• Decoding AI’s Role in Financial Services
    • “The connection between AI and financial services goes back to computing pioneer Charles Babbage. In his 1832 work, On the Economy of Machinery and Manufactures, Babbage described London’s Bankers’ Clearing House, where clerks from various institutions met to settle checking transactions. Babbage was struck by the efficiency of this complex information processing system, which handled, by his estimate, as much as 15 million pounds per day – or well over 1 billion pounds in today’s money.”
  • The First 50 Years of the US Stock Market (1793 – 1843)
    • “Little is known about the performance of the US stock market before 1802, and evidence for the years following 1802 through the 1830s remains scanty. This paper describes a new database on total returns in the US stock market for the first fifty years of its existence.”
  • The Empire Effect: The Determinants of Country Risk in the First Age of Globalization
    • “We show that British colonies were able to borrow in London at significantly lower rates of interest than non-colonies precisely because of their colonial status, which mattered more than either gold standard adherence or the sustainability of fiscal policies. The “empire effect” was, on average, a discount of around 100 basis points, rising to around 175 basis points for the underdeveloped African and Asian colonies.”

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