Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/226355
Authors: 
Bogle, David A.
Coyle, Christopher
Turner, John D.
Year of Publication: 
2020
Series/Report no.: 
QUCEH Working Paper Series No. 2020-09
Abstract: 
What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemonysecured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.
Subjects: 
Capital markets
asset management
life assurance
mutuals
mergers,regulation
United Kingdom
United States
JEL: 
G11
G22
N20
N40
Document Type: 
Working Paper

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