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Corporate financing faced with Twentieth century economic changes.

15 - 16 March 2007

International Conference. Paris, March 15th - 16th 2007. Corporate financing faced with Twentieth century economic changes. From the second industrial revolution which affected industrialized countries starting in the 1870-1880s to the recent "new economy", different waves of technological and organizational revolutions produced the emergence of new branches and new industries, transforming radically the economic structure. At the firm level, these transformations have imposed new financial needs. First, the new sectors of activity created since the beginning of the century are more capitalistic; hence require larger capital resources, especially long-term funds. On the contrary, recent technological changes can alter this point of view. How did these changes appear at the micro-economic level: how were financed the creation, diversification, internationalization of firms? Except for self-financing, did the companies succeed in finding financial institutions in a position to help them meet the new challenges, during high growth periods as well as during depression periods? The conference will try to pinpoint how bank loans, financial markets, the State or even other firms operating in the same areas, have provided funds for these firms. The organisers would like particularly to emphasize comparative approaches across European countries as well as countries that acquired an industrial development before the First World War (Europe, USA, Japan and Russia). The conference will be organized in four parts, corresponding to growth pace, monetary issues and the levels of international integration, as follows: 1. From the 1880s to 1914, from the first to the second industrial revolution; 2. 1914 -1950s, the market economy in trouble; 3. 1950s - 1970s, financing expansion; 4. 1975 -1990s, crisis, imbalances and financial markets development. A panel discussion between economists, financiers and businessmen will close the colloquium. The proceedings of the conference will be published in 2008. Scientific organisers: Laure QuennouŽlle-Corre, (CNRS, Paris): laure.corre@noos.fr Andrť Straus (CNRS, Paris) : XStraus@aol.com

Last updated 16 January 2007