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The Emergence of a National Capital Market in England, 1710–1880

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  • Buchinsky, Moshe
  • Polak, Ben

Abstract

Was eighteenth-century London's financial market linked to domestic real capital markets? When did English capital markets cease to be regionally segmented? We compare London interest rates with annual registered property transactions in Middlesex and in West Yorkshire. This evidence, though tentative, suggests that London financial markets were weakly linked to local real capital markets in the mid-eighteenth century. By the late eighteenth century those links were strong. Regional markets were still segmented in the mid-eighteenth century but were integrated by the time of the Napoleonic War.

Suggested Citation

  • Buchinsky, Moshe & Polak, Ben, 1993. "The Emergence of a National Capital Market in England, 1710–1880," The Journal of Economic History, Cambridge University Press, vol. 53(1), pages 1-24, March.
    • Handle: RePEc:cup:jechis:v:53:y:1993:i:01:p:1-24_01
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    Cited by:

    1. Antras, Pol & Voth, Hans-Joachim, 2003. "Factor prices and productivity growth during the British industrial revolution," Explorations in Economic History, Elsevier, vol. 40(1), pages 52-77, January.
    2. Alberto Feenstra, 2015. "Circumventing credible commitment: GroningenÕs default and the Dutch RepublicÕs federal escape route, 1666-1761," Working Papers 0075, Utrecht University, Centre for Global Economic History.
    3. Joel Mokyr & John V. C. Nye, 2007. "Distributional Coalitions, the Industrial Revolution, and the Origins of Economic Growth in Britain," Southern Economic Journal, John Wiley & Sons, vol. 74(1), pages 50-70, July.
    4. Tobias Wuergler, 2009. "Of bubbles and bankers: The impact of financial booms on labor markets," IEW - Working Papers 460, Institute for Empirical Research in Economics - University of Zurich.
    5. Wolfgang Keller & Carol H. Shiue & Xin Wang, 2020. "Capital markets and grain prices: assessing the storage cost approach," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 14(2), pages 367-396, May.
    6. Alex Trew, 2010. "Infrastructure Finance and Industrial Takeoff in England," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 985-1010, September.
    7. Wolfgang Keller & Carol H. Shiue & Xin Wang, 2018. "Capital Markets and Grain Prices: Assessing the Storage Approach," NBER Working Papers 24388, National Bureau of Economic Research, Inc.
    8. Patrick K. O'Brien & Nuno Palma, 2023. "Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844," Economic History Review, Economic History Society, vol. 76(1), pages 305-329, February.
    9. Robert C. Allen, 2005. "Capital Accumulation, Technological Change, and the Distribution of Income during the British Industrial Revolution," Economics Series Working Papers 239, University of Oxford, Department of Economics.

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