Finance & History
Finance & History is a podcast that explores precedents from the world of financial history, tracing money through time and space. It encourages independent research and open debate while valuing archival resources. The show is produced under the banner of the eabh (European Association for Banking and Financial History) and promotes engagement with banking history through its website.
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Deutsche Bank Archive
What does a bank do with 156 years of history — and 13 kilometres of archives?In this episode, Carmen Hofmann talks to Reinhard Frost, Head of the Historical Institute of Deutsche Bank, about managing the history of one of Germany’s largest financial institutions.What treasures are hidden in the archive? Which document would he save first in a fire? How does Deutsche Bank confront difficult chapte
Plastic Capitalism
How did a simple payment card help reshape the American financial system?In this episode, Carmen Hofmann (eabh) speaks with financial historian Sean Vanatta (University of Glasgow) about his book Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control. They explore how credit cards emerged from the highly regulated and fragmented US banking system of the post-war era—and how bank
Consumer Credit in Turkey
In this episode, Carmen Hofmann (eabh) speaks with M. Fatih Karakaya (Istanbul University) about the historical development of consumer finance in Turkey from the early Republic to the present day. Drawing on archival research, they explore how instalment payments, retailer credit, and bank-led lending evolved within Turkey's distinctive economic and political context. Far from simply importin
Risk. Information. Noise
Did bankers understand uncertainty better before financial models?In this episode we explore a question at the heart of finance: what is risk, really? Long before VaR models, stress tests, and algorithmic finance, bankers managed uncertainty through reputation, relationships, and social trust. Were they naïve—or were they, in some ways, more realistic than we are?In this episode of Finance & H
Hitler’s Debt
How post-war finance remade Europe.In this episode, host Carmen Hofmann speaks with historian Tobias Straumann about his book Hitler’s Debt and the financial decisions that shaped Europe’s post-war recovery.We explore how settling Hitler’s unresolved debts, the 1953 London Debt Agreement, and bold U.S. policy choices helped turn a devastated continent into the “economic miracle” of the 1950s. Stra
Histories of Finance and Politics
Hugo Bänziger (Chairman of eabh) and Manfred Pohl (founder of eabh) come together for a rare conversation between two of the most experienced banking historians. They explore key milestones in Germany’s financial history after World War II, highlighting the crucial role of rebuilding the financial system as the foundation for national recovery.Their discussion also uncovers historical patterns—fro
Capital in Banking
Capital Matters: Banking, Risk, and HistoryIn this episode, Carmen Hofmann (eabh) speaks with Simon Amrein (Lucerne) about the role of capital in banking—past and present. They explore how banks have historically been funded, whether excessive leverage has made them fragile, and whether more capital really makes banks safer. The conversation touches on the functions and forms of capital, the trade
Single Currency
In this episode of 'Finance and History', Hugo Bänziger talks to Olli Rehn, Governor of the Bank of Finland, at the eabh annual conference. Together, they unpack the euro’s historic roots, from the Latin Monetary Union to today’s Economic and Monetary Union. Rehn shares insider insights on the euro’s creation, its crises, and the lessons learned along the way. The conversation also tackles
Capitalism, Populism, Democracy
In this episode, we dive into how rising populism is reshaping capitalism and democracy. With Stefan Hofrichter (AllianzGI) Hans-Jörg Naumer (Allianz GI)—authors of Capitalism, Populism and Democracy— and Carmen Hofmann (eabh) we unpack the economic roots of today’s populist surge, its historical parallels, and what it means for markets, growth, and inequality.They connect past crises to current t
Canvas and Capital
Is art a safe investment in times of war?In this episode, Kim Oosterlinck (General Director of the Royal Museums of Fine Arts of Belgium) and Carmen Hofmann (eabh) dive into the little-known yet fascinating world of the German art market during World War II. This new research reveals that Germany itself as much as the occupied territories experienced a surprising wartime art boom. Using fresh data
Banco do Brasil
In this episode, Sebastian Alvarez (Universidad Adolfo Ibañez) & Carmen Hofmann (eabh) explore the powerful role of the Brazilian state in shaping the country’s financial system—focusing on the fascinating case of Banco do Brasil.Far beyond its domestic credit functions, BB emerged as a key player on the international stage during Brazil’s developmentalist era from 1964 to 1982. We’ll uncover
Banking on Deutsche Mark
Step into the world of German banking from the 1960s to the 1990s—a time of rebuilding, global reintegration, and economic transformation. In this episode of the #eabh Podcast, Matthias Kemmerer (Commerzbank) and Carmen Hofmann (eabh) unpack the fascinating story of how Germany’s financial sector evolved during the post-war Wirtschaftswunder.A banking system run by ‘Gentlemen’ and their agreements
Investment Banking
In this episode, Caroline Fohlin (Emory) and Hugo Bänziger (eabh) dive deep into the rise of US dominance in the investment banking world. How did the US manage to take the lead, and why does it seem like it’s an unshakable hold compared to European markets? Tune in to explore the evolution of the mutual fund industry, the role of regulatory frameworks, and the power of political networks in shapi
Caudillo Banking
What are the effects of political instability on the banking sector?
