Relational financing and local development: the French experience of the Belle Époque (1880-1914).

Summary This thesis proposes an analysis of the French banking system during the Belle Époque. Drawing on a dense literature in banking microeconomics, it develops the idea that an environment poor in quantitative information gives local banking institutions a key role in the development of economic activities. In particular, the greater ability to manage private information leads local and regional banks to finance investment and innovation in small and medium-sized enterprises, which was essential in France at that time. In addition, the "regionalist" turn taken by the Banque de France seems to have favored access to credit for local actors and helped the integration of the capital market. The proximity of Banque de France branches to local bankers appears fundamental to the success of this policy.