International Government Finance and the Amsterdam Capital Market, 1740–1815

Riley, James C.

doi:10.1017/cbo9780511759703

Cited by 151 publications

(37 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…The Dutch continued to focus on a centralised payments system, a diffuse set of financial assets available for long-term investors and an active set of merchant bankers who could facilitate foreign payments and credits. 24 The English gradually developed a network of country banks, tied by partnerships into private banks in London, which could help finance domestic investments and foreign trade, with frequent recourse at times of financial shocks to the market for government debt. 25 The French developed a market for government debt in the form of life annuities that were very attractive to foreign investors by virtue of paying a very high rate of return.…”

mentioning

confidence: 99%

How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648–1815

Neal

2000

Financial History Review

191

View full text Add to dashboard Cite

Larry Neal, How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648–1815The Treaty of Westphalia created the modern nation-state system of Europe and set the stage for the long-term success of financial capitalism. The new sovereign states experimented with competing monetary regimes during their wars over the next century and two-thirds while they extended and perfected the financial innovations in war finance developed during the Thirty Years War. The Dutch maintained fixed exchange rates, the French insisted on exercising monetary independence, while the English placed priority on free movement of international capital. In struggling with the trilemma of choosing among the goals of maintaining fixed exchange rates, monetary independence and free movement of capital, the governments of early modern Europe learned many valuable lessons. By the time of the Napoleonic wars, the innovations that emphasised reliance on financial markets rather than on financial institutions proved their superiority.

show abstract

mentioning

confidence: 99%

How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648–1815

Neal

2000

Financial History Review

191

View full text Add to dashboard Cite

show abstract

“…The story of Dutch investment in the debt of the early United States is well described by Riley (2009 An important feature of these American fund negotiaties is that they provided for a distribution of residual proWts deriving from the purchase of US bonds at a discount. As prices of the United States' debt rose to par, the capital gain accruing to investors-even after the issuers took their cut as intermediaries-was substantial.…”

Section: Dutch Investment In American Debtmentioning

confidence: 99%

Dutch Securities for American Land Speculation in the Late Eighteenth Century

Frehen¹,

Goetzmann

Rouwenhorst

2014

Housing and Mortgage Markets in Historical Perspective

View full text Add to dashboard Cite

Dutch investors have historically played an important role in American Wnance. The Wnanciers of the American Revolution turned to the Dutch markets for loans to support their war eVort and, with Hamilton's visionary restructuring of the American debt, the Dutch early faith in American promises paid oV handsomely. On the heels of their successful Wnancial investment in early US government bonds, Dutch investors in the 1790s turned their attention-and money-toward the speculative potential of the American land itself. Two of the most important foreign investments in American land development prior to the nineteenth century were the Dutch loans for the purchase of vast tracts of lots in the newly designated capital city of Washington, DC, and the Holland Land Company loans to purchase, promote, develop, and resell large sections of western New York State, with tracts that included the future Erie Canal. Both of these projects

show abstract

“…Plantation loans -or negotiates -are regarded as a forerunner of mortgage-backed securities (Rouwenhorst, 2005;Riley, 1980). In 1695, the Deutz Co. pioneered negotiates JRF 15,4 based on advanced loans to the Austrian emperor, requiring as collateral the revenues from his mercury mines.…”

Section: Early Mortgage Securitization Attemptsmentioning

confidence: 99%

Back to the future: 900 years of securitization

Buchanan

2014

The Journal of Risk Finance

View full text Add to dashboard Cite

Purpose -Before the 2007 financial crisis, securitized products accounted for half the credit market. Once regarded as one of the biggest financial innovations of the last century, securitization is now viewed as a contributory factor to the crisis. Until recently research has focused on the post-1970s mortgage securitization market. In this paper, I trace the earlier origins of securitization, from the 12th century Genoese compera through to early 20th century efforts. The historical examples highlight unifying themes on risk allocation and complexity. As the future securitization market remains uncertain, it is important to consider lessons to be learned from these historical episodes. Design/methodology/approach -This is primarily a survey article that utilizes historical documents to compare/contrast features of securitization with the recent crisis. Findings -Improved disclosure is the key element to address recent securitization flaws, but disclosure does not really matter if the entire process is not understood. An examination of historical episodes can be instructive. Forging ahead, any securitization reform needs to address why securitization markets formed, why they failed and how the securitization market can be improved. Practical implications -As the future securitization market remains uncertain, it is important to consider lessons to be learned from these historical episodes. Originality/value -To the best of my knowledge, this is one of the first research papers that surveys the history of securitization as far back as the twelfth century.

show abstract

International Government Finance and the Amsterdam Capital Market, 1740–1815

Cited by 151 publications

References 0 publications

How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648–1815

How it all began: the monetary and financial architecture of Europe during the first global capital markets, 1648–1815

Dutch Securities for American Land Speculation in the Late Eighteenth Century

Back to the future: 900 years of securitization

Contact Info

Product

Resources

About