{"title":"七年战争期间的拥挤情况","authors":"Nuno Palma , Carolyn Sissoko","doi":"10.1016/j.jge.2024.100109","DOIUrl":null,"url":null,"abstract":"<div><p>We present a financial history of the Seven Years’ War (1756–1763) using a new dataset derived from the Bank of England minutes. We argue that the war and the associated actions of the Bank of England led to a transformation of the financial system. Additionally, while there was short-term crowding out of private investment when interest rates rose due to the issue of war-related government debt, in the long-run there was crowding in: government spending led to an increase in private sector investment.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"14 ","pages":"Article 100109"},"PeriodicalIF":0.0000,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667319324000132/pdfft?md5=4cf5ae00dc93b3c8fcc307a51fbaad0a&pid=1-s2.0-S2667319324000132-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Crowding in during the Seven Years’ War\",\"authors\":\"Nuno Palma , Carolyn Sissoko\",\"doi\":\"10.1016/j.jge.2024.100109\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We present a financial history of the Seven Years’ War (1756–1763) using a new dataset derived from the Bank of England minutes. We argue that the war and the associated actions of the Bank of England led to a transformation of the financial system. Additionally, while there was short-term crowding out of private investment when interest rates rose due to the issue of war-related government debt, in the long-run there was crowding in: government spending led to an increase in private sector investment.</p></div>\",\"PeriodicalId\":100785,\"journal\":{\"name\":\"Journal of Government and Economics\",\"volume\":\"14 \",\"pages\":\"Article 100109\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S2667319324000132/pdfft?md5=4cf5ae00dc93b3c8fcc307a51fbaad0a&pid=1-s2.0-S2667319324000132-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Government and Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2667319324000132\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Government and Economics","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2667319324000132","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We present a financial history of the Seven Years’ War (1756–1763) using a new dataset derived from the Bank of England minutes. We argue that the war and the associated actions of the Bank of England led to a transformation of the financial system. Additionally, while there was short-term crowding out of private investment when interest rates rose due to the issue of war-related government debt, in the long-run there was crowding in: government spending led to an increase in private sector investment.
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