Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340738 
Year of Publication: 
2024
Citation: 
[Journal:] Journal of Government and Economics (JGE) [ISSN:] 2667-3193 [Volume:] 14 [Article No.:] 100109 [Year:] 2024 [Pages:] 1-11
Publisher: 
Elsevier, Amsterdam
Abstract: 
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.
Subjects: 
Bank of England
City of London
Crowding in
Discount market
financial history
Interest rates
JEL: 
N13
N23
N43
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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