Intermediation and the provision of liquidity services during the South Sea Bubble

Andrew Mays and Gary Shea
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Andrew Mays: University of St Andrews
Gary Shea: University of St Andrews

No 12011, Working Papers from Economic History Society

Abstract: "A social network of stock trading is defined for the notorious South Sea Bubble. Complete market trade in East India Company and Bank of England shares is described in a flow network. Intermediation is treated as a form of network centrality, which can be analysed using measures of pass-through, inventories and immediacy. New features of the South Sea Bubble are documented: i) the crisis suffered by goldsmith bankers may have pre-dated the Bubble; ii) yet the depth and immediacy of intermediation was maintained throughout the Bubble; iii) a gradual trend towards dis-intermediation occurred after the Bubble and iv) a there was a switch from intermediation based upon brokerage to intermediation based upon dealership."

Keywords: weighted multidigraph; flow network; financial intermediation; brokerage (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Date: 2012-03
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