Citation

Discussion Paper Details

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Title: The Financial Development of London in the 17th Century Revisited: A View from the Accounts of the Corporation of London

Author(s): Nathan Sussman

Publication Date: August 2019

Keyword(s): England, Financial Development, Financial Intermediation, growth and interest rate

Programme Area(s): Economic History

Abstract: A novel, annual series of interest rates paid by the Corporation of London extracted from archival sources shows that interest rates in London declined by 350 basis points over the 17th century. Most of the decline followed a similar pattern in Amsterdam. Records extracted from the Corporation's archive provide evidence for financial deepening: an increase in the number and volume of debt instruments, an increase in the number of people holding them, and development of a secondary market. Econometric analysis establishes that financial deepening contributed to the convergence of interest rates between London and Amsterdam. England's financial evolution and path towards modern growth date, therefore, to the 17th century.

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Bibliographic Reference

Sussman, N. 2019. 'The Financial Development of London in the 17th Century Revisited: A View from the Accounts of the Corporation of London'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=13920