Abstract
International lending has a long history. Records indicate that international financiers such as the Fuggers lent money to governments in the fifteenth century; the Dutch financed their expanding international trade and commerce during the seventeenth century. After the Industrial Revolution, the accumulated capital from trade and expanding industrial production was effectively mobilised and lent by the British to foreign governments, industries, and commercial enterprises throughout the nineteenth century. The outbreak of the First World War in 1914 marked the rise of the United States as a major creditor, a role that it still holds. More recently, since 1973 the accumulating wealth of the oil-producing countries has significantly changed the direction and magnitude of international lending.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Chapter 1
Herbert Feis, Europe: The World’s Banker, 1870–1914 (New Haven, Conn.: Yale University Press, 1930) p. 27.
Figures for 1913 and 1930 are taken from the United Nations, International Capital Movements in the Inter-War Period (Lake Success, 1949); figures for 1951 to 1970 are quoted from
Francis A. Lees and Maximo Eng, International Financial Markets (New York: Praeger, 1975) p. 24; figures for 1970–5 are derived from the International Monetary Fund (IMF) and the World Bank Group, Finance and Development Jan 1977, p. 11.
Raymond F. Mikesell (ed.), US Private and Government Investment Abroad (Eugene: University of Oregon, 1962) p. 288.
Morgan Guaranty Trust Co. World Financial Markets July 1977, p. 8.
A staff report of the Subcommittee on Foreign Economic Policy of the Committee on Foreign Relations, US Senate, International Debt, the Banks, and U.S. Foreign Policy (Washington, DC: US Government Printing Office, Aug 1977), p. 13.
Solomon Brothers, United States Multinational Banking: Current and Prospective Strategies (June 1976).
IMF and World Bank, Finance and Development Sep 1977, p. 18.
Morgan Guaranty Trust Co., World Financial Markets June 1977.
Bank of International Settlement (BIS), Annual Report 1976–7 (Basle, 1977) pp. 112–14.
Francis A. Lees, Foreign Banking and Investment in the United States (London: Macmillan; and New York: Halsted, 1976). rovides a detailed account of the operations of foreign banks in the United States.
Copyright information
© 1979 Anthony Angelini,Maximo Eng and Francis A. Lees
About this chapter
Cite this chapter
Angelini, A., Eng, M., Lees, F.A. (1979). International Lending: Progress and Problems. In: International Lending, Risk and the Euromarkets. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-03807-7_1
Download citation
DOI: https://doi.org/10.1007/978-1-349-03807-7_1
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-03809-1
Online ISBN: 978-1-349-03807-7
eBook Packages: Palgrave Business & Management CollectionBusiness and Management (R0)