THE GLORIOUS REVOLUTION'S EFFECT ON ENGLISH PRIVATE FINANCE: A MICROHISTORY, 1680–1705
The lending portfolio of a London banker is analyzed to better understand the relationship between public and private finance during England's Financial Revolution. The Glorious Revolution's political settlement appears to have reduced the risk premium on sovereign debt; but it seems to ha...
Gespeichert in:
| Veröffentlicht in: | The Journal of Economic History 2001-09, Vol.61 (3), p.593-615 |
|---|---|
| 1. Verfasser: | |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 615 |
|---|---|
| container_issue | 3 |
| container_start_page | 593 |
| container_title | The Journal of Economic History |
| container_volume | 61 |
| creator | Quinn, Stephen |
| description | The lending portfolio of a London banker is analyzed to better understand the relationship between public and private finance during England's Financial Revolution. The Glorious Revolution's political settlement appears to have reduced the risk premium on sovereign debt; but it seems to have raised, not lowered, rates on private debt. Two explanations for these higher private rates are suggested. During the war years 1690–1697, the government's improved capacity to borrow seems to have “crowded out” private borrowing. After peace was restored and the government's borrowing retrenched, the new political regime seems to have stimulated demand for loanable funds. |
| doi_str_mv | 10.1017/S0022050701030017 |
| format | Article |
| fullrecord | <record><control><sourceid>jstor_proqu</sourceid><recordid>TN_cdi_proquest_miscellaneous_38304982</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><cupid>10_1017_S0022050701030017</cupid><jstor_id>2698129</jstor_id><sourcerecordid>2698129</sourcerecordid><originalsourceid>FETCH-LOGICAL-c376t-dba20358bf9484bb9be49b90678a2685a76938b0acde6660b4ab480a97df68ee3</originalsourceid><addsrcrecordid>eNplkc1q20AQx5fSQN0kD1DoYcmhvUTJ7If2ozejyLZAkRJJDulp2bXXwY5tuZINyS3vkDfsk0TGJYX2NMz8fswM_BH6QuCCAJGXJQClEIIEAgy6yQfUI1ySQDBJP6LeHgd7_gl9btsFdD0o3UP31SjGwzQvknxc4iK-y9NxleTZ9xLHg0EcVTjPcJwN06Qc4ZsiuetXMR4kWT-L4h-4j6-TqMhHSVnlxc9zTISC3y-vREJ4go5mdtn60z_1GI0HcRWNgjQfJlE_DSZMim0wdZYCC5Wbaa64c9p5rp0GIZWlQoVWCs2UAzuZeiEEOG4dV2C1nM6E8p4do2-HvZum_rXz7das5u3EL5d27etda5hiwLWinXj2j7iod826-81QIjiXUpFO-nqQFu22bsymma9s82yo0IpQ3eHggOft1j-9Y9s8GiGZDI0Y3ppbuJL0XlITdT47-BO7cs18-uD_HiVg9smZ_5Jjb3XVgEw</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>216447781</pqid></control><display><type>article</type><title>THE GLORIOUS REVOLUTION'S EFFECT ON ENGLISH PRIVATE FINANCE: A MICROHISTORY, 1680–1705</title><source>Cambridge Journals Online</source><source>JSTOR</source><creator>Quinn, Stephen</creator><creatorcontrib>Quinn, Stephen</creatorcontrib><description>The lending portfolio of a London banker is analyzed to better understand the relationship between public and private finance during England's Financial Revolution. The Glorious Revolution's political settlement appears to have reduced the risk premium on sovereign debt; but it seems to have raised, not lowered, rates on private debt. Two explanations for these higher private rates are suggested. During the war years 1690–1697, the government's improved capacity to borrow seems to have “crowded out” private borrowing. After peace was restored and the government's borrowing retrenched, the new political regime seems to have stimulated demand for loanable funds.</description><identifier>ISSN: 0022-0507</identifier><identifier>EISSN: 1471-6372</identifier><identifier>DOI: 10.1017/S0022050701030017</identifier><identifier>CODEN: JECHBP</identifier><language>eng</language><publisher>New York, USA: Cambridge University Press</publisher><subject>17th century ; Bank loans ; Banking ; Borrowing ; Constitutional law ; Constitutions ; Consumer loans ; Credit ; Debt ; Deficit financing ; Early modern history ; Economic conditions ; Economic history ; Effects ; England ; Finance ; Government ; Interest rates ; Investment return rates ; Loan rates ; Loans ; Microanalysis ; Mortgage loans ; Parliaments ; Political revolutions ; Political succession ; Politics ; Public debt ; Public finance ; Rates of return ; Revolutions ; Risk ; Risk premiums ; Sovereign debt ; United Kingdom ; War</subject><ispartof>The Journal of Economic History, 2001-09, Vol.61 (3), p.593-615</ispartof><rights>2001 The Economic History Association</rights><rights>Copyright 2001 The Economic History Association</rights><rights>Copyright Cambridge University Press, Publishing