Crowding in during the Seven Years' War

Nuno Palma and Carolyn Sissoko

No 17766, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: We present a financial history of the Seven Years’ War (1756–1763) using a new dataset derived from the Bank of England minutes. We argue that the war and the associated actions of the Bank of England led to a transformation of the financial system. Additionally, while there was short-term crowding out of private investment when interest rates rose due to the issue of war-related government debt, in the long-run there was crowding in: government spending led to an increase in private sector investment.

JEL-codes: N13 N23 N43 (search for similar items in EconPapers)
Date: 2022-12
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Working Paper: Crowding in During the Seven Years' War (2024)
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