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

Nathan Sussman*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

6 Scopus citations

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.

Original languageEnglish
Pages (from-to)480-515
Number of pages36
JournalJournal of Economic History
Volume82
Issue number2
DOIs
StatePublished - 26 Jun 2022
Externally publishedYes

Bibliographical note

Publisher Copyright:
© The Author(s), 2022. Published by Cambridge University Press on behalf of the Economic History Association

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