Division Sep 2001</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/2698129$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.cambridge.org/core/product/identifier/S0022050701030017/type/journal_article$$EHTML$$P50$$Gcambridge$$H</linktohtml><link.rule.ids>164,313,314,780,784,792,803,27922,27924,27925,55628,58017,58250</link.rule.ids></links><search><creatorcontrib>Quinn, Stephen</creatorcontrib><title>THE GLORIOUS REVOLUTION'S EFFECT ON ENGLISH PRIVATE FINANCE: A MICROHISTORY, 1680–1705</title><title>The Journal of Economic History</title><addtitle>J. Econ. Hist</addtitle><description>The lending portfolio of a London banker is analyzed to better understand the relationship between public and private finance during England's Financial Revolution. The Glorious Revolution's political settlement appears to have reduced the risk premium on sovereign debt; but it seems to have raised, not lowered, rates on private debt. Two explanations for these higher private rates are suggested. During the war years 1690–1697, the government's improved capacity to borrow seems to have “crowded out” private borrowing. After peace was restored and the government's borrowing retrenched, the new political regime seems to have stimulated demand for loanable funds.</description><subject>17th century</subject><subject>Bank loans</subject><subject>Banking</subject><subject>Borrowing</subject><subject>Constitutional law</subject><subject>Constitutions</subject><subject>Consumer loans</subject><subject>Credit</subject><subject>Debt</subject><subject>Deficit financing</subject><subject>Early modern history</subject><subject>Economic conditions</subject><subject>Economic history</subject><subject>Effects</subject><subject>England</subject><subject>Finance</subject><subject>Government</subject><subject>Interest rates</subject><subject>Investment return rates</subject><subject>Loan rates</subject><subject>Loans</subject><subject>Microanalysis</subject><subject>Mortgage loans</subject><subject>Parliaments</subject><subject>Political revolutions</subject><subject>Political succession</subject><subject>Politics</subject><subject>Public debt</subject><subject>Public finance</subject><subject>Rates of return</subject><subject>Revolutions</subject><subject>Risk</subject><subject>Risk premiums</subject><subject>Sovereign debt</subject><subject>United Kingdom</subject><subject>War</subject><issn>0022-0507</issn><issn>1471-6372</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2001</creationdate><recordtype>article</recordtype><sourceid>8G5</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><sourceid>GNUQQ</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><sourceid>PQHSC</sourceid><recordid>eNplkc1q20AQx5fSQN0kD1DoYcmhvUTJ7If2ozejyLZAkRJJDulp2bXXwY5tuZINyS3vkDfsk0TGJYX2NMz8fswM_BH6QuCCAJGXJQClEIIEAgy6yQfUI1ySQDBJP6LeHgd7_gl9btsFdD0o3UP31SjGwzQvknxc4iK-y9NxleTZ9xLHg0EcVTjPcJwN06Qc4ZsiuetXMR4kWT-L4h-4j6-TqMhHSVnlxc9zTISC3y-vREJ4go5mdtn60z_1GI0HcRWNgjQfJlE_DSZMim0wdZYCC5Wbaa64c9p5rp0GIZWlQoVWCs2UAzuZeiEEOG4dV2C1nM6E8p4do2-HvZum_rXz7das5u3EL5d27etda5hiwLWinXj2j7iod826-81QIjiXUpFO-nqQFu22bsymma9s82yo0IpQ3eHggOft1j-9Y9s8GiGZDI0Y3ppbuJL0XlITdT47-BO7cs18-uD_HiVg9smZ_5Jjb3XVgEw</recordid><startdate>20010901</startdate><enddate>20010901</enddate><creator>Quinn, Stephen</creator><general>Cambridge University Press</general><scope>BSCLL</scope><scope>0-V</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>88J</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ALSLI</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRNLG</scope><scope>F~G</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>M0C</scope><scope>M2O</scope><scope>M2R</scope><scope>MBDVC</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQHSC</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope></search><sort><creationdate>20010901</creationdate><title>THE GLORIOUS REVOLUTION'S EFFECT ON ENGLISH PRIVATE FINANCE: A MICROHISTORY, 1680–1705</title><author>Quinn, Stephen</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c376t-dba20358bf9484bb9be49b90678a2685a76938b0acde6660b4ab480a97df68ee3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2001</creationdate><topic>17th century</topic><topic>Bank loans</topic><topic>Banking</topic><topic>Borrowing</topic><topic>Constitutional law</topic><topic>Constitutions</topic><topic>Consumer loans</topic><topic>Credit</topic><topic>Debt</topic><topic>Deficit financing</topic><topic>Early modern history</topic><topic>Economic conditions</topic><topic>Economic