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- W2532380824 abstract "North and Weingast (1989) argued that the English Glorious Revolution of 1688 redistributed political power in such a way as to enhance the enforcement of property rights. They supported their hypothesis by presenting evidence that interest rates fell and interpreted this as a fall in the risk premium demanded by lenders. I argue that one cannot test their theory in this way since it implicitly rests on the assumption that the risk of debt repudiation was exogenous. This was clearly not so. If lenders anticipated that the incentives of the Stuart monarchs to default depended on the interest rate, then instead of charging a risk premium, they ration credit. There is in fact much evidence that this was the case. In these circumstances a reduction in the desire, or the ability, of the monarch to default leads not to a fall in interest rates, but a relaxation of rationing. An important implication of this is that the thesis of North and Weingast is immune to the critiques stemming from Clark (1996) and is entirely consistent with the available evidence." @default.
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- W2532380824 date "2006-01-01" @default.
- W2532380824 modified "2023-09-23" @default.
- W2532380824 title "Debt Repudiation and Risk Premia: The North-Weingast Thesis Revisited" @default.
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