Abstract
The lending portfolio of a London banker is analyzed to better understand the relationship between public and private finance during England's Financial Revolution. The Glorious Revolution's political settlement appears to have reduced the risk premium on sovereign debt; but it seems to have raised, not lowered, rates on private debt. Two explanations for these higher private rates are suggested. During the war years 1690–1697, the government's improved capacity to borrow seems to have “crowded out” private borrowing. After peace was restored and the government's borrowing retrenched, the new political regime seems to have stimulated demand for loanable funds.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
