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The Market for American State Government Bonds in Britain and the United States, 1830-1843

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  • Namsuk Kim
  • John Joseph Wallis

Abstract

In the 1830s the British and American economies were hit by a series of shared macroeconomic shocks. This paper investigates the role of markets for Americas State bonds in Britain and the U.S. during and between the crises in 1837, 1839, and 1842. There is strong evidence that the crises in 1839 and 1842 originated in the U.S. and spread to Britain. There is also strong evidence that credit markets for American state bonds were tighter in the U.S. than in London between 1839 and 1842.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10108.

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Date of creation: Nov 2003
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Publication status: published as Kim, Namsuk and John Joseph Wallis. "The Market For American State Government Bonds In Britain And The United States, 1830-43," Economic History Review, 2005, v58(3,Aug), 736-764.
Handle: RePEc:nbr:nberwo:10108

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Cited by:
  1. Marc Flandreau, Juan Flores, 2010. "Hamlet Without The Prince of Denmark: Relationship Banking and Conditionality Lending In The London Market For Foreign Government Debt, 1815 - 1913," IHEID Working Papers, Economics Section, The Graduate Institute of International Studies 08-2010, Economics Section, The Graduate Institute of International Studies.
  2. Marc Flandreau & Juan Flores, 2011. "Bondholders vs. bond-sellers? Investment banks and conditionality lending in the London market for foreign government debt, 1815-1913," Working Papers 0002, European Historical Economics Society (EHES).
  3. Flandreau, Marc & Flores Zendejas, Juan Huitzilihuitl, 2010. "Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7915, C.E.P.R. Discussion Papers.

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