Interest Reductions in the Politico-Financial Nexus of Eighteenth-Century England
Bibliographic Data
| ID | 10101796 |
|---|---|
| Authors | Christophe Chamley (Boston University, corresponding author) |
| Year | 2011 |
| Volume | 71 |
| Issue | 3 |
| Pages | 555-589 |
| Publication date | 2011-09-13 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050711001847 |
| OpenAlex | W2144296509 |
| Language | EN |
| Citations received | 9 |
| References cited | 22 |
In the 1730s and 1750s the English government proposed to refinance the redeemable debt by “lowering the interest rate.” In the ensuing coordination game among creditors, large investors like the Bank of England could block the policy change by demanding cash. Using 4 percent and 3 percent annuities prices to analyze market expectations, this article studies two refinancing episodes with very different fates. Lord Barnard failed in 1737 because his terms were too strict and financial agents induced a temporary market crash. Lord Pelham succeeded in 1750 because his better terms fit market prices, and interest rates had fallen much faster than expected
Business · Cash · Creditor · Debt · Economics · Financial system · Interest rate · Monetary economics · Nexus (standard · Finance · Historical Economic and Social Studies · Housing Market and Economics · Monetary Policy and Economic Impact
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Interest Reductions in the Politico-Financial Nexus of Eighteenth-Century England
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The Financial Market and Government Debt Policy in France, 1746-1793
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Goschen's Conversion of the National Debt and the Yield on Consols
Samson Gideon and the Reduction of Interest, 1749-50
| Unique citing works | 9 |
|---|---|
| Citations per year | 0,6 |
| Citation span | 2011 - 2023 (13) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 9 |