Financial market reactions to the overthrow and annexation of the Hawaiian Kingdom: evidence from London, Honolulu and New York

Richard Burdekin and Leroy O. Laney ()
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Leroy O. Laney: Economics, Hawaii Pacific University, 1188 Fort Street, Honolulu, HI 96813, USA

Cliometrica, Journal of Historical Economics and Econometric History, 2008, vol. 2, issue 2, 119-141

Abstract: This paper investigates how financial market participants reacted to the US annexation of Hawaii in 1898 as well as prior events like the overthrow of the monarchy in 1893 and US tariff moves affecting Hawaii's sugar industry. The empirical work covers the trading of the Kingdom of Hawaii's major 1886 loan in both London and Honolulu as well as sugar company stock price reactions to annexation. The economic implications of US tariff policy moves, and the unfettered US market access promised by annexation, may well explain the continued uptrend in debt prices after the overthrow.

Keywords: Hawaii; Debt; Annexation; Sugar; Turning points (search for similar items in EconPapers)
JEL-codes: N11 N21 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:afc:cliome:v:2:y:2008:i:2:p:119-141

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