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The Interest Rate Effect of Dutch Money in Eitheenth- Century Britain

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  • Oppers, S.E.

Abstract

It is generally recognized that the Dutch played a major part in financing British government deficits from the 1720s to the late 1770s. This article argues that even though the Dutch continued to hold large amounts of British debt after 1780, they stopped supplying new capital to the British and started a modest repatriation of some of their previous investments. A comparative econometric study of 3 percent consol yields during the two deficit-inducing wars Britain fought between 1750 and 1795 shows that as a result British interest rates became much more sensitive to increases in government borrowing.
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Suggested Citation

  • Oppers, S.E., 1993. "The Interest Rate Effect of Dutch Money in Eitheenth- Century Britain," Working Papers 329, Research Seminar in International Economics, University of Michigan.
    • Handle: RePEc:mie:wpaper:329
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    Cited by:

    1. Flandreau, Marc & Sussman, Nathan, 2004. "Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century," CEPR Discussion Papers 4248, C.E.P.R. Discussion Papers.
    2. repec:spo:wpmain:info:hdl:2441/324 is not listed on IDEAS
    3. Marc Flandreau & Nathan Sussman, 2004. "Old sins. Exchange Clauses and European Foreign Lending in the 19th Century," Working Papers hal-01065494, HAL.
    4. repec:hal:spmain:info:hdl:2441/324 is not listed on IDEAS
    5. Maurice Obstfeld & Alan M. Taylor, 2003. "Globalization and Capital Markets," NBER Chapters, in: Globalization in Historical Perspective, pages 121-188, National Bureau of Economic Research, Inc.
    6. van de Klundert, Theo & Smulders, Sjak, 2001. "Loss of technological leadership of rentier economies: a two-country endogenous growth model," Journal of International Economics, Elsevier, vol. 54(1), pages 211-231, June.

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    Keywords

    interest rate ; historical analysis;

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