第一次世界大戦前イギリスの海外投資とシティ金融機関

概要

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This article is an analysis of British overseas investment in the period before World War I, with particular reference to loans to foreign governments on the London capital market. What role was played by the City financial institutions which were involved in investment abroad? Attention will also be paid to Cain and Hopkins' theory of 'gentlemanly capitalism' in relation to the history of Japanese government loan issues on the London capital market during the Russo-Japanese War. This study is based primarily on research in the archives of several merchant banks which did not permit access to scholars until the 1980s. The article gives a historical overview of the City, which became the world's largest financial centre after the 'financial revolution' of the eighteenth century. Also scrutinized are the development of loan issue methods, the role of the various types of financial institutions involved, and the risk-averse attitude of investors. The activities of merchant banks were of particular importance, but it must be noted that their interests were always fluid and divided. At the same time, they frequently had to pay close attention to the diplomatic policies of the British government.
1999-11-25