
Contents
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3.1 The First Globalization of Capital 3.1 The First Globalization of Capital
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3.1.1 London, The World’s Banker 3.1.1 London, The World’s Banker
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3.1.2 Who Borrowed? 3.1.2 Who Borrowed?
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3.1.3 Borrow for What? 3.1.3 Borrow for What?
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3.2 Causes of Lending Frenzy 3.2 Causes of Lending Frenzy
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3.2.1 Irrational and Fraudulent Behavior 3.2.1 Irrational and Fraudulent Behavior
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3.2.2 Information Asymmetries 3.2.2 Information Asymmetries
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3.2.3 Search for Yield 3.2.3 Search for Yield
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3.3 Access to International Finance 3.3 Access to International Finance
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3.3.1 Descriptives 3.3.1 Descriptives
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3.3.2 Nominal Interest Rates in Historical Perspective 3.3.2 Nominal Interest Rates in Historical Perspective
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3.3.3 Maturity Extension 3.3.3 Maturity Extension
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3.3.4 Effective Interest Rates 3.3.4 Effective Interest Rates
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3.4 Conclusion 3.4 Conclusion
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3 The Globalization of Public Credit
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Published:August 2022
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Abstract
This chapter focuses on the characteristics of the Bond Era while considering the difference between developmental and revenue finances under the notion of state building. It then examines the first global financial market 1816–1914 by referencing the expansion of capital exports and the secular decline of interest rates in sovereign lending. Public external finance in the Bond Era served three purposes: defense expenditure, debt conversion, and major infrastructure projects. The chapter explains how sovereign lending played a vital role in the rise of global finance. According to descriptive statistics, the lending frenzy in the Bond Era manifested in historically low nominal and effective interest rates and long maturities, all of which contributed to a culture of cheap money.
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