The lending portfolio of a London banker is analyzed to better understand the relationship between public and private finance during England s Financial Revolution. The Glorious Revolution s political settlement appears to have reduced the risk premium on sovereign debt; but it seems to have raised, not lowered, rates on private debt. Two explanations for these higher private rates are suggested. During the war years 1690 1697, the government s improved capacity to borrow seems to have crowded out private borrowing. After peace was restored and the government s borrowing retrenched, the new political regime seems to have stimulated demand for loanable funds.
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Volume (Year): 61 (2001) Issue (Month): 03 (September) Pages: 593-615 Download reference. The following formats are available: HTML
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