The Market for American State Government Bonds in Britain and the United States, 1830-1843

29 Pages Posted: 8 Nov 2005

See all articles by Namsuk Kim

Namsuk Kim

University of Maryland - Department of Economics

John Joseph Wallis

University of Maryland - Department of Economics; National Bureau of Economic Research (NBER)

Multiple version iconThere are 2 versions of this paper

Abstract

In the 1830s the British and American economies were hit by a series of shared macroeconomic shocks. This paper investigates the role of markets for America's State bonds in Britain and the USA during and between the crises in 1837, 1839, and 1842. There is strong evidence that the crises in 1839 and 1842 originated in the USA and spread to Britain. There is also strong evidence that credit markets for American state bonds were tighter in the USA than in London between 1839 and 1842. The idea that the depression that began in 1839 in the USA was triggered by credit conditions in Britain and transmitted via the market for state credit, finds no support here.

Suggested Citation

Kim, Namsuk and Wallis, John J., The Market for American State Government Bonds in Britain and the United States, 1830-1843. Economic History Review, Vol. 58, No. 4, pp. 736-764, November 2005. Available at SSRN: https://ssrn.com/abstract=826832

Namsuk Kim (Contact Author)

University of Maryland - Department of Economics ( email )

College Park, MD 20742
United States

John J. Wallis

University of Maryland - Department of Economics ( email )

College Park, MD 20742
United States
301-405-3552 (Phone)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
18
Abstract Views
915
PlumX Metrics