The Duration of Book Credit in Colonial New England
David Flynn ()
Economic History from University Library of Munich, Germany
Account books show that merchants frequently used book credit in exchanges with consumers. The ability of credit to act as a substitute for currency in payments depends on the terms attached to the credit, such as its duration. Employing lifetable analysis and the singulate mean age at marriage, I arrive at expected duration estimates in excess of those in the literature. Given the expected duration, book credit seems a good substitute for other forms of payment. If this is the case, I argue that a major revision of literature on colonial monetary matters may be in order.
Keywords: book credit; demography; singulate mean age at marriage (search for similar items in EconPapers)
JEL-codes: N (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his
Note: Type of Document - doc; pages: 27. Tables and Figures at the end.
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpeh:0407001
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