2023
DOI: 10.1017/s002205072300027x
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Plantation Mortgage-Backed Securities: Evidence from Surinam in the Eighteenth Century

Abe de Jong,
Tim Kooijmans,
Peter Koudijs

Abstract: In the second half of the eighteenth century, Dutch bankers channeled investors’ funds to sugar and coffee plantations in the Caribbean, Surinam in particular. Agency problems between plantation owners, bankers, and investors led to an arrangement called negotiaties. Bankers oversaw plantations’ cash flows and placed mortgage debt with investors. We demonstrate how this securitization arrangement worked using market-wide data and detailed records from banker F. W. Hudig. During the boom, debt contracts and the… Show more

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Cited by 4 publications
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