THE INTEREST-RATE EFFECT OF DUTCH MONEY IN 18TH-CENTURY BRITAIN

• 成果类型: Article
• 署名作者: OPPERS, SE
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050700012377
• 发表日期: 1993
• 页码: 25-43
• 关键词: industrial-revolution; british growth; slow

摘要

It is generally recognized that the Dutch played a major part in financing British government deficits from the 1720s to the late 1770s. This article argues that even though the Dutch continued to hold large amounts of British debt after 1780, they stopped supplying new capital to the British and started a modest repatriation of some of their previous investments. A comparative econometric study of 3 percent consol yields during the two deficit-inducing wars Britain fought between 1750 and 1795 shows that as a result British interest rates became much more sensitive to increases in government borrowing.