PUB: Article of possible interest

Evan Roberts's picture

Dear colleagues,

The following new article announcement from the Journal of Economic History may be of interest to some H-ANZAU readers, though perhaps off the normal reading list of many here.


Evan Roberts


The editors of The Journal of Economic History are pleased to announce Matthieu Chavaz and Marc Flandreau's article, ""High & Dry": The Liquidity and Credit of Colonial and Foreign Government Debt and the London Stock Exchange (1880-1910)". 

Liquidity was a powerful pricing factor in the late 19th century London market for foreign government bonds. Colonial governments, not being actively traded because they were very safe and sought for by buy-and-hold investors were severely penalized. We review market and political responses to this underestimated phenomenon, which calls into question conventional understandings of the benefits of colonial security.

Free access to the article is available until October 15th: