The relationships between money and financial markets in France. 1880-1914.

Summary This thesis focuses on the relationship between the money and financial markets in France over the period 1880-1914. In particular, it examines the market for short-term loans. The thesis studies in detail two segments of this market: the advances on securities (secured short-term loans), and the deferment market (sale and repurchase agreements). The key intermediaries are the Banque de France, four major depository banks, regional banks, and the two stock market players: the Compagnie des agents de change and the Coulisse. The thesis is structured in three chapters. The first chapter deals with the introduction of a clearing house in the French deferral market, and studies the consequences of this introduction on counterparty risk. The second chapter deals with the monetary policy of the Banque de France between 1890 and 1913 and the role of the banking sector in the transmission of monetary policy itself. The third and final chapter deals with the financial crisis of 1914 in France.