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Article

Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690–1790

Nathan Sussman; Yishay Yafeh · The Journal of Economic History, 66(4), 906–935 · 2006

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Type: Article
Author: Nathan Sussman; Yishay Yafeh
Identifier: DOI 10.1017/S0022050706000374
Accessed: 2026-09-01

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DisputedNorth and Weingast argued that institutions established after 1688 let the English Crown commit credibly to property rights, lowering borrowing costs; Sussman and Yafeh found that British interest rates stayed high and volatile for about four decades afterwards.DisputedNorth and Weingast (1989) argued that the institutions created after 1688 allowed the English government to commit credibly to upholding property rights, citing evidence from capital markets; Sussman and Yafeh (2006) found that British interest rates stayed high and volatile for four decades after the Glorious Revolution.