| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14058 |
| DP14058 The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange during the First Globalisation | |
| Olivier Accominotti; Delio Lucena; Stefano Ugolini | |
| 发表日期 | 2019-10-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper presents a detailed analysis of how liquid money market instruments – sterling bills of exchange – were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of London bills. Our analysis reveals the truly global dimension of the London bill market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this market. The complex industrial organisation of the London money market ensured that risky private debts could be transformed into extremely liquid and safe monetary instruments traded throughout the global financial system. |
| 主题 | Economic History ; Financial Economics |
| 关键词 | Money market Industrial organisation Information asymmetry Bill of exchange |
| URL | https://cepr.org/publications/dp14058 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542942 |
| 推荐引用方式 GB/T 7714 | Olivier Accominotti,Delio Lucena,Stefano Ugolini. DP14058 The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange during the First Globalisation. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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