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Do market frictions influence asset prices? The first part examines whether financial intermediaries' balance sheet capacity, their funding liquidity, can influence market liquidity, volatility, and price patterns. Using a historical case study this part suggests that when a liquidity provider is balance sheet constrained, markets become illiquid and prices move. The second part looks at Germany's 1927 stock market crash. It sheds light on the relationship between leverage and asset price behavior. The results indicate that a bank's credit policy influenced asset prices – an expansive policy dampened volatility and increased returns. A sharp cut in margin credit led to larger price fluctuations. The third part looks at the connection between the financial side and the real side of the economy. Testing the theory of rational bubbles, it suggests that in 18th century England government debt increased consumers' welfare by giving them a safe store of value. ; Les friccions del mercat influeixen en els preus dels actius financers? La primera part examina si la capacitat del balanç ̧ dels intermediaris financers, si la seva liquiditat financera, pot influir sobre la liquiditat del mercat, la volatilitat i l'estructura de preu. Mitjançant l'estudi d'un cas históric aquesta part suggereix que quan un proveidor de liquiditat té limitat el balanç, els mercats passen a no tenir liquiditat i els preus varien. La segona part se centra en el crac borsari alemany el 1927. Explica la relació entre l'apalancament i el comportament dels preus dels actius financers. El resultat indica que la poltica de crédit dels bancs va influir els preus dels actius financers una política expansiva reduia la volatilitat i feia augmentar els rendiments. Una gran retallada en el marge de crédit portava a majors fluc- tuacions dels preus. La tercera part analitza la connexió entre el sector financer i el sector real de l'economia. La teoria de les bombolles racionals suggereix que a l'Anglaterra del segle divuit el deute del govern va fer ...

This dissertation studies the interaction between financial markets and political institutions in a historical context. The body of this dissertation consists of four chapters in the fields of monetary and financial history. Chapter 2 concerns the history of the Russian rouble between 1856 and 1875. This chapter's main question is to what extent the Russian government was able to credibly stabilise its currency in the aftermath of the Crimean War. This chapter shows that foreign bondholders never saw currency reforms by the Tsarist government as fully credible. Chapter 3 concerns the gold standard, the main monetary regime between 1870 and 1914. This chapter studies why countries did or did not adopt the gold standard. Its main result is that countries that had more democratic institutions were, all else equal, less likely to do so. Chapter 4 studies the effects of the introduction of the corporate tax (Vennootschapsbelasting) in the occupied Netherlands in 1942. This chapter shows that the introduction of this tax cost Dutch shareholders over 200 million guilders. Furthermore, firms responded to this tax by attracting additional debt, thus avoiding part of the tax burden. Chapter 5 studies the remuneration of members of Canadian parliaments in the second half of the twentieth century. The main research question is how politicians respond to changes to their remuneration. This chapter shows that the introduction of pension schemes for members of parliament enticed them to remain in office longer, or at least to try to do so by running for re-election.

This book brings together the results of fresh scholarly research to present a unique overview of the financial history of the Netherlands from the sixteenth century onwards. The Netherlands has always occupied a role in international finance way out of proportion with its geographical size. Since the eighteenth century, the country has been one of the largest exporters of capital in the world. In addition, several important financial innovations were pioneered in the Netherlands, such as a funded public debt, the famous Amsterdam Wisselbank, large public limited companies with transferable shares, and securitized international loans. The book shows the evolution of the Dutch financial system during nearly four and a half centuries, detailing the close interrelationship between currency policy, public finance, and banking