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Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth

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Author Info
WELLS, JOHN
WILLS, DOUGLAS
Abstract

This study provides an empirical test of North and Weingast s theory of British capital-market development after the Glorious Revolution. The evidence is consistent with the hypotheses that institutional innovation in the 1690s led to the dramatic growth in London capital markets, and that threats to these institutions caused financial turmoil. We also find the economic motivation for these innovations to be consistent with the work of Ekelund and Tollison.The first visible eruption, or even immediate dange, of public disorders must alarm all the stockholders, whose property is the most precarious of any whether menaced by Jacobitish violence or democratical frenzy.David Hume, 1752

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File URL: http://journals.cambridge.org/abstract_S0022050700000206
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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 60 (2000)
Issue (Month): 02 (June)
Pages: 418-441
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Handle: RePEc:cup:jechis:v:60:y:2000:i:02:p:418-441_00

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  1. Oosterlinck Kim, 2004. "Why Do Investors Still Hope? The Soviet Repudiation Puzzle (1918- 1919)," Economic History 0409002, EconWPA. [Downloadable!]
    Other versions:
  2. Dan Bogart, 2008. "Competition and Commitment: the Supply and Enforcement of Rights to Improve Roads and Rivers in England, 1600-1750," Working Papers 070817, University of California-Irvine, Department of Economics. [Downloadable!]
  3. John Landon-Lane & Kim Oosterlinck, 2005. "Hope springs eternal… French bondholders and the Soviet Repudiation (1915-1919)," Departmental Working Papers 200513, Rutgers University, Department of Economics. [Downloadable!]
    Other versions:
  4. Dan Bogart, 2009. "Did the Glorious Revolution Contribute to the Transport Revolution? Evidence from Investment in Roads and Rivers," Working Papers 080918, University of California-Irvine, Department of Economics. [Downloadable!]
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