Resource title

Consols, Financial Stability, and Pax Britannia

Resource image

image for OpenScout resource :: Consols, Financial Stability, and Pax Britannia

Resource description

This paper identifies a sharp decline in the volatility of consol prices after the end of the Napoleonic wars in 1815. The volatility of consol returns drops by more than half after 1815 and our empirical testing confirms a long period of remarkable stability that includes the entire Victorian era at the height of Pax Britannia. Over our 1729-1959 sample period significant shifts in the consol series, reflecting military events and monetary and fiscal policy shifts, are concentrated in the period between the Seven Years? War and Waterloo. There are no outliers between 1816 and 1914.

Resource author

William O. Brown, Richard C. K. Burdekin, Marc D. Weidenmier

Resource publisher

Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/23390

Resource license

Adapt according to the presented license agreement and reference the original author.