Revolution, restoration, and debt repudiation: The jacobite threat to England's institutions and economic growth

• 成果类型: Article
• 署名作者: Auburn University System; Auburn University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• 发表日期: 2000
• 页码: 418-441
• 关键词: commitment

摘要

This study provides an empirical test of North and Weingast's theory of British capital-market development after the Glorious Revolution. The evidence is consistent with the hypotheses that institutional innovation in the 1690s led to the dramatic growth in London capital markets, and that threats to these institutions caused financial turmoil. We also find the economic motivation for these innovations to be consistent with the work of Ekelund and Tollison.