Hostname: page-component-586b7cd67f-rdxmf Total loading time: 0 Render date: 2024-11-28T16:12:56.988Z Has data issue: false hasContentIssue false
  • English
  • Français

Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth

Published online by Cambridge University Press:  26 July 2012

John Wells  and
Dougals Wills
John Wells
Affiliation:
Assistant Professor, Department of Economics, Auburn University, Auburn, AL 36849-5242. E-mail: [email protected].
Dougals Wills
Affiliation:
Assistant Professor, Department of Economics, Sweet Briar College, Sweet Briar, VA 24595-0103. E-mail: [email protected].
Get access Rights & Permissions [Opens in a new window]

Extract

This study provides an empirical test of North and Weingast's theory of British capital-market development after the Glorious Revolution. The evidence is consistent with the hypotheses that institutional innovation in the 1690s led to the dramatic growth in London capital markets, and that threats to these institutions caused financial turmoil. We also find the economic motivation for these innovations to be consistent with the work of Ekelund and Tollison.

Type
Symposium: High Politics and Low Finance
Information
The Journal of Economic History , Volume 60 , Issue 2 , June 2000 , pp. 418 - 441
Copyright
Copyright © The Economic History Association 2000

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Andreades, A.History of the Bank of England 1640 to 1903. 2ed ed.London: P.S. King and Son. 1924.Google Scholar
Bai, Jushan, Lumsdaine, Robin L., and Stock, James H.. “Testing for and Dating Breaks in Multivariate Time series.” Review of Economic Studies 65 (07 1998): 395–432.Google Scholar
Banerjee, A. Anindya, Lumsdaine, Robin L., and Stock, James H., “Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence.” Journal of Business and Economic Statistics 10, no. 3 (1992): 271–87.Google Scholar
Brownstone, A. David, and Frank, Irene. Timelines of War. New York: Little, Brown, 1994.Google Scholar
Bulow, A. Jeremy, and Rogoff, Kenneth. “Sovereign Debt: Is to Forgive to Forget?” American Economic Review, 79, no. 1 (1989): 43–50.Google Scholar
Carruthers, Bruce G., City of Capital: Politics and Markets in the English Financial Revolution. Princeton, NJ: Princeton University Press, 1996.Google Scholar
Clark, G. N.The Later Stuarts, 1660–1714. Oxford: Clarendon Press, 1934.Google Scholar
Claydon, Tony. William III and the Godly Revolution. Cambridge: Cambridge University Press, 1996.Google Scholar
Coombs, Douglas. The Conduct of the Dutch: British Opinion and the Dutch Alliance During the War of the Spanish Succession. The Hague: Martinus Nijhoff, 1958.Google Scholar
Coward, Barry. The Stuart Age: England, 1603–1714. 2d ed.London: Addison Wesley Longman, 1994.Google Scholar
Cruickshanks, Eveline. “Attempts to Restore the Stuarts, 1689–96,” In The Stuart Court in Exile and the Jacobites, edited by Cruickshanks, Eveline and Corp, Edward, 1–14. London: Hambledon Press, 1995.Google Scholar
Defoe, Daniel, The Fears and Sentiments of All True Britons with Respect to National Credit, 1710. In The Somers Collection of Tracts, by Walter, Scott. New York: AMS Press, 1965.Google Scholar
Dempster, Greg, Wells, John M., and Wills, Douglas T., “A Common Features Analysis of Amsterdam and London Financial Markets During the 18th Century” Economic Inquiry 38, no. 1 (2000): 19–33.CrossRefGoogle Scholar
Dickson, P. G. M.The Financial Revolution in England: A Study in the Development of Public Credit, 1688–1756. London: Macmillan, 1967.Google Scholar
Ekelund, R. B. Jr, and Tollison, R. D.. Mercantilism as a Rent-Seeking Society: Economic Regulation in Historical Perspective. College Station: Texas A&M University Press, 1981.Google Scholar
Ekelund, R. B. Jr, and Tollison, R. D.. Politicized Economies: Monarchy, Monopoly, and Mercantilism. College Station: Texas A&M University Press, 1997.Google Scholar
