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Integration of Trans-Atlantic Capital Markets, 1790-1845

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  • Richard Sylla
  • Jack Wilson
  • Robert Wright

Abstract

During the 1790s, European investors began to purchase substantial quantities of US government and corporate securities. A number of these securities were traded in markets on both sides of the Atlantic. Based on market price quotations we compiled for the same securities in London and New York markets, we ask if these early trans-Atlantic securities markets were integrated, and, if so, when they became integrated. We find little evidence of market integration before 1816, and substantial evidence of it thereafter. Financial globalization - the convergence of financial asset prices in markets on different continents - began earlier than most have suspected. Copyright Oxford University Press Science+Business Media, LLC 2006

Suggested Citation

  • Richard Sylla & Jack Wilson & Robert Wright, 2006. "Integration of Trans-Atlantic Capital Markets, 1790-1845," Review of Finance, European Finance Association, vol. 10(4), pages 613-644, December.
    • Handle: RePEc:oup:revfin:v:10:y:2006:i:4:p:613-644
    DOI: 10.1007/s10679-006-9007-6
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    Cited by:

    1. Alex Trew, 2007. "Endogenous Financial Development and Industrial Takeoff," CDMA Working Paper Series 200702, Centre for Dynamic Macroeconomic Analysis.
    2. Grossman, Richard & Campbell, Gareth & Turner, John, 2019. "Before the Cult of Equity: New Monthly Indices of the British Share Market, 1829-1929," CEPR Discussion Papers 13717, C.E.P.R. Discussion Papers.
    3. Peter Koudijs, 2016. "The Boats That Did Not Sail: Asset Price Volatility in a Natural Experiment," Journal of Finance, American Finance Association, vol. 71(3), pages 1185-1226, June.
    4. Gareth Campbell & Meeghan Rogers, 2017. "Integration between the London and New York Stock Exchanges, 1825–1925," Economic History Review, Economic History Society, vol. 70(4), pages 1185-1218, November.
    5. Laura Panza & Jeffrey G. Williamson, 2017. "Australian Squatters, Convicts, and Capitalists: Dividing Up a Fast-Growing Frontier Pie 1821-1871," CEH Discussion Papers 02, Centre for Economic History, Research School of Economics, Australian National University.
    6. William D. Craighead, 2010. "Across Time And Regimes: 212 Years Of The Us‐Uk Real Exchange Rate," Economic Inquiry, Western Economic Association International, vol. 48(4), pages 951-964, October.

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