• Subprime Plantatation Mortgages in the 18th Century
    • “In the second half of the 18th century a tremendous flow of cheap credit went to the Dutch colonies in the West Indies, allegedly turning all who desired into real planters. All this credit allowed many to acquire an estate, but often together with deep debts that turned out too high to repay.”
  • The Quest for Gold and the Panic of 1825
    • “Armed with cheap banknotes and a romantic disposition, British speculators ventured deep into the jungle of Latin American investments during the early 1820s in the quest for the continent’s legendary treasure mines. Yet all they found were profit-sucking leeches and accursed pyramid schemes.”
  • An Extensive History of Financial Markets (Book)
    • “In a series of original essays, leading financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements forcing change and adaptation by governments, financial intermediaries, and financial markets.”
  • Crises, Crises, and More Crises
    • “Looking at 140 years of modern financial history, this paper analyses what is new and what is old about the 2008/09 financial crisis”
  • Putting All Their Eggs in One Basket? Portfolio Diversification 1870 to 1902
    • “This paper explores the portfolio choices made by a sample of 508 investors – 263 men and 245 women – between 1870 and 1902. There is evidence of diversification, with the average holding of the sample being 4.6 securities. There is also evidence of increasing levels of diversification over time, of international diversification, and greater diversification by wealthy men and women. Investors in the past clearly made efforts to reduce portfolio risk before Markowitz optimization”

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