Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690–1790
重新审视英国1690–1790年间制度、政府债务成本与金融发展的关系，发现光荣革命后四十年利率仍高且波动，英国债务人均水平直到1780年左右才低于荷兰，且并未比产权保护较弱的国家享有更低借款利率，表明短期制度改革未获金融市场奖励。
We revisit the evidence on the relations between institutions, the cost of government debt, and financial development in Britain (1690–1790) and find that interest rates remained high and volatile for four decades after the Glorious Revolution, partly due to wars and instability; British interest rates co-moved with those in Holland; Debt per capita remained lower in Britain than in Holland until around 1780; and Britain did not borrow at lower rates than European countries with more limited protection of property rights. We conclude that, in the short run, institutional reforms are not rewarded by financial markets.