| 来源类型 | Discussion paper
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| 规范类型 | 论文
|
| 来源ID | DP4437
|
| DP4437 Are Different Rules of Origin Equally Costly? Estimates from NAFTA |
| Jaime de Melo; Céline Carrère
|
| 发表日期 | 2004-06-23
|
| 出版年 | 2004
|
| 语种 | 英语
|
| 摘要 | Crowding-out during the British Industrial Revolution has long been one of the leading explanations for slow growth during the Industrial Revolution, but little empirical evidence exists to support it. We argue that examinations of interest rates are fundamentally misguided, and that the eighteenth- and early nineteenth-century private loan market balanced through quantity rationing. Over 90% of all loans were made at the maximum permissible lending rate, as set by the usury rate. Hence, earlier investigations such as the one by Mirowski et al. could not undertake a valid examination of the crowding-out hypothesis. Using a unique set of observations on lending volume at a London goldsmith bank, Hoare?s, we document the impact of wartime financing on private credit markets. Whenever public borrowing rose above trend, private lending declined markedly. We conclude that there is considerable evidence that government borrowing, especially during wartime, crowded out private credit, and that the magnitude of the effect is important enough to explain at least partly why British growth during the period 1750-1850 was relatively slow. |
| 主题 | International Macroeconomics
|
| 关键词 | Crowding-out
British industrial revolution
Growth
Finance
Credit rationing
|
| URL | https://cepr.org/publications/dp4437
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533390
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推荐引用方式
GB/T 7714 |
Jaime de Melo,Céline Carrère. DP4437 Are Different Rules of Origin Equally Costly? Estimates from NAFTA. 2004.
|
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