Financial market reactions to the overthrow and annexation of the Hawaiian Kingdom: evidence from London, Honolulu and New York
AbstractThis paper investigates how financial market participants reacted to the US annexation of Hawaii in 1898 as well as prior events like the overthrow of the monarchy in 1893 and US tariff moves affecting Hawaii's sugar industry. The empirical work covers the trading of the Kingdom of Hawaii's major 1886 loan in both London and Honolulu as well as sugar company stock price reactions to annexation. The economic implications of US tariff policy moves, and the unfettered US market access promised by annexation, may well explain the continued uptrend in debt prices after the overthrow.
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Bibliographic InfoArticle provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.
Volume (Year): 2 (2008)
Issue (Month): 2 (July)
Hawaii; Debt; Annexation; Sugar; Turning points;
Find related papers by JEL classification:
- N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
- N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
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- Tobias A. Jopp, 2014. "How did the capital market evaluate Germany’s prospects for winning World War I? Evidence from the Amsterdam market for government bonds," Working Papers 0052, European Historical Economics Society (EHES).
- Kim Oosterlinck, 2013. "Sovereign debt defaults: insights from history," Oxford Review of Economic Policy, Oxford University Press, vol. 29(4), pages 697-714, WINTER.
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