Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth
实证检验了诺思和温加斯特关于光荣革命后英国资本市场发展的理论，发现1690年代的制度创新促进了伦敦资本市场的快速增长，而制度威胁则引发金融动荡。
This study provides an empirical test of North and Weingast's theory of British capital-market development after the Glorious Revolution. The evidence is consistent with the hypotheses that institutional innovation in the 1690s led to the dramatic growth in London capital markets, and that threats to these institutions caused financial turmoil. We also find the economic motivation for these innovations to be consistent with the work of Ekelund and Tollison.