@article{
 title = {Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690–1790},
 type = {article},
 year = {2006},
 pages = {906-935},
 volume = {66},
 id = {0c03d2fb-744a-3a66-85ff-415ec7168755},
 created = {2016-02-25T12:04:13.000Z},
 file_attached = {true},
 profile_id = {fd1dce25-0f00-3083-b7f7-7990bd48d715},
 group_id = {dc8089e4-2e43-3d02-8f6a-620c4061781d},
 last_modified = {2016-02-25T12:36:59.000Z},
 read = {false},
 starred = {false},
 authored = {false},
 confirmed = {false},
 hidden = {false},
 abstract = {We revisit the evidence on the relations between institutions, the cost of government\ndebt, and financial development in Britain (1690–1790) and find that\ninterest rates remained high and volatile for four decades after the Glorious\nRevolution, partly due to wars and instability; British interest rates co-moved\nwith those in Holland; Debt per capita remained lower in Britain than in Holland\nuntil around 1780; and Britain did not borrow at lower rates than European\ncountries with more limited protection of property rights. We conclude that, in\nthe short run, institutional reforms are not rewarded by financial markets.},
 bibtype = {article},
 author = {Sussman, Nathan and Yafeh, Yishay},
 journal = {The Journal of Economic History},
 number = {04}
}

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