Capital market development over the long run: The portfolios of UK life assurers over two centuries

David A. Bogle, Christopher Coyle and John Turner ()

No 2020-09, QUCEH Working Paper Series from Queen's University Belfast, Queen's University Centre for Economic History

Abstract: What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemonysecured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.

Keywords: Capital markets; asset management; life assurance; mutuals; mergers; regulation; United Kingdom; United States (search for similar items in EconPapers)
JEL-codes: G11 G22 N20 N40 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-fdg, nep-his and nep-rmg
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/226355/1/174039884X.pdf (application/pdf)

Related works:
Journal Article: Capital market development over the long run: the portfolios of UK life assurers over two centuries (2022)
Working Paper: Capital Market Development Over the Long Run: The Portfolios of UK Life Assurers Over Two Centuries (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:qucehw:202009

Access Statistics for this paper

More papers in QUCEH Working Paper Series from Queen's University Belfast, Queen's University Centre for Economic History Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().