Capital market development over the long run: the portfolios of UK life assurers over two centuries
Capital market development over the long run: the portfolios of UK life assurers over two centuries
复制标题
资本市场的长期发展：两个世纪以来英国寿险公司的投资组合
DOI：
10.1093/ereh/heab017
复制
发表时间：
2022
影响因子：
1.4
通讯作者：
Bogle D
中科院分区：
文献类型：
--
作者：
Bogle D
从长远来看，是什么塑造和推动了资本市场的发展？在本文中，使用英国人寿保险公司的资产组合，我们研究的作用，监管，历史的偶然性，政治反应的事件对英国资本市场的长期发展。自1800年以来，政府对诸如战争、霸权确保的和平以及更广泛的宏观经济环境等事件的反应是资产配置发生重大变化的最终决定因素。此外，当我们将英国与美国进行比较时，我们发现监管在塑造英国人寿保险业的资产组合方面发挥了有限的作用。
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, hegemony-secured 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.