Capital market development over the long run: the portfolios of UK life assurers over two centuries

Bogle, David A.; Coyle, Christopher; Turner, John D.

doi:10.1093/ereh/heab017

European Review of Economic History

2021

DOI: 10.1093/ereh/heab017

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Capital market development over the long run: the portfolios of UK life assurers over two centuries

David A. Bogle

Christopher Coyle

John D. Turner

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… Show more

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2024

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Cited by 6 publications

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“…They find a large increase in profits from the end of World War II to the present which were used to accumulate reserves, for capital expenditure, and to support other financial institutions. Bogle et al. analyse how the composition of the portfolios of life assurance companies changed in the long run, finding a shift towards stocks and shares in the 1981–91 period owing to privatization, market deregulation, and the lifting of exchange controls.…”

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Review of periodical literature for 2022: (vi) post‐1945

Paker

2024

The Economic History Review

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The periodical literature 1945-present demonstrates a variety of methodological approaches to important questions. The ever-increasing availability of data series that stretch far into the past has brought a historical flair to many papers in economics, while papers in history have increasingly abstracted away from specific case studies to broader trends. However, this focus on the long run and the bigger picture has not obscured the cleavages in society by gender, education, region, race, and class that have defined and delineated economic experiences from 1945 to the present, which are a focus of many articles. Many papers also dealt with contemporary concerns, such as the lingering impacts of the COVID-19 pandemic, disruptions to global trade, and the cost of living, at their best reminding us of the through lines from the challenges of the past to the present.Gender was a focus of articles in 2022 and was addressed from many disciplinary perspectives. Sutcliffe-Braithwaite and Thomlinson explore the feminist ideologies of working-class women in mining communities in the 1960s-1980s through oral history. They find that these women held a 'vernacular' feminism focused on autonomy and being seen as an equal to their husbands, rather than positions that emphasized economic equality such as in second-wave feminism. Barnes and Newton, use the Barclays archives to examine the introduction of uniformed female personal bankers in 1977. The objective was to make banking more accessible, counteracting elite stereotypes, but the uniformed women were sexualized in some Barclays advertising. The women working these positions, however, felt the uniforms legitimized their important role in the bank. Bargain et al. develop a theoretical model calibrated to the UK to analyse resource sharing within households. They find that a single child commands 14 per cent of household resources, with most of the children's resources taken from the woman's share of resources. The increase in women's share in household resources since the 1970s is primarily owing to a 'growing pie' rather than more equitable sharing within households.A common theme was gender gaps in economic outcomes. Jones and Kaya explore the recent gender pay gap in Northern Ireland using Oaxaca-Blinder decompositions, finding a smaller gap than in the rest of the UK but unequal returns by gender to 'productivity-related characteristics' such as educational attainment. Theodoropoulos et al. analyse linked employee-employer data 376

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Review of periodical literature for 2022: (vi) post‐1945

Paker

2024

The Economic History Review

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“…Overall, the authors argue that a combination of information asymmetries and a recurrent overoptimistic risk appetite should be sought as potential explanations for investors’ decisions and the return on investment in global mining. In a similar vein, Bogle et al. takes a long‐run view on investor's risk perceptions and investment choices and its implications for capital market development.…”

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Review of periodical literature for 2022: (v) 1850–1945

Husain

2024

The Economic History Review

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In 2022, the theme of income inequality was particularly well researched. The articles can generally be categorized under three broad themes: (1) exploring the contribution of systemic shocks on income inequality, (2) revising previous estimates on income inequality, and (3) investigating the drivers of income inequality. Galletta and Giommoni explore the impact of a systemic shock such as the 1918 influenza pandemic on income inequality in Italian municipalities. The authors derive measures of income inequality from newly digitized historical administrative records on taxpayer incomes. Results indicate that in the short and medium run, income inequality is higher in municipalities more afflicted by the pandemic. The authors argue that the effect is mostly explained by an increase in the share of income held by the rich to the detriment of the other strata of the population. While Galletta and Giommoni study the effect of systemic shocks on income inequality, Voutilainen examines whether economic inequality intensified the adverse effects of harvest, price, and income shocks during a famine. Using a unique parish-level longitudinal and multivariate spatial panel data from the Finnish famine of the 1860s, empirical investigations indicate that while increasing income inequality and decreasing average income exacerbated the adverse effects of food output fluctuations, the same conditions weakened the market-mediated shocks.Research on inequality also converged on creating new estimates to measure inequality. Roikonen contributes to discussions on long-run inequality and presents a new series of income inequality statistics from 1865 to 2019. The author finds that income inequality rose and peaked during the industrialization phase at the turn of the nineteenth and twentieth centuries. The paper gives credence to the fact that income inequality does not follow 'strict' patterns or deterministic rules over the long run, but instead does so by episodic shifts. Geloso et al. also focus on inequality estimates and offer revisions to the inequality series created by Piketty and Saez (2003). The authors argue that Piketty and Saez (2003) overstate inequality levels during this period, and offer a revised income inequality series by addressing discrepancies and correcting for accounting errors in the data construction. The authors quantify the effect of pronounced shocks on inequality levels to argue that the Great Depression, rather than World War II, played a more significant role. Their findings indicate a need to reevaluate commonly held assumptions about the evolution of inequality during the period of the 'great levelling'. Focusing on colonial Africa, de Haas presents five social tables and inequality estimates for Uganda between 1925 and 1965 and finds 364

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Why did shareholder liability disappear?

Bogle,

Campbell,

Coyle

et al. 2024

Journal of Financial Economics

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Capital market development over the long run: the portfolios of UK life assurers over two centuries

Cited by 6 publications

References 40 publications

Review of periodical literature for 2022: (vi) post‐1945

Review of periodical literature for 2022: (vi) post‐1945

Review of periodical literature for 2022: (v) 1850–1945

Why did shareholder liability disappear?

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