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Historical Political Futures Markets: An International Perspective

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Author Info
Paul W. Rhode
Koleman Strumpf
Abstract

Political future markets, in which investors bet on election outcomes, are often thought a recent invention. Such markets in fact have a long history in many Western countries. This paper traces the operation of political futures markets back to 16th Century Italy, 18th Century Britain, and 19th Century United States. In the United States, election betting was a common part of political campaigns in the antebellum period, but became increasingly concentrated in the organized futures markets in New York City over the postbellum period.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14377.

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Date of creation: Oct 2008
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Handle: RePEc:nbr:nberwo:14377

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G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
N12 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - U.S.; Canada: 1913-
N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913-
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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This page was last updated on 2009-12-17.

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