Banking and the Promotion of Technological Development by Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla

By Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla

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This is clearly illustrated in the case of France where, after the collapse of the Credit Mobilier in 1867, a new and very conservative fmancial orthodoxy set in, and in effect put an end to industrial banking for several decades. This orthodoxy is well illustrated by Henri Germain, founder of the Credit Lyonnais, who said in 1880: ¬ęThe wish has sometimes been expressed that we should seek industrial business. There are certainly excellent industrial enterprises, but even the best conceived, even the most wisely administered, involve risks that we consider to be incompatible with the security that is indispensable in the use of a deposit bank's funds.

G. health, education, housing, urban development, family planning, to name but a few. Nineteenth century industrial banking, or for that matter the industrial banking of contemporary Europe or Japan, is quite clearly not directly applicable to the developing countries today. These experiences are nevertheless important and relevant, both as the progenitors of modern development banking, and as an indication of the possible paths of evolution for today's development banks throughout the Third World.

As for France's Credit National, it receives interest rate subsidies from the Ministry of Finance, and its international bond issues are guaranteed by the French State. e. loans with maturities ranging between four and 15 years). Their project or loan appraisals are generally more thorough than 39 Lessons from Histo:ry and from Contempora:ry Experiences Table 1 The Main Special Credit Institutions in the Industrialised Countries Country Institution Credit National (CN) Societe Nationale de Credit al'Industrie (SNCI) Caisse Centrale de Credit Hotelier, Commercial et Industriel (CCCHCI)* Istituto Mobiliare Italiano (IMI) Industrial Credit Company (ICC) Caisse Nationale des Marches de l'Etat (CNME)* Shako Chokio Bank (Central Cooperative Bank for Commerce and Industry)* Industrial and Commercial Finance Corporation (ICFC)* De Nationale Investeringsbank Japan Development Bank (JOB)** Kreditanstalt fiir Wiederaufbau (KfW) Lastenausgleichsbank (LAB)* Credit d'Equipement des Petites et Moyennes entreprises (CEPME)*** Notes: Date of establishment France 1919 Belgium 1919 France Italy Ireland 1923 1931 1933 France 1936 Japan United Kingdom Netherlands 1936 1945 1945 Japan 1947 Federal Republic of Germany 1948 Federal Republic of Germany 1950 France 1980* * Denotes an institution concentrating on small and medium enterprises.

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