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The Duration of Book Credit in Colonial New England

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  • David T. Flynn

Abstract

Account books show that merchants frequently used book credit in exchanges with consumers. The ability of credit to act as a substitute for currency in payments depends on the terms attached to the credit, such as its duration. Employing lifetable analysis and the singulate mean age at marriage, I arrive at expected duration estimates in excess of those in the literature. Given the expected duration, book credit seems a good substitute for other forms of payment. If this is the case, I argue that a major revision of literature on colonial monetary matters may be in order.

Suggested Citation

  • David T. Flynn, 2004. "The Duration of Book Credit in Colonial New England," Economic History 0407001, EconWPA.
  • Handle: RePEc:wpa:wuwpeh:0407001
    Note: Type of Document - doc; pages: 27. Tables and Figures at the end.
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    References listed on IDEAS

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    1. Egnal, Marc, 1998. "New World Economies: The Growth of the Thirteen Colonies and Early Canada," OUP Catalogue, Oxford University Press, number 9780195114829.
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    More about this item

    Keywords

    book credit; demography; singulate mean age at marriage;

    JEL classification:

    • N - Economic History

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