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Financial Developments in London in the Seventeenth Century: The Financial Revolution Revisited

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  • Sussman, Nathan
Abstract
A novel series of interest rates paid by the Corporation of London shows that interest rates in London declined by 350 basis points during the seventeenth century. The decline followed a similar pattern in Europe. Records from the Corporation’s archive provide evidence for financial development: an increase in the number and volume of debt instruments, an increase in the number of lenders, and the development of a secondary market. Econometric analysis establishes that increasing the debt instruments’ liquidity contributed to the convergence of interest rates between London and Amsterdam.

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  • Sussman, Nathan, 2022. "Financial Developments in London in the Seventeenth Century: The Financial Revolution Revisited," The Journal of Economic History, Cambridge University Press, vol. 82(2), pages 480-515, June.
    • Handle: RePEc:cup:jechis:v:82:y:2022:i:2:p:480-515_5
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    Cited by:

    1. Terence Kealey, 2022. "The Industrial Revolution as a collective action problem: The House of Commons games patents of monopoly, November 1601," Economic Affairs, Wiley Blackwell, vol. 42(3), pages 418-441, October.
    2. Du, Shuaishuai & He, Shijun & Huang, Guitian & Kong, Dongmin, 2024. "Financial development and money market integration in Qing China, 1800–1911," Finance Research Letters, Elsevier, vol. 63(C).
    3. Leonor Freire Costa & Susana Münch Miranda, 2023. "Reputational recovery under political instability: Public debt in Portugal, 1641–83," Economic History Review, Economic History Society, vol. 76(3), pages 871-891, August.

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