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Dark Matter Credit$
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Philip T. Hoffman, Gilles Postel-Vinay, and Jean-Laurent Rosenthal

Print publication date: 2019

Print ISBN-13: 9780691182179

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691182179.001.0001

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The Diffusion of Banks

The Diffusion of Banks

Peer-To-Peer Credit Markets as Substitutes for Banks

(p.149) Chapter 6 The Diffusion of Banks
Dark Matter Credit

Philip T. Hoffman

Gilles Postel-Vinay

Jean-Laurent Rosenthal

Princeton University Press

This chapter challenges the claim that the spread of banks in France was delayed by the lack of an appropriate legal structure. Even if one acknowledges that Paris did not make the corporate form available soon enough, there were still other feasible forms of organization that could have done the trick. In France, a bank could be open and operate as a sole proprietorship, a partnership, a limited partnership, or even a limited partnership with tradable shares. Furthermore, the demand for the limited liability version of the joint stock firm was in any case low. Therefore, the lack of a joint stock limited liability firm was not a constraint that limited the creation of banks.

Keywords:   banks, France, Paris, sole proprietorship, partnership, limited partnership, tradable shares, joint stock firm

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