Discounting: the short-term credit formula that financed the French economy for a long time

BNP Paribas is the heir of the Comptoir National d’Escompte de Paris (CNEP). The CNEP’s name came from an activity that for many years was essential to financing the economy. The historian Patrice Baubeau explains what discounting is and how it was developed in France in the 19th century through to the 1960s.
Two centuries of archives and original documents that tell our story, wich may be yours too…
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