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The Proximate Determinants of Domestic Investment in Victorian Britain

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  • Eichengreen, Barry J.

Abstract

This paper attempts to shed new light on the proximate determinants of domestic investment in Victorian Britain by focusing on the relationship between asset markets and investment behavior. It demonstrates that Victorian investment fluctuations were associated with divergences between the valuation of installed capital as determined in asset markets and the supply price of new capital as determined in commodity markets. After showing how investment fluctuations in Victorian Britain were related to real equity prices, the paper concludes with a summary of findings on the determinants of real share prices.

Suggested Citation

  • Eichengreen, Barry J., 1982. "The Proximate Determinants of Domestic Investment in Victorian Britain," The Journal of Economic History, Cambridge University Press, vol. 42(1), pages 87-95, March.
    • Handle: RePEc:cup:jechis:v:42:y:1982:i:01:p:87-95_02
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    Cited by:

    1. Grossman, Richard & Campbell, Gareth & Turner, John, 2019. "Before the Cult of Equity: New Monthly Indices of the British Share Market, 1829-1929," CEPR Discussion Papers 13717, C.E.P.R. Discussion Papers.
    2. Barry Eichengreen & Asmaa El-Ganainy & Rui Esteves & Kris James Mitchener, 2019. "Public Debt Through the Ages," NBER Working Papers 25494, National Bureau of Economic Research, Inc.
    3. J. Bradford De Long & Richard Grossman, 1992. "Excess Volatility on the London Stock Market, 1870-1990," J. Bradford De Long's Working Papers _133, University of California at Berkeley, Economics Department.
    4. Grossman, Richard, 2017. "Stocks for the Long Run: New Monthly Indices of British Equities, 1869-1929," CEPR Discussion Papers 12121, C.E.P.R. Discussion Papers.
    5. Richard S.Grossman, 2017. "Beresford’s Revenge: British equity holdings in Latin America, 1869-1929," Wesleyan Economics Working Papers 2017-003, Wesleyan University, Department of Economics.
    6. Grossman, Richard, 2017. "Beresford’s Revenge: British equity holdings in Latin America, 1869-1929," CEPR Discussion Papers 12042, C.E.P.R. Discussion Papers.

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