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

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  • WELLS, JOHN
  • WILLS, DOUGLAS
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    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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    Bibliographic 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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    Cited by:
    1. Kim Oosterlinck & John Landon-lane, 2006. "Hope Springs Eternal – French Bondholders and the Soviet Repudiation (1915–1919)," Review of Finance, European Finance Association, vol. 10(4), pages 507-535, December.
    2. Dan Bogart, 2011. "Did the Glorious Revolution contribute to the transport revolution? Evidence from investment in roads and rivers," Economic History Review, Economic History Society, vol. 64(4), pages 1073-1112, November.
    3. Michele Fratianni, 2007. "The Evolutionary Chain of International Financial Centers," Working Papers 2007-14, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    4. Olga Christodoulaki & Jeremy Penzer, 2004. "News from London: Greek government bonds on the London Stock Exchange, 1914-1929," Economic History Working Papers 22335, London School of Economics and Political Science, Department of Economic History.
    5. Olga Christodoulaki & Haeran Cho & Piotr Fryzlewicz, 2011. "A reflection of history: fluctuations in Greek sovereign risk between 1914 and 1929," LSE Research Online Documents on Economics 38378, London School of Economics and Political Science, LSE Library.
    6. 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.
    7. Kim Oosterlinck, 2003. "Why do investors still hope? The Soviet repudiation puzzle (1918-1919)," Working Papers CEB 03-010.RS, ULB -- Universite Libre de Bruxelles.
    8. Coyne, Christopher J. & Dempster, Gregory M. & Isaacs, Justin P., 2010. "Asset values and the sustainability of peace prospects," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(2), pages 146-156, May.
    9. 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.
    10. Christopher Coyne & Gregory Dempster & Justin Isaacs, 2009. "Asset Values and the Credibility of Peace Agreements," Working Papers 09-07, Department of Economics, West Virginia University.

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