The Bell Jar: Commercial Interest Rates between Two Revolutions, 1688-1789

Marc Flandreau, Clemens Jobst, Pilar Nogues-Marco and Christophe Galimard

No 5940, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper exploits arbitrage conditions for bills of exchange with different maturities to provide new evidence on commercial interest rates in Amsterdam, London, and Paris during the 18th century. The lesson that emerges is that commercial interest rates were very low in all three centers and did not differ much from one location to another. This suggests that a transnational capital market resulting from the Commercial Revolution pre-dated to the British 'Financial Revolution' of the 18th century.

Keywords: Financial integration; Interest rates; Financial development; Early financial derivative products (search for similar items in EconPapers)
JEL-codes: F31 N23 (search for similar items in EconPapers)
Date: 2006-11
New Economics Papers: this item is included in nep-his
References: Add references at CitEc
Citations: View citations in EconPapers (16)

Downloads: (external link)
https://cepr.org/publications/DP5940 (application/pdf)

Related works:
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:cpr:ceprdp:5940

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP5940

Access Statistics for this paper

More papers in CEPR Discussion Papers from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK.
Bibliographic data for series maintained by CEPR ().