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Capital market development over the long run: the portfolios of UK life assurers over two centuries
[Corporate ownership and control in Victorian Britain]

Author

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  • David A Bogle
  • Christopher Coyle
  • John D Turner

Abstract

What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency, and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemony-secured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.

Suggested Citation

  • David A Bogle & Christopher Coyle & John D Turner, 2022. "Capital market development over the long run: the portfolios of UK life assurers over two centuries [Corporate ownership and control in Victorian Britain]," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 370-398.
    • Handle: RePEc:oup:ereveh:v:26:y:2022:i:3:p:370-398.
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    File URL: http://hdl.handle.net/10.1093/ereh/heab017
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    References listed on IDEAS

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    2. Bogle, David A. & Campbell, Gareth & Coyle, Christopher & Turner, John D., 2022. "Why did shareholder liability disappear?," QUCEH Working Paper Series 22-12, Queen's University Belfast, Queen's University Centre for Economic History.

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