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East India Company and Bank of England Shareholders during the South Sea Bubble: Partitions, Components and Connectivity in a Dynamic Trading Network

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  • Andrew Mays
  • Gary S. Shea

Abstract

A new dataset, in the form of a network graph, is used to study inventory and trading behaviour amongst owners of East India Company (EIC) and Bank of England (BoE)stock around the South Sea Bubble. There was a decline in market intermediation in which the goldsmith bankers were dominant in 1720, but foreigners and Jews to some extent restored intermediation services after the Bubble. Company directors temporarily helped to sustain intermediation in 1720 itself. Whereas before and during the Bubble intermediation was largely in the form of brokerage, after the Bubble dealership noticeably began to displace brokerage.

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Bibliographic Info

Paper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number 201109.

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Date of creation: 15 Jul 2011
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Handle: RePEc:san:cdmawp:1109

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Keywords: South Sea Company; Financial Revolution; social networks; financial intermediation; inventories.;

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References

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  1. Neal, Larry & Quinn, Stephen, 2001. "Networks of information, markets, and institutions in the rise of London as a financial centre, 1660 1720," Financial History Review, Cambridge University Press, vol. 8(01), pages 7-26, April.
  2. Ann M. Carlos & Larry Neal, 2006. "The micro-foundations of the early London capital market: Bank of England shareholders during and after the South Sea Bubble, 1720-25 -super-1," Economic History Review, Economic History Society, vol. 59(3), pages 498-538, 08.
  3. Peter Temin & Hans-Joachim Voth, 2004. "Riding the South See Bubble," Working Papers 213, Barcelona Graduate School of Economics.
  4. Ann M. Carlos & Larry Neal, 2011. "Amsterdam and London as financial centers in the eighteenth century," LSE Research Online Documents on Economics 38799, London School of Economics and Political Science, LSE Library.
  5. Neal,Larry, 1994. "The Rise of Financial Capitalism," Cambridge Books, Cambridge University Press, number 9780521457385.
  6. Ann Carlos & Karen Maguire & Larry Neal, 2008. "'A knavish peopleā€¦': London Jewry and the stock market during the South Sea Bubble," Business History, Taylor & Francis Journals, vol. 50(6), pages 728-748.
  7. Bulow, Jeremy I & Klemperer, Paul, 1991. "Rational Frenzies and Crashes," CEPR Discussion Papers 593, C.E.P.R. Discussion Papers.
  8. Easley,David & Kleinberg,Jon, 2010. "Networks, Crowds, and Markets," Cambridge Books, Cambridge University Press, number 9780521195331.
  9. Gary S. Shea, 2006. "Sir George Caswall vs. the Duke of Portland: Financial Contracts and Litigation in the wake of the South Sea Bubble," CDMA Working Paper Series 200605, Centre for Dynamic Macroeconomic Analysis.
  10. Gary S. Shea, 2011. "A Social Network for Trade and Inventories of Stock during the South Sea Bubble," CDMA Working Paper Series 201110, Centre for Dynamic Macroeconomic Analysis.
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Cited by:
  1. Gary S. Shea, 2011. "A Social Network for Trade and Inventories of Stock during the South Sea Bubble," CDMA Working Paper Series 201110, Centre for Dynamic Macroeconomic Analysis.
  2. Gary S. Shea, 2011. "(Re)financing the Slave Trade with the Royal African Company in the Boom Markets of 1720," CDMA Working Paper Series 201114, Centre for Dynamic Macroeconomic Analysis.

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