{"title":"Plantation Mortgage-Backed Securities: Evidence from Surinam in the Eighteenth Century","authors":"Abe de Jong, Tim Kooijmans, Peter Koudijs","doi":"10.1017/s002205072300027x","DOIUrl":null,"url":null,"abstract":"In the second half of the eighteenth century, Dutch bankers channeled investors’ funds to sugar and coffee plantations in the Caribbean, Surinam in particular. Agency problems between plantation owners, bankers, and investors led to an arrangement called <jats:italic>negotiaties</jats:italic>. Bankers oversaw plantations’ cash flows and placed mortgage debt with investors. We demonstrate how this securitization arrangement worked using market-wide data and detailed records from banker F. W. Hudig. During the boom, debt contracts and their securitization were an effective solution for planters, bankers, and investors. However, the market crashed after an oversupply of credit. This led to inefficient restructuring due to debt overhang.","PeriodicalId":51435,"journal":{"name":"Journal of Economic History","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic History","FirstCategoryId":"98","ListUrlMain":"https://doi.org/10.1017/s002205072300027x","RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
In the second half of the eighteenth century, Dutch bankers channeled investors’ funds to sugar and coffee plantations in the Caribbean, Surinam in particular. Agency problems between plantation owners, bankers, and investors led to an arrangement called negotiaties. Bankers oversaw plantations’ cash flows and placed mortgage debt with investors. We demonstrate how this securitization arrangement worked using market-wide data and detailed records from banker F. W. Hudig. During the boom, debt contracts and their securitization were an effective solution for planters, bankers, and investors. However, the market crashed after an oversupply of credit. This led to inefficient restructuring due to debt overhang.
在18世纪下半叶,荷兰银行家将投资者的资金引导到加勒比地区,特别是苏里南的糖和咖啡种植园。种植园主、银行家和投资者之间的代理问题导致了一种被称为谈判的安排。银行家监督种植园的现金流,并向投资者提供抵押贷款。我们使用市场数据和银行家F. W. Hudig的详细记录来演示这种证券化安排是如何运作的。在经济繁荣时期,债务合同及其证券化是种植园主、银行家和投资者的有效解决方案。然而,在信贷供应过剩之后,市场崩溃了。由于债务积压,这导致了效率低下的重组。
期刊介绍:
The Journal of Economic History is devoted to the multidisciplinary study of history and economics, and is of interest not only to economic historians but to social and demographic historians, as well as economists in general. The journal has broad coverage, in terms of both methodology and geographic scope. Topics covered include money and banking, trade, manufacturing, technology, transportation, industrial organisation, labour, agriculture, servitude, demography, education, economic growth, and the role of government and regulation. In addition, an extensive book review section keeps readers informed about the latest work in economic history and related fields.