Capital market development over the long run: the portfolios of UK life assurers over two centuries
| Autor: | Christopher Coyle, John D. Turner, David A. Bogle |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
Capital markets
asset management life assurance mutuals regulation United Kingdom United States History Government business.industry Financial economics SDG 16 - Peace Justice and Strong Institutions Economics Econometrics and Finance (miscellaneous) Asset allocation Politics Economics Asset management Asset (economics) business Contingency Capital market |
| Zdroj: | Bogle, D, Coyle, C & Turner, J 2021, ' Capital Market Development over the Long Run: The Portfolios of UK Life Assurers over Two Centuries ', European Review of Economic History . https://doi.org/10.1093/ereh/heab017 |
| ISSN: | 1474-0044 1361-4916 |
| DOI: | 10.1093/ereh/heab017 |
| Popis: | What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency, and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemony-secured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry. |
| Databáze: | OpenAIRE |
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