentration, 1820-2019. Economics Letters, 190, 109104. doi:10.1016/j.econlet.2020.109104
FORBES, I., 1978. The German Participation in the Allied Coercion of Venezuela 1902-1903. Australian Journal of Politics & History, 24(3), pp. 317-331.
FRIEDMAN, M. & SCHWARTZ, A. J., 1970. Monetary Statistics of The United States: Estimates, Sources, Methods. Cambridge, MA: National Bureau of Eco-nomic Research.
GOLDSMITH, R. W., 1958. Financial Intermediaries in the American Economy Since 1900. Princeton, NJ: Princeton University Press.
GRANADOS, O., 2015. Bankers, Entrepreneurs and Bolivian Tin in the International Economy, 1900-1932. En M. INGULSTAD, A. PERCHARD, & E. STORLI (eds.), Tin and Global Capitalism: The History of the Devil’s Metal (pp. 46-73). London: Routledge.
HENDERSON, P., 1997. Cocoa, finance and the state in Ecuador, 1895-1925. Bulletin of Latin American Research, 16(2), 169-186. doi:https://doi.org/10.1016/S0261-3050(96)00011-3
KARNO, H., 1970. Augusto B. Leguia: The Oligarchy and the Modernization of Peru, 1870-1930. Los Angeles: Ph. D. Thesis, University of California.
KIMBER, A., 1921. Kimber’s Record of Government Debts and other Foreign Securities. New York: A.W. Kimber & Co.
LEETS, J., 2016. United States and Latin America; Dollar Diplomacy. Marrickville: Wentworth Press.
LIEBMANN, G., 2015. The Fall of the House of Speyer. New York: I.B. Tauris.
LINARES, H., 2013. Banca Venezolana. Caracas: Mimeo.
LIPA SINCHE, A., 2018. La convulsión financiera del Perú y la liquidación del Banco Perú y Londres de 1925-1931. ISHRA, Revista del Instituto Seminario de Historia Rural Andina, 2(3), pp. 65-82. doi:https://doi.org/10.15381/ishra.v2i3.14815.
LOWENSTEIN, R., 2015. America’s Bank: The Epic Struggle to Create the Federal Reserve. New York: Penguin Random House.
MARICHAL, C., 1988. La historia de la deuda latinoamericana. Madrid: Alianza Editorial.
MCDOWALL, D., 1993. Quick to the Frontier: Canada’s Royal Bank. Toronto: McClelland and Stewart.
MCFERRIN, J., 1969. Caldwell and Company. A Southern Financial Empire (2nd ed.). Nashville, TN: Varderbilt University Press.
MELTZER, A., 2003. A History of the Federal Reserve, 1913-1951 (Vol. 1). Chicago: The University of Chicago Press.
MILLER, N., 2003. New World Coming: The 1920s and the Making of Modern America. New York: Scribner.
MITCHELL, N., 1999. The danger of dreams: German and American Imperialism in Latin America. Chapel Hill, NC: University of North Carolina Press.
MORA, M., 1992. Transformación del Sistema Bancario Colombiano, 1924-1931. Desarrollo y Sociedad, 30, pp. 145-187. doi:https://doi.org/10.13043/dys.30.6
NEARING, S. & FREEMAN, J., 1925. Dollar Diplomacy: A Study in American Imperialism. New York: Monthly Review Press.
NEWMAN, M., 2010. Networks: An Introduction . Oxford: Oxford University Press.
O’BRIEN, T. F., 1996. The Revolutionary Mission: American Enterprise in Latin America, 1900-1945. Cambridge: Cambridge University Press.
O’BRIEN, T. F., 1999. The Century of U.S. Capitalism in Latin America. Albuquerque: University of New Mexico Press.
OFFICE OF COMPTROLLER OF THE CURRENCY, 1930. Annual Report of the Comptroller of the Currency 1929. Washington: Government Printing Office.
QUIROZ, A., 1989. Banqueros en conflicto: estructura financiera y economía peruana, 1884–1930. Lima: Universidad del Pacífico.
ROBERTS, R., 1992. Schroders. Merchants & Bankers. London: MacMillan Press.
ROSENBERG, E., 1998. Revisiting Dollar Diplomacy: Narratives of Money and Manliness. Diplomatic History, 22(2), pp. 155-176.
ROSENBERG, E., 2003. Financial Missionaries to the World: The Politics and Culture of Dollar Diplomacy, 1900-1930. Durham, N.C.: Duke University Press.
ROTHBARD, M., 2002. A History of Money and Banking in the United States. Auburn, AL: Ludwig von Mises Institute.
SUBERCASEAUX, G., Política económica contraría a los intereses nacionales. La Nación, Santiago, 15 de octubre de 1925.
TEMIN, P., 2000. The Great Depression. En S. Engerman, & R. Gallman (eds.), The Cambridge Economic History of the United States (pp. 301-328). New York: Cambridge University Press.
THORP, R. & BERTRAM, G., 1978. Peru 1890-1977: Growth and Policy in an Open Economy. London: Macmillan.
VEESER, C., 2007. A World Safe for Capitalism: Dollar Diplomacy and America’s Rise to Global Power. New York: Columbia University Press.
WHITE, E., 2000. Banking and Finance in the Twentieth Century. En S. Engerman, & R. Gallman (eds.), The Cambridge Economic History of the United States (pp. 743-802). New York: Cambridge University Press.
WILLIAMS, C., 1901. Polk’s World Bank Directory. Chicago: The Bankers Encyclopedia Company.
ZIEGLER, P., 1988. The Sixth Great Power. Barings, 1762-1929. London: Collins Sons & Co.
