Capital Matters: Banking, Risk, and History

In this episode, Carmen Hofmann (eabh) speaks with Simon Amrein (Lucerne) about the role of capital in banking—past and present.

They explore how banks have historically been funded, whether excessive leverage has made them fragile, and whether more capital really makes banks safer. The conversation touches on the functions and forms of capital, the trade-offs between safety and efficiency, and how capital helps prevent bank runs. They also reflect on how the post-WWII effort to rebuild economies reshaped global attitudes toward financial risk and regulation.

In this episode of 'Finance and History', Hugo Bänziger talks to Olli Rehn, Governor of the Bank of Finland, at the eabh annual conference. Together, they unpack the euro’s historic roots, from the Latin Monetary Union to today’s Economic and Monetary Union. Rehn shares insider insights on the euro’s creation, its crises, and the lessons learned along the way. The conversation also tackles central bank evolution, fiscal discipline, and Europe’s unfinished integration journey. An engaging deep dive into the intersection of financial history and contemporary policy challenges.

In this episode, we dive into how rising populism is reshaping capitalism and democracy. With Stefan Hofrichter (AllianzGI) Hans-Jörg Naumer (Allianz GI)—authors of Capitalism, Populism and Democracy— and Carmen Hofmann (eabh) we unpack the economic roots of today’s populist surge, its historical parallels, and what it means for markets, growth, and inequality.

They connect past crises to current trends, revealing how financial history helps unpack the impact of past populist regimes on economic growth and investor behavior—lessons that matter now more than ever.

Is art a safe investment in times of war?

In this episode, Kim Oosterlinck (General Director of the Royal Museums of Fine Arts of Belgium) and Carmen Hofmann (eabh) dive into the little-known yet fascinating world of the German art market during World War II. This new research reveals that Germany itself as much as the occupied territories experienced a surprising wartime art boom.

Using fresh data, the study uncovers how artworks became a discreet yet powerful investment amid economic uncertainty and Nazi regulation. From black market dynamics to the fate of so-called “degenerate art,” we unpack how paintings turned into both cultural and financial assets. Tune in for a compelling look at how war reshaped the value of art—and what it tells us about crisis economies.

In this episode, Sebastian Alvarez (Universidad Adolfo Ibañez) & Carmen Hofmann (eabh) explore the powerful role of the Brazilian state in shaping the country’s financial system—focusing on the fascinating case of Banco do Brasil.

Far beyond its domestic credit functions, BB emerged as a key player on the international stage during Brazil’s developmentalist era from 1964 to 1982. We’ll uncover how the bank helped manage external imbalances and even sidestepped IMF oversight to support industrialization efforts. This story challenges conventional narratives by highlighting the strategic use of international banking to advance national economic goals. Tune in for fresh insights into Brazil’s unique blend of state power, finance, and global engagement.

Step into the world of German banking from the 1960s to the 1990s—a time of rebuilding, global reintegration, and economic transformation. In this episode of the #eabh Podcast, Matthias Kemmerer (Commerzbank) and Carmen Hofmann (eabh) unpack the fascinating story of how Germany’s financial sector evolved during the post-war Wirtschaftswunder.

A banking system run by ‘Gentlemen’ and their agreements—was it a shield or a stepping stone toward an open economy?
How did Germany balance national monetary sovereignty with global integration?
Why did decision-makers choose NOT to make the Deutsche Mark a global reserve currency?
Was protecting national capital markets from foreign investors the right move?

This era laid the foundation for European integration, proving that monetary sovereignty is often the key to national power. But did Germany make the right calls?

Tune in now to uncover the untold story of finance, strategy, and power. 🎧💡 #FinanceandHistory

In this episode, Caroline Fohlin (Emory) and Hugo Bänziger (eabh) dive deep into the rise of US dominance in the investment banking world. How did the US manage to take the lead, and why does it seem like it’s an unshakable hold compared to European markets? Tune in to explore the evolution of the mutual fund industry, the role of regulatory frameworks, and the power of political networks in shaping global finance. Don't miss out on this fascinating discussion! #eabhpodcast #investmentbanking #financialhistory #mutualfunds #pensionfunds #institutionalinvestors

What are the effects of political instability on the banking sector?

In this episode, Juan Flores Zendejas (Geneva) and Carmen Hofmann (eabh) explore the impact of political instability on the banking sector, focusing on Mexico in the 1920s—a decade ravaged by civil unrest and political violence. How did banks and their customers respond during times of armed conflict? What were the lasting effects of this turbulence on the financial landscape? Tune in for a deep dive into the fascinating history of banking in Latin America during one of its most tumultuous periods.

In this episode, we explore how hyperinflation in emerging markets devastates economic stability, causing extreme price hikes, undermining savings, and creating uncertainty that stifles growth and investment. Following the end of the Great Moderation, Moritz Kraemer (LBBW & SOAS) and Carmen Hofmann (eabh) delve into whether the world has improved in managing hyperinflation episodes in these markets. Tune in to hear their insights and analysis.

🎙️ Step into the world of economic impact and war in our latest podcast episode! Join Willi Mutschler (Tuebingen) & Carmen Hofmann (eabh) as they delve into the profound findings of a recent study by the Kiel Institute for the World Economy. Explore the reasons behind nations going to war, the costs involved, and the role of monetary policy in mitigating these impacts. Get ready to uncover why we should all be prepared to be neighbors of war sites! Don't miss out on this insightful discussion. #eabhPodcast #FinancialHistory 🎧