Finance & History

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...

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 &amp...

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...

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...

Capital Matters: Banking, Risk, and History In 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 trad...

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...

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 curren...

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 d...

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 uncov...

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 agreeme...

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...

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 effe...

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...

🎙️ 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...

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...

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 offe...

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) i...

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...

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 a...

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 w...

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 cycl...

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...

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. Liste...

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...

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 co...