Skip to main content Accessibility help
×
Hostname: page-component-848d4c4894-2xdlg Total loading time: 0 Render date: 2024-07-03T20:36:17.164Z Has data issue: false hasContentIssue false

2 - Fiscal States and Sovereign Debt Markets

A New Paradigm for Apprehending Historical Structural Change

from Part I - Comparative Historical and Institutional Perspectives

Published online by Cambridge University Press:  31 October 2017

Ivano Cardinale
Affiliation:
Goldsmiths, University of London
D'Maris Coffman
Affiliation:
University College London
Roberto Scazzieri
Affiliation:
Università degli Studi, Bologna, Italy
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2017

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

Acemoglu, D. and Robinson, J.A. (2006) Economic Origins of Dictatorship and Democracy, Cambridge: Cambridge University Press.Google Scholar
Acemoglu, D. and Robinson, J.A. (2012) Why Nations Fail: The Origins of Power, Prosperity and Poverty, London: Profile.Google Scholar
Acemoglu, D., Johnson, S. and Robinson, J.A. (2005) ‘Institutions as a Fundamental Cause of Long-Run Growth’, in Aghion, P. and Durlauf, S. (eds), Handbook of Economic Growth, 1: 385472.Google Scholar
Akerlof, G.A. (1970) ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’, The Quarterly Journal of Economics, 84, no. 3 (August): 488500.Google Scholar
Arnold, A.J. and McCartney, S.M. (2011) ‘Veritable Gold Mines before the Arrival of Railway Competition: But Did Dividends Signal Rates of Return in the English Canal Industry?Economic History Review, 64: 214–36.Google Scholar
Backhaus, J.G. (2004) ‘Joseph A. Schumpeter’s contributions in the area of fiscal sociology: a first approximation’, Journal of Evolutionary Economics, 14: 143–51.Google Scholar
Backhaus, J.G. (ed.) (2005) Essays on Fiscal Sociology, Frankfurt: Peter Lang.Google Scholar
Bae, K.-H. and Bailey, W. (2011) ‘The Latin Monetary Union: Some Evidence on Europe’s Failed Common Currency’, Review of Development Finance, 1 (April–June): 131–49.Google Scholar
Barro, R.J. and Gordon, D. B. (1983) ‘Rules, Discretion, and Reputation in a Model of Monetary Policy’, Journal of Monetary Economics, 12: 101–21.Google Scholar
Berlin, I. (2015) The Long Emancipation: The Demise of Slavery in the United States, Boston: Harvard University Press.Google Scholar
Bonney, R. (ed.) (1995.) Economic Systems and State Finance. Oxford: Clarendon Press.CrossRefGoogle Scholar
Bordo, M. and Landon-Lane, J. (2013). ‘Does Expansionary Monetary Policy CauseAsset Price Booms: Some Historical and Empirical Evidence’, NBER Working Paper. No. 19585, October.Google Scholar
Bordo, M. and Rockoff, H. (1996) ‘The Gold standard as a Good Housekeeping Seal of Approval’, Journal of Economic History, 54: 389428.Google Scholar
Bryer, R.A. (1991) ‘Accounting for the ‘Railway Mania’ of 1845: A Great Railway Swindle?Accounting, Organizations and Society, 16, no. 5/6: 439–86.Google Scholar
Cardinale, I. and Coffman, D. (2014) ‘Economic Interdependencies and Political Conflict: The Political Economy of Taxation in Eighteenth-Century Britain’, Economia Politica: Journal of Analytical and Institutional Economics, 31, no. 3: 277300.Google Scholar
Cardoso, J.L. and Lains, P. (eds.) (2010) Paying for the Liberal State: The Rise of Public Finance in Nineteenth-Century Europe, Cambridge: Cambridge University Press.Google Scholar
Carruthers, B. (1996) City of Capital: Politics and Markets in the English Financial Revolution, Princeton: Princeton University Press.Google Scholar
Clark, G. (2007) ‘What Made Britannia Great? How Much of the Rise of Britain to World Dominance by 1850 Does the Industrial Revolution Explain?’ The New Comparative Economic History: Essays in Honor of Jeffrey G. Williamson: 33–57.Google Scholar
