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Financial market reactions to the overthrow and annexation of the Hawaiian Kingdom: evidence from London, Honolulu and New York

Author

Listed:
  • Richard C. K. Burdekin

    (Economics, Claremont McKenna College, 500 E. Ninth Street, Claremont, CA 91711-6400, USA)

  • Leroy O. Laney

    (Economics, Hawaii Pacific University, 1188 Fort Street, Honolulu, HI 96813, USA)

Abstract

This paper investigates how financial market participants reacted to the US annexation of Hawaii in 1898 as well as prior events like the overthrow of the monarchy in 1893 and US tariff moves affecting Hawaii's sugar industry. The empirical work covers the trading of the Kingdom of Hawaii's major 1886 loan in both London and Honolulu as well as sugar company stock price reactions to annexation. The economic implications of US tariff policy moves, and the unfettered US market access promised by annexation, may well explain the continued uptrend in debt prices after the overthrow.

Suggested Citation

  • Richard C. K. Burdekin & Leroy O. Laney, 2008. "Financial market reactions to the overthrow and annexation of the Hawaiian Kingdom: evidence from London, Honolulu and New York," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 2(2), pages 119-141, July.
    • Handle: RePEc:afc:cliome:v:2:y:2008:i:2:p:119-141
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    Citations

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    Cited by:

    1. Tobias A. Jopp, 2014. "How did the capital market evaluate Germany’s prospects for winning World War I? Evidence from the Amsterdam market for government bonds," Working Papers 0052, European Historical Economics Society (EHES).
    2. Stephanie Collette, 2012. "Sovereign bonds: odious debts and state succession," ULB Institutional Repository 2013/209718, ULB -- Universite Libre de Bruxelles.
    3. Kim Oosterlinck, 2013. "Sovereign debt defaults: insights from history," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(4), pages 697-714, WINTER.
    4. Kim Oosterlinck & Jeremy Simon, 2015. "Financial Repression and Bond Market Efficiency: the Case of Italy during World War II," Working Papers CEB 15-001, ULB -- Universite Libre de Bruxelles.

    More about this item

    Keywords

    Hawaii; Debt; Annexation; Sugar; Turning points;
    All these keywords.

    JEL classification:

    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913

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