Abstract
This chapter examines the response of merchant banks to growing international competition especially from New York as it became London’s chief rival in international banking. It will be shown that the rise of the US dollar acceptance brought unsound practices into the international money markets that were most likely adopted by the merchant banks, developing high-risk strategies to deal with increasing competitive pressures.
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O’Sullivan, B. (2018). Unsound Practices. In: From Crisis to Crisis. Palgrave Studies in the History of Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-96698-4_6
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