Frey, Linda, and Frey, Marsha. The Treaties of the War of the Spanish Succession: An Historical and Critical Dictionary. Westport, CT: Greenwood Press, 1995.Google Scholar
Hatton, Ragnhild, and Bromley, J. S., eds. Williams III and Louis XIV: Essays 1680–1720 by and for Mark A. Thomson. Liverpool: Liverpool University Press, 1968.Google Scholar
Houghton, John. A Collection of Letters for the Improvement of Husbandry and Trade. London: Woodman and Lyon, 1728.Google Scholar
Hume, David. Writings on Economics. Edited by Rotwein, Eugene. Madison: University of Wisconsin Press, 1970.Google Scholar
Israel, Jonathan, “General Introduction.” In The Anglo-Dutch Moment: Essays on the Glorious Revolution and its World Impact, edited by Isreal, Jonathan, 1–46. Cambridge: Cambridge University Press, 1991.Google Scholar
Israel, Jonathan, “The Dutch Role in the Glorious Revolution.” In The Anglo-Dutch Moment: Essays on the Glorious Revolution and its World Impact, edited by Israel, Jonathan, 105–62. Cambridge: Cambridge University Press, 1991.Google Scholar
Laprade, W. T.Public Opinion and Politics in Eighteenth Century England, New York: Macmillan, 1936.Google Scholar
London Gazette, various dates.Google Scholar
Luttrell, Narcissus. A Brief Historical Relation of State Affairs from September 1678 to April 1714. Farnborough, Hants: Gregg International, 1969. [First published 1857.]Google Scholar
Mirowski, Philip. “What Do Makets Do? Efficiency Tests of the 18th-Century London Stock Market.” Explorations in Economic History 24, no. 1 (1987): 107–29.Google Scholar
Neal, Larry. The Rise of Financial Capitalism: International Capital Markets in the Age of Reason. Cambridge: Cambridge University Press, 1990.Google Scholar
North, Douglass C., and Weingast, Barry R.. “Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England.” this JOURNAL 49, no. 4 (1989): 803–32.Google Scholar
O'Gorman, O., The Long Eighteenth Century: British Political and Social History, 1688–1832. London: Arnold Press, 1997.Google Scholar
Ogg, David. England in the Reigns of James II and William III. Oxford: Clarendon Press, 1955.Google Scholar
Pittock, Marray G. H., Jacobitism. London, Macmillan, 1998.Google Scholar
Rogers, J. E.Thorold, . The First Nine Years of the Bank of England. Oxford: Clarendon Press, 1887.Google Scholar
Rogoff, Kenneth. “The Optimal Degree of Commitment to an Intermediate Monetary Target,” Quarterly Journal of Economics 100, no. 4 (1985): 1169–90.Google Scholar
Rosenthal, Jean-Laurent, “The Political Economy of Absolutism Reconsidered.” In Analytical Narratives, edited by Bates, Robert H., et al., 64–108. Princeton, NJ: Princeton University Press, 1998.Google Scholar
Scott, Walter. The Somers Collection of Tracts. New York: AMS Press, 1965.Google Scholar
Scott, William Robert. The Constitution and Finance of English, Scottish and Irish JointStock Campanies to 1720. Cambridge: Cambridge University Press, 1912.Google Scholar
Smallett, Tobias G.The History of England from the Revolution in 1688 to the Death of George the Second. Philadelphia: Thomas Davis, 1844.Google Scholar
Thompson, Mark A. “The Safeguarding of the Protestant Succession.” In William III and Louis XIV, edited by Hatton, Ragnhild and Bromley, J. S.. Toronto: University of Toronto Press, 1968.Google Scholar
Weingast, Barry R. “The Political Foundations of Limited Government: Parliament and Sovereign Debt in 17th- and 18th-Century England.” In The Frontier of the New Institutional Economics, edited by Droback, J. and Nye, J., 213–46. San Diego: Academic Press, 1997.Google Scholar
Willard, Kristen L., Guinnane, Timothy W., and Rosen, Harvey S.. “Turning Points in the Civil War: Views from the Greenback Market.” American Economic Review, 86, no. 44 (1996): 1001–18.Google Scholar