Professor Olivier Accominotti

Professor Olivier Accominotti


Department of Economic History

020 7955 6586
Room No
SAR 5.14
Office Hours
Thursday 10:30-11:30. Please book on StudentHub
English, French
Key Expertise
Economic History, Monetary, financial history, financial crises

About me

My research interests are in the history of money and finance, especially the international propagation of financial crises, the determinants of global capital flows, the political economy of exchange rate policies and the effect of political institutions on countries’ access to capital markets. My current projects explore the causes of international financial stability during the Great Depression, the evolution of foreign exchange markets and speculation in the twentieth century, and the structure of the global financial system and money market before the First World War.

Current Teaching

EH306: Monetary and financial history since 1750 

EH437: History of Global Finance

MSc dissertation course (EH498/EH499/EH496-7)

Research Papers

My research papers can be found here: Repec  and here: CEPR 

You can find short summaries of my research at:

Curriculum Vitae

CV available here: Olivier Accominotti CV [pdf]


Expertise Details

19th and 20th century monetary and financial history; international financial instability during the Great Depression; financial crises and contagion.

Selected publications

Selected publications

Selective Default Expectations (with Thilo N. H. Albers and Kim Oosterlinck), Review of Financial Studies, forthcoming.


Sovereign Defaults and International Trade: Germany and its Creditors in the 1930s (with Thilo N. H. Albers, Philipp Kessler and Kim Oosterlinck), Journal of Historical Political Economy , forthcoming.


Intermediaries' Substitutability and Financial Network Resilience: A Hyperstructure Approach (with Delio Lucena Piquero and Stefano Ugolini), Journal of Economic Dynamics and Control, vol. 153 (August 2023).


The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange During the First Globalization (with Delio Lucena Piquero and Stefano Ugolini), The Economic History Review , vol. 74(4), pp. 892-921 (November 2021).


Currency Regimes and the Carry Trade (with Jason Cen, David Chambers and Ian Marsh), Journal of Financial and Quantitative Analysis, forthcoming.


International Trade Finance from the Origins to the Present: Market Structures, Regulation and Governance (with Stefano Ugolini), in Eric Brousseau, Jean-Michel Glachant and Jérôme Sgard (eds.), Oxford Handbook of Institutions, International Economic Governance and Market Regulation, Oxford University Press, forthcoming.


International Banking and Transmission of the 1931 Financial Crisis, The Economic History Review, vol. 72, pp. 260-285 (February 2019).


International Monetary Regimes: The Interwar Gold Exchange Standard, in Stefano Battilossi, Youssef Cassis, and Kazuhiko Yago (eds.), Springer Handbook of the History of Money and Currency, Springer Nature, 2018.


Foreign Exchange Markets and Currency Speculation: Historical Perspectives, in David Chambers and Elroy Dimson (eds.), Financial Market History. Reflections on the Past for Investors Today, CFA Institute Research Foundation, chapter 4, pp. 66-85.


If You’re So Smart: John Maynard Keynes and Currency Speculation in the Interwar Years (with David Chambers, Cambridge Judge Business School).

The Journal of Economic History, vol. 76(2), pp. 342-386 (June 2016).

Mentioned in The New York Times, The Times, The Guardian, Bloomberg View and Forbes.


The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-1932 (with Barry Eichengreen, University of California Berkeley) The Economic History Review, vol. 69(2), pp. 469-492 (May 2016).


Foreign Exchange Reserves, Financial Instability and Contagion: Three Essays on the Great Depression, Dissertation Summary The Journal of Economic History, vol. 72(2), pp. 469-473 (June 2012)


London Merchant Banks, the Central European Panic and the Sterling Crisis of 1931 The Journal of Economic History, vol.72(1), pp. 1-43 (March 2012).


The Spread of Empire: Clio and the Measurement of Colonial Borrowing Costs (with Marc Flandreau and Riad Rezzik) The Economic History Review, vol. 64: 2 (May 2011), pp. 385-407.


Black Man's Burden, White Man’s Welfare: Control, Devolution and Development in the British Empire, 1880-1913 (with Marc Flandreau, Riad Rezzik and Frédéric Zumer) European Review of Economic History, vol. 14:1 (April 2010), pp. 47-70. 


The Sterling Trap: Foreign Reserves Management at the Bank of France, 1928-1936 European Review of Economic History, vol. 13:3 (December 2009), pp. 349-376. 


Bilateral Treaties and the Most-Favored Nation-Clause: The Myth of Trade Liberalization in the Nineteenth Century (with Marc Flandreau) World Politics, vol. 60:2 (January 2008), pp. 147-188.



Working papers

“The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange During the First Globalization” (with Delio Lucena and Stefano Ugolini), 2019. 


“The Dawes Bonds, Selective Default and International Trade” (with Kim Oosterlinck and Philipp Kessler), 2019


Out-of-Sample Evidence on the Returns to Currency Trading (with David Chambers) 


The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-1932 (with Barry Eichengreen), NBER Working Paper No 19580 


Asymmetric Propagation of Financial Crises During the Great Depression, July 2011

My research

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