THE GLORIOUS REVOLUTION'S EFFECT ON ENGLISH PRIVATE FINANCE: A MICROHISTORY, 1680–1705
通过分析一位伦敦银行家的贷款组合，研究了光荣革命的政治安排如何影响公共与私人金融，发现革命降低了主权债务风险溢价，却提高了私人贷款利率，可能源于政府借款的挤出效应或政治变革刺激的贷款需求。
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.