scholarly journals Novel market inefficiencies from early Victorian times

2017 ◽  
Vol 24 (2) ◽  
pp. 143-165 ◽  
Author(s):  
Andrew Odlyzko
Keyword(s):  
Nineteenth Century ◽  
Economic Incentives ◽  
Bond Market ◽  
Government Bond ◽  
British Government ◽  
Victorian Culture ◽  
Market Inefficiencies ◽  
Corporate Capitalism ◽  
The Government ◽  
Pricing Anomaly

A previously unknown pricing anomaly existed for a few years in the late 1840s in the British government bond market, in which the larger and more liquid of two very large bonds was underpriced. None of the published mechanisms explains this phenomenon. It may be related to another pricing anomaly that existed for much of the nineteenth century in which terminable annuities were significantly underpriced relative to so-called ‘perpetual’ annuities that dominated the government bond market. The reasons for these mispricings seem to lie in the early Victorian culture, since the basic economic incentives as well as laws and institutions were essentially the familiar modern ones. This provides new perspectives on the origins and nature of modern corporate capitalism.

Settling the Canadian Colonies: A Comparison of Two Nineteenth-Century Land Companies

2002 ◽  
Vol 76 (2) ◽  
pp. 299-335
Author(s):  
Anatole Browde
Keyword(s):  
Nineteenth Century ◽  
The Other ◽  
British Government ◽  
Political Situation ◽  
Economic Climate ◽  
Eastern Townships ◽  
The Government ◽  
Canada Company ◽  
Land Companies ◽  
Surplus Population

Two British land companies, the Canada Company and the British American Land Company (BALC), were active during the nineteenth century in settling what are now Ontario and the Eastern Townships of Quebec. Both purchased large tracts of land from the British government, with two goals: to provide funds for the governors of Canada and to relieve Britain of its surplus population. The Canada Company worked closely with the government to meet these objectives, whereas BALC indulged in land speculation and made immigration a secondary priority. One was successful, and the other struggled throughout its existence. Their success or failure was the directresult of how well they dealt with both the changing economic climate and the British and Canadian political situation.

scholarly journals Current state of the government bond market in the Russian Federation

2020 ◽  
Vol 13 (2) ◽  
pp. 87-94
Author(s):  
M. N. Lakoza
Keyword(s):  
Monetary Policy ◽  
Russian Federation ◽  
Banking Regulation ◽  
Bond Market ◽  
External Factors ◽  
Government Bond ◽  
Russian Government ◽  
Internal Factors ◽  
The Russian Federation ◽  
The Government

The article reveals the main current trends of the government bond market in the Russian Federation. Various factors that influence the state bond market were studied. External factors included geopolitical risks, rating actions, monetary policy of world Central banks, and the dynamics of oil prices. The main internal factors were: lower inflation, the Bank of Russia’s monetary policy, the return of non–residents to Russian ruble debt, the strengthening of the ruble, the Bank of Russia’s policy in terms of banking regulation, and the flexible policy of initial placement of Federal loan bonds. In 2019, external factors did not have a primary impact on the Russian government securities market, but they determined the General background of investor relations. The market was largely influenced by internal factors.

OUTLOOK FOR THE GOVERNMENT BOND MARKET

1960 ◽  
Vol 15 (2) ◽  
pp. 299-304
Author(s):  
Beryl W. Sprinkel
Keyword(s):  
Bond Market ◽  
Government Bond ◽  
The Government

Legal Advice, the Foreign Office, and Britain’s Neutrality Policy, 1870–1914

2021 ◽  
pp. 66-85
Author(s):  
Gabriela A. Frei
Keyword(s):  
Nineteenth Century ◽  
Civil War ◽  
Foreign Affairs ◽  
British Government ◽  
Government Administration ◽  
Legal Advice ◽  
Legal Challenges ◽  
State Practice ◽  
Foreign Office ◽  
The Government

As the predominant sea power in the nineteenth century, Britain shaped the understanding of neutrality at sea prior to 1914 like no other nation. This chapter examines how Britain formulated its neutrality policy in the aftermath of the American Civil War, and how this policy was implemented in the Franco-Prussian War of 1870–1871, the Sino-French War of 1884–1885, and the Russo-Japanese War of 1904–1905. Each conflict posed new legal challenges. It focuses on how the British government received legal advice, and how the government administration of foreign affairs changed as a result of the growing importance of legal advice in international politics. While the Foreign Office was responsible for the implementation of the neutrality policy, this chapter highlights the importance of the Law Officers of the Crown who, as the principal legal advisers of the British government, shaped state practice and, more generally, the understanding of neutrality at sea.

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