The Paris Bourse and the international capital flows before 1914

This study wanted to pinpoint the different securities transactions’ channels in France, which are quite specific compared to other countries.As a matter of fact, the Paris Bourse could not be well explained without the free market and the deposit banks'transactions. This organisation leads to a three pillar’s system, a specific feature of the Paris Bourse.Despite their disputes, the three intermediaries succeeded in working together and in maintaining fluent flows between the different channels. By this way, they enhanced the stability and the liquidity of the whole market.