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Banking as an emerging technology: Hoare's Bank, 1702-1742

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  • Peter Temin
  • Joachim Voth

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Abstract

London’s financial market underwent dramatic change after 1700. More limited than Paris or Amsterdam in the seventeenth century, London became the leading financial centre in Europe in the eighteenth century. There is an extensive and growing literature on the causes of this change, but comparatively little on the change itself. This article provides detailed information on the operation of the London financial market around 1700 by describing the operations of a nascent London bank.

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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1263.

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Date of creation: Oct 2006
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Handle: RePEc:upf:upfgen:1263

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References

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  1. Paul A. David & Gavin Wright, 1999. "General Purpose Technologies and Surges in Productivity: Historical Reflections on the Future of the ICT Revolution," Oxford University Economic and Social History Series _031, Economics Group, Nuffield College, University of Oxford.
  2. Quinn, Stephen, 2001. "The Glorious Revolution'S Effect On English Private Finance: A Microhistory, 1680 1705," The Journal of Economic History, Cambridge University Press, vol. 61(03), pages 593-615, September.
  3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  4. Julian Hoppit, 1986. "Financial Crises in Eighteenth-century England," Economic History Review, Economic History Society, vol. 39(1), pages 39-58, 02.
  5. Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank.
  6. Peter Temin & Hans-Joachim Voth, 2004. "Riding the South Sea Bubble," American Economic Review, American Economic Association, vol. 94(5), pages 1654-1668, December.
  7. Epstein, Larry G & Wang, Tan, 1994. "Intertemporal Asset Pricing Under Knightian Uncertainty," Econometrica, Econometric Society, vol. 62(2), pages 283-322, March.
  8. Hoffman, Philip T. & Postel-Vinay, Gilles & Rosenthal, Jean-Laurent, 2001. "Priceless Markets," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226348018, March.
  9. Hoffman, Philip T. & Postel-Vinay, Gilles & Rosenthal, Jean-Laurent, 1992. "Private Credit Markets in Paris, 1690–1840," The Journal of Economic History, Cambridge University Press, vol. 52(02), pages 293-306, June.
  10. Broadberry, Stephen & Ghosal, Sayantan, 2002. "From the Counting House to the Modern Office: Explaining Anglo-American Productivity Differences in Services, 1870 1990," The Journal of Economic History, Cambridge University Press, vol. 62(04), pages 967-998, December.
  11. Schnabel, Isabel & Shin, Hyun Song, 2001. "Foreshadowing LTCM: The Crisis of 1763," Sonderforschungsbereich 504 Publications 02-46, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  12. Koenker,Roger, 2005. "Quantile Regression," Cambridge Books, Cambridge University Press, number 9780521845731, October.
  13. Sussman, Nathan & Yafeh, Yishay, 2004. "Constitutions and Commitment: Evidence on the Relation Between Institutions and the Cost of Capital," CEPR Discussion Papers 4404, C.E.P.R. Discussion Papers.
  14. Patrick O'Brien, 2001. "Fiscal exceptionalism: Great Britain and its European rivals: from civil war to triumph at Trafalgar and Waterloo," Economic History Working Papers 22369, London School of Economics and Political Science, Department of Economic History.
  15. Alfred D. Chandler, 1969. "Strategy and Structure: Chapters in the History of the American Industrial Enterprise," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530090, December.
  16. North, Douglass C. & Weingast, Barry R., 1989. "Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 803-832, December.
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Cited by:
  1. Stephen Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta.
  2. Peter Temin & Hans-Joachim Voth, 2004. "Riding the South See Bubble," Working Papers 213, Barcelona Graduate School of Economics.
  3. Temin, Peter & Voth, Hans-Joachim, 2004. "Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862," CEPR Discussion Papers 4453, C.E.P.R. Discussion Papers.
  4. Peter Temin & Hans-Joachim Voth, 2008. "Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714," Economic Journal, Royal Economic Society, vol. 118(528), pages 743-758, 04.
  5. Temin, Peter & Voth, Hans-Joachim, 2004. "Financial Repression in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714," CEPR Discussion Papers 4452, C.E.P.R. Discussion Papers.
  6. Raphaelle Schwarzberg, 2010. "Becoming a London goldsmith in the seventeenth century: social capital and mobility of apprentices and masters of the guild," Economic History Working Papers 28446, London School of Economics and Political Science, Department of Economic History.
  7. Voth, Joachim, 2005. "Credit Rationing and Crowding Out During the Industrial Revolution," Department of Economics, Working Paper Series qt4qw3v8q6, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  8. Peter Temin & Hans-Joachim Voth, 0000. "The Speed of the Financial Revolution: Evidence from Hoare's Bank," Working Papers 212, Barcelona Graduate School of Economics.

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