Financial Developments in London in the Seventeenth Century: The Financial Revolution Revisited

• 成果类型: Article
• 署名作者: Sussman, Nathan
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050722000134
• 发表日期: 2022
• 页码: 480-515
• 关键词: glorious-revolution; Sovereign debt; market integration; PROPERTY-RIGHTS; capital-market; institutions; COMMITMENT; EVOLUTION; exchequer; england

摘要

A novel series of interest rates paid by the Corporation of London shows that interest rates in London declined by 350 basis points during the seventeenth century. The decline followed a similar pattern in Europe. Records from the Corporation's archive provide evidence for financial development: an increase in the number and volume of debt instruments, an increase in the number of lenders, and the development of a secondary market. Econometric analysis establishes that increasing the debt instruments' liquidity contributed to the convergence of interest rates between London and Amsterdam.