In this episode, Juan Flores Zendejas (Geneva) and Carmen Hofmann (eabh) explore the impact of political instability on the banking sector, focusing on Mexico in the 1920s—a decade ravaged by civil unrest and political violence. How did banks and their customers respond during times of armed conflict? What were the lasting effec
Hyperinflation in emerging markets
In this episode, we explore how hyperinflation in emerging markets devastates economic stability, causing extreme price hikes, undermining savings, and creating uncertainty that stifles growth and investment. Following the end of the Great Moderation, Moritz Kraemer (LBBW & SOAS) and Carmen Hofmann (eabh) delve into whether the world has improved in managing hyperinflation episodes in these ma
The Price of War
🎙️ Step into the world of economic impact and war in our latest podcast episode! Join Willi Mutschler (Tuebingen) & Carmen Hofmann (eabh) as they delve into the profound findings of a recent study by the Kiel Institute for the World Economy. Explore the reasons behind nations going to war, the costs involved, and the role of monetary policy in mitigating these impacts. Get ready to uncover why
A new era of high interest?
Join Charles Goodhart, former Bank of England official, and Hugo Bänziger, chairman of eabh in a captivating discussion on the end of the Great Moderation. Dive deep into geopolitics, China's ascent, demographics, and debt markets through the expert financial history lens they provide.
Curious about the impact of rising interest rates on debt markets? Wondering who will step up to purchase lon
Johannesburg Stock Exchange
Join Mariusz Lukasiewicz (Leipzig) and Carmen Hofmann (eabh) as they delve into the history of the Johannesburg Stock Exchange, a mirror reflecting the broader history of South Africa. Discover the captivating story of industrialization, internationalization, and financialization through the eras of Empire and independence. This tale of financing gold, diamond, and copper mining in the past offers
Failing Banks
Why do banks fail? What are the characteristics of banks that fail? Are these consistently the same over the course of history? Emil Verner (MIT) says yes, there are some commonalities all US banks that failed in the last 160 years share; moreover he claims that bank failures are quite predictable. Why then don't we prevent most bank failures? Or shouldn't we after all?
Emil Verner (MIT)
Banking Regulation
How to regulate banks effectively?
Alexander Nützenadel (Humboldt University Berlin) makes a case for banking regulation being a cyclical affair. He and his colleagues started out to do the first quantitative analysis of banking supervision in the 20th century. Alexander and Carmen Hofmann (eabh) discuss his findings during what he calls the longest regulatory cycle in history (1930 -1970).
Are
Zombie Currency
In this episode Maylis Avaro (Penn University) and Carmen Hofmann (eabh) discuss the international role of Sterling during the Bretton Woods era. Maylis claims that after 1945, the collective interests of the members of the sterling zone (stability of trade, free flow of capital, freer trade, access to London markets) were little compared to the cost of having UK authorities using the currency as
A Marshall Plan for Ukraine?
