Capital Market Development over the Long Run: The Portfolios of UK Life Assurers over Two Centuries

David Bogle; Christopher Coyle; John Turner

doi:10.1093/ereh/heab017

Capital Market Development over the Long Run: The Portfolios of UK Life Assurers over Two Centuries

David Bogle, Christopher Coyle, John Turner

Research output: Contribution to journal › Article › peer-review

5 Citations (Scopus)

250 Downloads (Pure)

Abstract

What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemony-secured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.

Original language	English
Journal	European Review of Economic History
Early online date	16 Sept 2021
DOIs	https://doi.org/10.1093/ereh/heab017
Publication status	Early online date - 16 Sept 2021

Keywords

Capital markets, asset management, life assurance, mutuals, regulation, United Kingdom, United States

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This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1093/ereh/heab017Licence: CC BY-NC

Capital market development over the long run: the portfolios of UK life assurers over two centuries
© 2021 The Authors.
Final published version, 885 KBLicence: CC BY-NC

Insurance over two centuries: asset management, shareholder liability and regulation
Bogle, D. (Author), Coyle, C. (Supervisor) & Turner, J. (Supervisor), Jul 2022
Student thesis: Doctoral Thesis › Doctor of Philosophy

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Capital Market Development over the Long Run: The Portfolios of UK Life Assurers over Two Centuries

Abstract

Keywords

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Student theses

Insurance over two centuries: asset management, shareholder liability and regulation

Cite this