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The Stop of the Exchequer and the Secondary Market for English Sovereign Debt, 1677–1705

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  • Li, Ling-Fan

Abstract

Based on information related to the Stop of Exchequer, 1672, this article calculates the current yields of sovereign debt and examines the effect of the Glorious Revolution on the government’s credibility. The results show that even though the interest payment had not been paid for years, when Parliament authorized the resumption of payment, the current yields fell not only below the level when the interest payment was made by Charles II, but quickly converged to the rates of return of alternative investment. The movement of current yields supports that the constitutional change of 1689 did enhance the government’s credibility.

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  • Li, Ling-Fan, 2019. "The Stop of the Exchequer and the Secondary Market for English Sovereign Debt, 1677–1705," The Journal of Economic History, Cambridge University Press, vol. 79(1), pages 176-200, March.
    • Handle: RePEc:cup:jechis:v:79:y:2019:i:01:p:176-200_00
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    Cited by:

    1. Sussman, Nathan, 2019. "The Financial Development of London in the 17th Century Revisited: A View from the Accounts of the Corporation of London," CEPR Discussion Papers 13920, C.E.P.R. Discussion Papers.

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