Work

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

Year: 2022

Type: article

Abstract: 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.

Source: The Journal of Economic History

DOI: 10.1017/s0022050722000134

Author: Nathan Sussman

Institution: Graduate Institute of International and Development Studies

Language: English

Topic: Historical Economic and Social Studies

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $3,069

OpenAlex ID: W4224861534