Clemens, M.A., and Williamson, J.G. (2004) ‘Wealth Bias in the First Global Capital Market Boom, 1870–1913’, The Economic Journal, 114, no. 495: 304337.Google Scholar
Coffman, D.D. (2013) Excise Taxation and the Origins of Public Debt. Basingstoke: Palgrave Macmillan.Google Scholar
Coffman, D.D. (2015) ‘The Political Economy of Grain Markets.’ In Baranzini, M., Rotondi, C., and Scazzieri, R., (eds), Resources, Production and Structural Dynamics. Cambridge: Cambridge University Press, pp. 5371.Google Scholar
Coffman, D., Leonard, A. and Neal, L.D. (2013) Questioning Credible Commitment: New Perspectives on the Rise of Financial Capitalism, Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Coffman, D.D. and Neal, L.D. (2014) The History of Financial Crises, 4 vols., Abingdon: Routledge.Google Scholar
Davis, L. and Neal, L. (1998) ‘Micro Rules and Macro outcomes: The Impact of Micro Structure on the Efficiency of Security Exchanges, London, New York, and Paris, 1800–1914’, The American Economic Review, 88, no. 2: 4045.Google Scholar
Demirguc-Kunt, A. and Levine, R. (2001) Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Cambridge: MA, MIT Press.Google Scholar
Diamond, P.A. and Mirrlees, J.A. (1971) ‘Optimal Taxation and Public Production I: Production Efficiency, II: Tax Rules’, American Economic Review, 61: 827, 261–78.Google Scholar
Ferguson, N. and Schularick, M. (2006) ‘The Empire Effect: The Determinants of Country Risk in the First age of Globalization, 1880–1913’, The Journal of Economic History, 66 (June): 283312.Google Scholar
Flandreau, M. and Sussman, N. (2004) ‘Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century’, CEPR Discussion Papers 4248.Google Scholar
Flandreau, M. and Zumer, F. (2004) The Making of Global Finance, 1880–1913, Paris: OECD Development Centre Studies.Google Scholar
Gerschenkron, A. (1962) Economic Backwardness in Historical Perspective. Cambridge, MA: Harvard University Press.Google Scholar
Graff, M. (2003) ‘Financial Development and Economic Growth in Corporatist and Liberal Market Economies,’ Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 39 (2, March): 4769.Google Scholar
Harris, R. (1997) ‘Political Economy, Interest Groups, Legal Institutions, and the Repeal of the Bubble Act in 1825’, The Economic History Review, 50, no. 4: 675696.Google Scholar
Harris, R. (2004) ‘Government and the Economy, 1688–1850’, in Floud, R. and Johnson, P. (eds.), The Cambridge Economic History of Modern Britain, Cambridge: Cambridge University Press, vol. I, pp. 204–37.Google Scholar
Janeway, W.H. (2012) Doing Capitalism in the Innovation Economy: Markets, Speculation and the State, Cambridge: Cambridge University Press.Google Scholar
Kennedy, W. (1913) English Taxation 1640–1799: An Essay on Policy and Opinion, London: Frank and Cass, Ltd.Google Scholar
Keynes, J.M. (1919) The Economic Consequences of the Peace. London: Macmillan.Google Scholar
Lescure, J. (1906) General and Periodic Industrial Crises (the first English Translation of Jean Lescure’s Des crises generales et périodiques de surproduction). (co-eds. D.Coffman and A.Kabiri) (Forthcoming Anthem Books, Ideas That Built Europe, 2017).Google Scholar
Levine, R. and Zervos, S. (1998) ‘Stock Markets, Banks, and Growth’, The American Economic Review, 88, no. 3: 537–58.Google Scholar
Levine, R. (with Demirguc- Kunt, A.) (2001) Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Cambridge, MA: MIT Press.Google Scholar
Levy, H. (1911) Monopoly and Competition: A Study in English Industrial Organization, London: Macmillan and Co.Google Scholar
Matthews, G.T. (1958) The Royal General Farms in Eighteenth-Century France, New York: Columbia University Press.Google Scholar
Mauro, P., Sussman, N. and Yafeh, Y. (2002) ‘Emerging Market Spreads: Then versus Now’, The Quarterly Journal of Economics, 117, no. 2: 695733.Google Scholar
