The Interest Rate Effect of Dutch Money in Eighteenth-Century Britain
研究了18世纪荷兰资本对英国政府债务融资的影响，发现1780年后荷兰停止提供新资本并开始撤资，导致英国利率对政府借贷增加更加敏感。
It is generally recognized that the Dutch played a major part in financing British government deficits from the 1720s to the late 1770s. This article argues that even though the Dutch continued to hold large amounts of British debt after 1780, they stopped supplying new capital to the British and started a modest repatriation of some of their previous investments. A comparative econometric study of 3 percent consol yields during the two deficit-inducing wars Britain fought between 1750 and 1795 shows that as a result British interest rates became much more sensitive to increases in government borrowing.