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 |
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Journal | European Review of Economic History |
Early online date | 16 Sept 2021 |
DOIs | |
Publication status | Early online date - 16 Sept 2021 |
Keywords
- Capital markets, asset management, life assurance, mutuals, regulation, United Kingdom, United States
Fingerprint
Dive into the research topics of 'Capital Market Development over the Long Run: The Portfolios of UK Life Assurers over Two Centuries'. Together they form a unique fingerprint.Student theses
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Insurance over two centuries: asset management, shareholder liability and regulation
Bogle, D. (Author), Coyle, C. (Supervisor) & Turner, J. (Supervisor), Jul 2022Student thesis: Doctoral Thesis › Doctor of Philosophy
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