Law, Politics and Financial Development: The Great Reversal of the U.K. Corporate Debt Market

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Abstract

This article examines the role of creditor protection in the development of the U.K. corporate bond market. This market grew rapidly in the late nineteenth century, but in the twentieth century it experienced a reversal, albeit with a short-lived post-1945 renaissance. Such was the extent of the reversal that the market from the 1970s onwards was smaller than it had been in 1870. We find that law does not explain the variation in the size of this market over time. Alternatively, our evidence suggests that inflation and taxation policies were major drivers of this market in the post-1945 era. Copyright © The Economic History Association 2013
Original languageEnglish
Pages (from-to)810-846
Number of pages37
JournalThe Journal of Economic History
Volume73
Issue number3
DOIs
Publication statusPublished - Sep 2013

ASJC Scopus subject areas

  • History
  • Economics, Econometrics and Finance (miscellaneous)
  • Economics and Econometrics

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