Financial Developments in London in the Seventeenth Century: The Financial Revolution Revisited
通过伦敦公司支付利率的新序列，发现17世纪伦敦利率下降了350个基点，与欧洲趋势一致。档案记录显示债务工具数量、贷款人数增加及二级市场发展，计量分析表明流动性提升促进了伦敦与阿姆斯特丹利率趋同。
A novel series of interest rates paid by the Corporation of London shows that interest rates in London declined by 350 basis points during the seventeenth century. The decline followed a similar pattern in Europe. Records from the Corporation’s archive provide evidence for financial development: an increase in the number and volume of debt instruments, an increase in the number of lenders, and the development of a secondary market. Econometric analysis establishes that increasing the debt instruments’ liquidity contributed to the convergence of interest rates between London and Amsterdam.