BOOK: Eiji Hotori, Mikael Wendschlag, Thibaud Giddey, 'Formalization of Banking Supervision, 19th-20th Centuries'


This open access book is the first attempt to elaborate the formalization phase of banking supervision in eight developed countries—USA, Japan, Sweden, Germany, Switzerland, Belgium, France, and UK. This innovative study in the field of banking supervision history identifies why national histories of banking supervision share similarities, but also remain different and are heavily path dependent. This book will be of great interest not only to financial/economic historians but also to general readers interested in banking supervision, i.e., students, bankers, supervisors, and international officials.

The book is available in open access on Palgrave’s website:, thanks to the support of the Swiss National Science Foundation. 

              • Motivation and Framework, Pages 1-21

              • The United States: The First Formalization of Banking Supervision, Pages 23-41

              • Japan: Formalization of Banking Supervision Including a Reversal, Pages 43-64

              • Sweden: Early Adopter of Formal Banking Supervision with Incremental Steps, Pages 65-75

              • Germany: Financial Crises and Formalization of Banking Supervision, Pages 77-86 

              • Switzerland: Formalizing Banking Supervision in the Aftermath of a Crisis, Better Late Than Never, Pages 87-98

              • Belgium: Formalization and Incremental Development of a Supervisor with Increasing Powers and Authority, Pages 99-112

              • France: Credit Control and Formalization of Banking Supervision, Pages 113-124

              • The UK: Financial Globalization and Formalization of Banking Supervision, Pages 125-139

              • Drivers of the Formalization of Banking Supervision, Pages 141-156

Eiji Hotori is Professor of Japanese Economic History at the Yokohama National University. He is also Councilor of the Socio-Economic History Society in Tokyo. He received his Ph.D. in economics from the University of Tokyo. His research interests are in the domestic and comparative history of commercial banking, financial elites, and banking supervision.

Mikael Wendschlag is Researcher and Lecturer at the Department for Economic History at Uppsala University, Sweden. He received his Ph.D. in economics from Linköping University. His research concerns financial supervision, financial elites and white-collar crime in history.

Thibaud Giddey is Postdoctoral Research Associate of the Global Correspondent Banking ERC-project at the University of Oxford. He previously held visiting positions at Uppsala University, Katholieke Universiteit Leuven and City University London. He obtained his Ph.D. in arts (history) at the University of Lausanne in 2017. His research interests include the history of banking supervision, financial scandals, the development of political and financial elites, and the history of white-collar crime.

ISBN: 978-981-16-6785-5


Publisher Name: Palgrave Macmillan, Singapore

Number of Pages: XIX, 161