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The Bell Jar: Commercial Interest Rates between Two Revolutions, 1688-1789

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Author Info
Flandreau, Marc
Galimard, Christophe
Jobst, Clemens
Nogués Marco, Maria Del Pilar

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Abstract

This paper exploits arbitrage conditions for bills of exchange with different maturities to provide new evidence on commercial interest rates in Amsterdam, London, and Paris during the 18th century. The lesson that emerges is that commercial interest rates were very low in all three centers and did not differ much from one location to another. This suggests that a transnational capital market resulting from the Commercial Revolution pre-dated to the British 'Financial Revolution' of the 18th century.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 5940.

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Date of creation: Nov 2006
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Handle: RePEc:cpr:ceprdp:5940

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Related research
Keywords: early financial derivative products financial development financial integration interest rates

Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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This page was last updated on 2008-8-19.

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