Volker Berghahn (Columbia) & Carmen Hofmann (eabh) talk about European reconstruction after World War I, World War II and the Ukrainian War of today. Why was the reconstruction effort after 1945 so much more successful than the endeavours in the interwar years?
How should global aid be given? Does private or public money serve the matter better? Which should come first? Loans or grants? Do we
Economic Thought
A practitioner's perspective with Edgar Walk (Metzler Bank) and Carmen Hofmann (eabh).
How can history insight help to bridge the gap between mathematical economic theory models and the 'real world of finance'? Edgar shares his insights from more than 20 years at one of the world's oldest private banks. How can history serve as a framework to identify financial and political cycle
Credit Crisis
Stein Berre (New York Fed) & Paul Kosmetatos (University of Edinburgh) talk to Carmen Hofmann (eabh) about the first global credit crisis (1772/73). Which role did innovative financial products play? How did financial contagion propagate the initial shock and in which way did authorities intervene to stabilise markets?
Interestingly enough, the events 200 years ago resulted in a larger role of
The Bank of Sicily
This episode is about one of the oldest banks in Europe. Alex Cooper (Leicester University) and Carmen Hofmann (eabh) discuss the financial needs of an island society and how banks are an integral part of local communities' fabric. In the case of Sicily, the creation of its own issuing bank was crucial for both; access to London capital markets and independence from British governance. Listen
Mississippi Bubble in Saint Domingue
This episode tells the story of the rise and fall of the Mississippi Bubble (1720) in Saint Domingue (Haiti). Malick Ghachem (MIT) discusses with Carmen Hofmann (eabh)why money seems not to be working for Haiti today and how he sees the roots of the country's financial malfunction in its past. Listen to learn how Haiti's struggle for independence is connected to the debt crisis of Louis XI
Collection of slavery compensation
How shall companies confront a difficult past?
In the most transparent way. So say Mike Anson (Bank of England) and Michael Bennett (Sheffield University) in conversation with Carmen Hofmann (eabh).
The topic of this episode is the collection of slavery compensation (1835 -43); after slavery was abolished within the British Empire in 1833. Part of a compromise that helped secure abolition was a
Foreign Banks in China
With Ghassan Moazzin (University of Hong Kong), Carmen Hofmann (eabh) talks about the integration of China into the world economy in the late 19th century. It's the time towards the end of the Imperial period in China. Did foreign actors impose Western capitalism or merely fill an ever growing institutional void and need for capital to finance reform and build critical infrastructure? Listen t
Railroad Bailouts
Are real sector bailouts good public policy in crisis?
In early 1932, President Hoover created the Reconstruction Finance Corporation during the depth of the Great Depression. The objective was to protect the credit structure and stimulate employment. The loans given were below market interest rates; hence qualified as bailouts. Gertjan argues that these bailouts benefited existing employees and
Bankhaus Metzler
Founded in 1674, Bankhaus Metzler is one of the oldest continuously family owned financial businesses in the world. This longstanding independence gave the bank and its customers many opportunities to make money. The bank proved the soundness of its business during several difficult periods in history, like the German hyperinflation after the Great War. The following period of National socialist r
Bank of America
The Great Depression remains the largest financial crisis in American history. Bank of America is one of the largest banks in the United States. At the time, the Bank did something remarkably well in order to maneuver the turbulent waters of that great crisis. What was it and how did the bank do profitable business as much as foster economic and structural change in difficult economic circumstance
Exchange Rate History
Was there a world before inflation targeting?
Alain Naef (Banque de France) and Carmen Hofmann (eabh) talk about currencies and exchange rates. More precisely about how pound sterling was managed on a daily basis, how Black Wednesday (1992) ended active exchange rate management in Great Britain and why the story of sterling after 1945 is the story of the decline of the British empire.&n
Leverage
Broken promises?
This episode is about the world's growing dependence on debt financing and current challenges to the world economy. The promise once made that deeper and larger financial markets would make our economies more stable did not hold true. What happened instead? What is meant by the paradox of stabilisation policies and central bank safety nets? What can history teach us about ri
The New York Stock Exchange
How to build an economy?
