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.
Publisher
Cambridge University Press (CUP)
Subject
Economics, Econometrics and Finance (miscellaneous),Economics and Econometrics,History
Cited by
7 articles.
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