Law, Politics, and Financial Development: The Great Reversal of the U.K. Corporate Debt Market
研究了英国公司债券市场在19世纪末快速增长后于20世纪出现逆转的现象，发现法律不能解释市场规模的长期变化，而二战后通胀和税收政策是主要驱动因素。
This article examines the role of creditor protection in the development of the U.K. corporate bond market. This market grew rapidly in the late nineteenth century, but in the twentieth century it experienced a reversal, albeit with a short-lived post-1945 renaissance. Such was the extent of the reversal that the market from the 1970s onwards was smaller than it had been in 1870. We find that law does not explain the variation in the size of this market over time. Alternatively, our evidence suggests that inflation and taxation policies were major drivers of this market in the post-1945 era.