Come and follow Hugo Bänziger (eabh) & Pete Asch (NYSE) to the creation of the modern US American economy and their views on the historical roots of the country's current dynamic economy. Together they discuss the creation of the US bond market, the role of Hamilton, the significance of the Buttonwood Agreement and the role of equity. More than helping build a mo
How to make a business out of business history?
How do the Swedes do it?
Here comes a straightforward conversation between Anders Sjöman (Stockholm) and Carmen Hofmann (eabh) about the Centre for Business History in Stockholm. The organisation preserves Swedish business history since 1974 and has made a profitable business out of helping companies preserve their history and share their heritage. Why should we put money into preserving archives
The Dutch East India Company
Is it advisable to combine colonial warfare with trade? Private interests with state interests for business?
A talk about early modern risk management, the birth of corporate finance and corporate governance during the Dutch Golden Age.
In this conversation, Joost Jonker (Utrecht) and Gabriella Massaglia (eabh) discuss the world's first corporation with modern features such as p
Hyperinflation
Hyperinflation as a catalyst for transformation?
Nathan Marcus (Ben Gurion University in Beer Sheva) & Carmen Hofmann (eabh) discuss the extreme acceleration of inflation and its consequences at the end of the Austro- Hungarian Empire in 1918. The transition from a single economic space in Central Europe into separate national economies was marred by the experience of hyperinflation. Nat
Currency & War
Are all wars fought for money?
Kevin Clancy (Royal Mint London) & Carmen Hofmann (eabh) in conversation about 500 years of experience with currency in Britain. Kevin reveals some extraordinary cases in history that remind us of the close relationship between money and power, wars' influence over currency and currency reform, the public relations of money and the role of ne
The Louisiana Purchase
A story of empires, of financing war and risk and reward in uncertain times.
Larry Neal (Illinois) & Carmen Hofmann (eabh) in conversation about the underrated role of individuals in financial history - compared to the role of political actors; the Louisiana Purchase as an 'unprecedented financial deal'; the emergence of internationally marketable sovereign debt and other options of fina
The Public Banks of Naples
Is there good beyond profit?
Lilia Costabile (University of Naples) and Carmen Hofmann (eabh) take a long view back at the creation and functioning of the Public Banks of Naples in the 16th century. These banks developed as auxiliary departments of charitable institutions and became the backbone of the Kingdom's financial and economic success. How did they achieve long-lasting success and re
Gentlemen Bankers
In their talk about Gentlemen Bankers, Susie Pak (St.John's University) & Carmen Hofmann (eabh) focus on the social and economic circles of one of America's most renowned and influential financiers: J.P. Morgan. Susie tells an intriguing story about how economic and political interests intersected with personal rivalries and friendships among the Wall Street aristocracy during the first half o
Inflation
Are we back to the inflationary environment of the 1970s? During these tumultuous times of post covid recovery, unprecedented monetary policies, and the War in Ukraine, Thomas Mayer (Flossbach von Storch) & Carmen Hofmann (eabh) talk about money and debt in historical perspective, about what drives inflation, the role of the state and the revolutionary idea of digital currency competition as t
Culture and Ethics in Finance
Hugo Bänziger (eabh) and Walter Kielholz (Swiss Re), two leading figures in finance in the 1980s and 90s give true insights into the banking and insurance business in a period of change from nationalisation to privatisation, when the spreads between lending and borrowing were immense and the states involvement in the business resulted in endless piles of paper rather than countries economic develo
Banco de Portugal
Filipe Fernandes (Banco de Portugal) & Carmen Hofmann (eabh) talk about the Bank of Portugal, modern Portuguese history, the vast extent of the Bank's archive and one of the most famous cases of financial fraud.
Monetary Unions
Hugo Bänziger (eabh) and Thomas Mayer (Flossbach von Storch Research Institute) discuss Monetary Unions from the Latin Currency Union to the European Monetary Union of today.
Why are monetary unions created? Which are the drivers? If monetary unions are mere devices to obtain political power, what motivates independent countries to join? Do political aspirations always dominate economic reaso
The World Bank Group
Carmen Hofmann (eabh) and April Miller (The World Bank Group) talk about archival material from Afghanistan to Zimbabwe and how to inspire history research.