Mauro, P., Sussman, N. and Yafeh, Y. (2006) Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870–1913 and Today, Oxford: Oxford University Press.Google Scholar
McCartney, S. and Arnold, A.J. (2003) ‘The Railway Mania of 1845–1847: Market Irrationality or Collusive Swindle Based on Accounting Distortions?’, Accounting, Auditing & Accountability Journal, 16, no. 5: 821–52.Google Scholar
Min, B.S. (2003) ‘FDI and Trade: Links in the Case of Malaysia’, Journal of the Asia Pacific Economy, 8, no. 2: 229250.Google Scholar
Murphy, A.L. (2013) ‘Demanding “Credible Commitment”: Public Reactions to the Failures of the Early Financial Revolution’, The Economic History Review, 66: 178–97.Google Scholar
Neal, L.D. (1990) The Rise of Financial Capitalism: International Capital Markets in the Age of Reason., Cambridge: Cambridge University Press.Google Scholar
Neal, L.D. (1998) ‘The Bank of England’s First Return to Gold and the Stock Market Crash of 1825,’ Federal Reserve Bank of St. Louis Review, 79 (May–June): 5376.Google Scholar
North, D. and Weingast, B. (1989) ‘Constitutions and Commitment: The Evolution of Institutional Governing Public Choice in Seventeenth-Century England’, Journal of Economic History (December): 803–32.Google Scholar
O’Brien, P.K. and Hunt, P.A. (1999) ‘England 1485–1815’, in Bonney, R. (ed.), The Rise of the Fiscal State in Europe, C. 1200–1815, Oxford, Oxford University Press, pp. 53100.Google Scholar
O’Rourke, K. and Williamson, J.G. (1995) ‘Open Economy Forces and Late 19th Century Swedish Catch-Up: A Quantitative Accounting’, Scandinavian Economic History Review, 2: 171203.Google Scholar
Pabst, A. and Scazzieri, R. (2016) ‘The Political Economy of Constitution’, Oeconomia (History, Methodology, Philosophy), 6, no. 3: 337362.Google Scholar
Petty, W. (1769 [1662]). A Treatise of Taxes [and] Contributions. In Petty, W. (1769) Tracts, Chiefly Relating to Ireland: Containing: I. A Treatise of Taxes and Contributions: II. Essays in Political Arithmetic: III. The Political Anatomy of Ireland. Dublin: Printed by Boulter Grierson.Google Scholar
Reinhart, C.M. and Rogoff, K.S. (2009) This Time Is Different: Eight Centuries of Financial Folly, Princeton: Princeton University Press.Google Scholar
Rostow, W.W. (1960) The Stages of Economic Growth: A Non-Communist Manifesto, Cambridge: Cambridge University Press.Google Scholar
Sachs, J.D., Warner, A. Åslund, A. and Fisher, S. (1995) ‘Economic Reform and the Process of Global Integration’, Brookings Papers on Economic Activity, no. 1: 1-118.Google Scholar
Santayana, G. (1905) The Life of Reason: The Phases of Human Progress, New York: Prometheus Books.Google Scholar
Schumpeter, J.A. (1954 [1918]) ‘The Crisis of the Tax State’, International Economic Papers, iv: 538.Google Scholar
Seligman, E.R.A. (1892) On the Shifting and Incidence of Taxation. [Baltimore]: American Economic Association.Google Scholar
Seligman, E.R.A. (1910) The Shifting and Incidence of Taxation, 3rd edn. New York: The University of Columbia Press.Google Scholar
Turner, E.R. (1916) ‘Early Opinion about English Excise.’ The American Historical Review 21, no. 2: 314318.Google Scholar
Williams, D.M. and Armstrong, J. (2008) ‘Promotion, Speculation and Their Outcome: The “Steamship Mania” of 1824–1825.’ In S. A. Roberts (ed,), Aslib Proceedings, vol. 60, no. 6, pp. 642660. Emerald Group Publishing Limited.Google Scholar
Willis, H. P. (1901) The Genesis of the Latin Monetary Union. Chicago: University of Chicago Press.Google Scholar
Worstall, T. (2015) ‘Greece Has Been in Default for 50% of Its Time as an Independent Country’, Forbes Magazine (online), 1 July, www.forbes.com/sites/timworstall/2015/07/01/greece-has-been-in-default-for-50-of-its-time-as-an-independent-countryGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×