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The Emergence of a National Capital Market in England, 1710–1880

Published online by Cambridge University Press:  03 March 2009

Moshe Buchinsky  and
Ben Polak
Moshe Buchinsky
Affiliation:
Assistant Professor of Economics, Yale University, New Haven, CT 06520–1972 and NBER.
Ben Polak
Affiliation:
Junior Fellow at Harvard University Society of Fellows, 78 Mount Auburn St., Cambridge, MA 02138.
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Abstract

Was eighteenth-century London's financial market linked to domestic real capital markets? When did English capital markets cease to be regionally segmented? We compare London interest rates with annual registered property transactions in Middlesex and in West Yorkshire. This evidence, though tentative, suggests that London financial markets were weakly linked to local real capital markets in the mid-eighteenth century. By the late eighteenth century those links were strong. Regional markets were still segmented in the mid-eighteenth century but were integrated by the time of the Napoleonic War.

Type
Articles
Information
The Journal of Economic History , Volume 53 , Issue 1 , March 1993 , pp. 1 - 24
Copyright
Copyright © The Economic History Association 1993

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