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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: jwells@business.aubum.edu.
Dougals Wills
Affiliation:
Assistant Professor, Department of Economics, Sweet Briar College, Sweet Briar, VA 24595-0103. E-mail: wills@sbc.edu.
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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

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