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The Empire Effect: Country Risk in the First Age of Globalization, 1880-1913

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Author Info
Niall Ferguson (Harvard University)
Moritz Schularick (Free University of Berlin)

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Abstract

Would the movement of capital from to poor countries greatly increase, if the commitment to protecting property and allowing capital to move freely were more credible? This paper asks whether the British Empire provided global public goods that supported large-scale development finance before 1914. We reassess the importance of colonial status to investors by means of multivariable regression analysis. We show that British colonies were able to borrow in London at significantly lower rates of interest than non-colonies precisely because of their colonial status, which overruled economic factors. We conclude that these findings have important implications for the current globalization debate: lacking jurisdictional integration is a major impediment to capital flows from rich to poor.

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Paper provided by EconWPA in its series Economic History with number 0509002.

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Length: 40 pages
Date of creation: 06 Sep 2005
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Handle: RePEc:wpa:wuwpeh:0509002

Note: Type of Document - pdf; pages: 40
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Keywords: sovereign risk development finance economic history imperialism globalization bond spreads capital market integration

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Find related papers by JEL classification:
E - Macroeconomics and Monetary Economics
F3 - International Economics - - International Finance
K - Law and Economics

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    Other versions:
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    Other versions:
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  7. Eichengreen, Barry & Flandreau, Marc, 1994. "The Geography of the Gold Standard," CEPR Discussion Papers 1050, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Oaxaca, Ronald L. & Geisler, Iris, 2003. "Fixed effects models with time invariant variables: a theoretical note," Economics Letters, Elsevier, vol. 80(3), pages 373-377, September. [Downloadable!] (restricted)
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  10. Barry Eichengreen & Ashoka Mody, 1998. "What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?," NBER Working Papers 6408, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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