Carolyn Sissoko
Crowding in during the Seven Years’ War
Sissoko, Carolyn; Palma, Nuno
Authors
Nuno Palma
Abstract
We present a detailed study of the Seven Years’ War (1756–1763) using a new dataset based on the Bank of England minutes. We argue that the war and associated Bank of England actions led to a transformation of the financial system. Additionally, while there was short-term crowding out of private investment when interest rates rose due to the issue of war-related government debt, in the long-run there was crowding in: higher government spending led to an increase in private sector investment.
Citation
Sissoko, C., & Palma, N. Crowding in during the Seven Years’ War
Deposit Date | May 4, 2023 |
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Publicly Available Date | May 4, 2023 |
Series Number | EDP-2211 |
Keywords | Bank of England, City of London, discount market, interest rates, crowding in, financial history |
Public URL | https://uwe-repository.worktribe.com/output/10337452 |
Publisher URL | https://t.co/dYnIHYM45Q |
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