history</topic><topic>Effects</topic><topic>England</topic><topic>Finance</topic><topic>Government</topic><topic>Interest rates</topic><topic>Investment return rates</topic><topic>Loan rates</topic><topic>Loans</topic><topic>Microanalysis</topic><topic>Mortgage loans</topic><topic>Parliaments</topic><topic>Political revolutions</topic><topic>Political succession</topic><topic>Politics</topic><topic>Public debt</topic><topic>Public finance</topic><topic>Rates of return</topic><topic>Revolutions</topic><topic>Risk</topic><topic>Risk premiums</topic><topic>Sovereign debt</topic><topic>United Kingdom</topic><topic>War</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Quinn, Stephen</creatorcontrib><collection>Istex</collection><collection>ProQuest Social Sciences Premium Collection【Remote access available】</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection</collection><collection>Social Science Database (Alumni Edition)</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central</collection><collection>Social Science Premium Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>ProQuest Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central</collection><collection>International Bibliography of the Social Sciences</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Global (ProQuest)</collection><collection>Research Library</collection><collection>Social Science Database</collection><collection>Research Library (Corporate)</collection><collection>One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>History Study Center</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><jtitle>The Journal of Economic History</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Quinn, Stephen</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>THE GLORIOUS REVOLUTION'S EFFECT ON ENGLISH PRIVATE FINANCE: A MICROHISTORY, 1680–1705</atitle><jtitle>The Journal of Economic History</jtitle><addtitle>J. Econ. Hist</addtitle><date>2001-09-01</date><risdate>2001</risdate><volume>61</volume><issue>3</issue><spage>593</spage><epage>615</epage><pages>593-615</pages><issn>0022-0507</issn><eissn>1471-6372</eissn><coden>JECHBP</coden><abstract>The lending portfolio of a London banker is analyzed to better understand the relationship between public and private finance during England's Financial Revolution. The Glorious Revolution's political settlement appears to have reduced the risk premium on sovereign debt; but it seems to have raised, not lowered, rates on private debt. Two explanations for these higher private rates are suggested. During the war years 1690–1697, the government's improved capacity to borrow seems to have “crowded out” private borrowing. After peace was restored and the government's borrowing retrenched, the new political regime seems to have stimulated demand for loanable funds.</abstract><cop>New York, USA</cop><pub>Cambridge University Press</pub><doi>10.1017/S0022050701030017</doi><tpages>23</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0022-0507 |
| ispartof | The Journal of Economic History, 2001-09, Vol.61 (3), p.593-615 |
| issn | 0022-0507 1471-6372 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38304982 |
| source | Cambridge Journals Online; JSTOR |
| subjects | 17th century Bank loans Banking Borrowing Constitutional law Constitutions Consumer loans Credit Debt Deficit financing Early modern history Economic conditions Economic history Effects England Finance Government Interest rates Investment return rates Loan rates Loans Microanalysis Mortgage loans Parliaments Political revolutions Political succession Politics Public debt Public finance Rates of return Revolutions Risk Risk premiums Sovereign debt United Kingdom War |
| title | THE GLORIOUS REVOLUTION'S EFFECT ON ENGLISH PRIVATE FINANCE: A MICROHISTORY, 1680–1705 |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-03T19%3A46%3A06IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=THE%20GLORIOUS%20REVOLUTION'S%20EFFECT%20ON%20ENGLISH%20PRIVATE%20FINANCE:%20A%20MICROHISTORY,%201680%E2%80%931705&rft.jtitle=The%20Journal%20of%20Economic%20History&rft.au=Quinn,%20Stephen&rft.date=2001-09-01&rft.volume=61&rft.issue=3&rft.spage=593&rft.epage=615&rft.pages=593-615&rft.issn=0022-0507&rft.eissn=1471-6372&rft.coden=JECHBP&rft_id=info:doi/10.1017/S0022050701030017&rft_dat=%3Cjstor_proqu%3E2698129%3C/jstor_proqu%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=216447781&rft_id=info:pmid/&rft_cupid=10_1017_S0022050701030017&rft_jstor_id=2698129&rfr_iscdi=true |