Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862

@article{Voth2004CreditRA,
  title={Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862},
  author={Hans Joachim Voth and Peter Temin},
  journal={History of Finance eJournal},
  year={2004}
}
  • H. Voth, P. Temin
  • Published 1 February 2004
  • Economics, History
  • History of Finance eJournal
C REDIT R ATIONING AND C ROWDING O UT DURING THE I NDUSTRIAL R EVOLUTION : E VIDENCE FROM H OARE ’ S B ANK , 1702-1862 P ETER T EMIN (MIT AND NBER) H ANS -J OACHIM V OTH (UPF, CREI, AND CEPR) A BSTRACT . Why was growth so slow during the British Industrial Revolution? More than a decade ago, Jeff Williamson proposed crowding-out as a result of Britain's numerous wars as a key mechanism, but little empirical evidence existed to support it. We argue that examinations of interest rates are… 
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