April gives fascinating insights into the workings of the World Bank Group, the oldest and largest global multi-regional and multi-sectoral development bank; a Bank that was set up to reconstruct Europe first and bring peace and prosperity to
Sovereign Debt
Carmen Hofmann (eabh) and Christoph Trebesch (Kiel Institute) talk about Sovereign Debt in the 21st century.
Trebesch argues that we see a continuous trend of debt crises without default, meaning that governments are less willing to default than in the previous centuries and therefore have established wider safety nets of bailouts and rescue lending.
This conversation circles around so
Helicopter Money
Carmen Hofmann (eabh) and Donato Masciandaro (Bocconi) talk about pandemic recession, central banking and a radical idea that reemerges whenever economic conditions become critical. Can we find a historical precedent for unprecedented monetary policies in 1630 Venice after all?
Interest Rates
In this episode we discuss 700 years of interest rates.
Together with Paul Schmelzing (Harvard/Bank of England) we will find out why interest rates are continuously declining since the Middle Ages and why history is the perfect lab to study tail events. What kind of animal are interest rates? What drives long-term rates? And how is this trend a capital accumulation story equally relevant to
Bretton Woods
Hugo Bänziger (eabh) and Barry Eichengreen (Berkeley) look to the past and the future of the international monetary system.
15 August, 1971 marked the end of the Bretton Woods system, terminating the convertibility of the US dollar to gold. From this point onwards global exchange rates started to float freely and monetary institutions around the world were looking for new monetary anchors.&n
Who finances the financiers?
Get to know Her Majesty's Treasury: Its 1000 years history, characterised by continuity and evolution; its relationship with the Bank of England and the important role it plays in a world after the Great Financial Crisis of 2008, which lies in the past, yet is present at many institutions' balance sheets. Carmen Hofmann (eabh) in conversation with Mario Pisani (HM Treasury).
Mario Pisani's full p
BNP Paribas
Carmen Hofmann (eabh) in conversation with Marie Laperdrix (Head of Archives and History at BNP Paribas).
In this episode we discover the apparent and the hidden treasures of one of Europe's most significant financial archives. The BNP company archive, Marie claims, holds invaluable information about our societies and contributes to the transparency of our democracies. The content of their collect
Where is financial history going?
Hugo Bänziger (eabh) and Harold James (Princeton) take a real long view on the field of financial history. Can we see an anticipation of what is happening now by looking much further to the past? Will we return through technology to an old form of finance where risk was much wider distributed than it is through today's banking system?
Fire in London
Carmen Hofmann, Secretary General of eabh, in conversation with Nathan Sussman, Graduate Institute Geneva. In this episode of the eabh podcast we talk about the Great Fire of London, the rebuilding of the City afterwards, the role of the Corporation of London and in more general terms financial innovations, revolutions and development.
Sources as mentioned in recording:
Nathan Sussman: 'Fin
Slavery
Carmen Hofmann, Secretary General of eabh, in conversation with Andrea Papadia, University of Bonn. In this episode of the eabh podcast we talk about the slave business, its connections with the financial industry and the case of Brazil.
Sources as mentioned in recording:
González, Marshall, Nadir (2017). 'Start up Nation?' Slave Wealth and Entrepreneurship in Civl War Maryland'.
N
Risk Management
Hugo Bänziger, former Chief Risk Officer at Deutsche Bank and Chairman of eabh in conversation with Torsten Wegner, a leader of Risk Dynamics at Mc Kinsey.
In this episode, our experts will talk about the development of financial risk management since Bretton Woods, its failures during the Great Financial Crises, how the industry has taken on the complexities of risk since 2008; and what fin
Debts & Dictators
Carmen Hofmann, Secretary General of eabh in conversation with Tobias Straumann, University of Zürich. In this episode of Finance & History we are talking about financial crises, sovereign debt, the complexity of international frameworks and the rise of Hitler.
Straumann (2019). '1931: Debt, Crisis, and the Rise of Hitler'
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