In the last decade, economists have produced a considerable body of research suggesting that the historical origin of a country's laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. We summarize this evidence and attempt a unified interpretation. We also address several objections to the empirical claim that legal origins matter. Finally, we assess the implications of this research for economic reform.

/pdf/the-economic-consequences-of-legal-origins-3phhiol1rf.pdf

The Economic Consequences of Legal Origins

Technological Revolutions and Financial Capital presents a novel interpretation of the good and bad times in the economy, taking a long-term perspective and linking technology and finance in an original and convincing way.

Technological Revolutions and Financial Capital

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1028081_code51246.pdf?abstractid=1028081&mirid=1&type=2

Bitcoin (BTC) is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a BTC investment from the standpoint of a US investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Over the period under consideration, BTC investment had highly distinctive features, including exceptionally high average return and volatility. Its correlation with other assets was remarkably low. Spanning tests confirm that BTC investment offers significant diversification benefits. We show that the inclusion of even a small proportion of BTCs may dramatically improve the risk-return trade-off of well-diversified portfolios. Results should however be taken with caution as the data may reflect early-stage behavior that may not last in the medium or long run.

/pdf/virtual-currency-tangible-return-portfolio-diversification-8evsh1ii8j.pdf

Virtual currency, tangible return: Portfolio diversification with bitcoin

An engine, not a camera

Introduction From Market to Exchange, 1693-1801 From Money to Capital, 1801-51 From Domestic to International, 1850-1914 Shattered Dominance: The First World War, 1914-18 Challenges and Opportunities, 1919-39 The Changing Marketplace between Wars New Beginnings: The Second World War Recovery and Crisis, 1945-9 Drifting towards Oblivion, 1950-9 Failing to Adjust, 1960-9 Prelude to Change, 1970-9 Big Bang Black Hole Conclusion

The London Stock Exchange : a history

Part 1: London 1. The London Stock Exchange and the British Securities Market 2. The London Stock Exchange and the International Securities Market I 3. The London Stock Exchange and the International Securities Market II 4. The London Stock Exchange and the Capital Market 5. The London Stock Exchange and the Money Market Part 2: New York 6. The New York Stock Exchange and the Securities Market I 7. The New York Stock Exchange and the Securities Market II 8. The New York Stock Exchange and the US Economy

https://www.cambridge.org/core/services/aop-cambridge-core/content/view/C82D3DAFDF96D9E9B428FD9506D7AAE2/S0022050700045563a.pdf/div-class-title-the-london-and-new-york-stock-exchanges-1850-1914-div.pdf

The London and New York stock exchanges, 1850-1914

Preface 1. Introduction 2. Origins, Trends, and Reversals: 1100-1720 3. Advances and Setbacks: 1720 - 1815 4. New Beginnings and New Developments: 1815 - 1850 5. Exchanges and Networks: 1850-1900 6. The Triumph of the Market: 1900 - 1914 7. Crisis, Crash, and Control: 1914 - 1939 8. Suppression, Regulation, and Evasion: 1939 - 1970 9. A Transatlantic Revolution: 1970 - 1990 10. A Worldwide Revolution: Securities Markets from 1990 11. Conclusion

Ranald Michie

Papers

The London Stock Exchange : a history

The London and New York stock exchanges, 1850-1914

The global securities market : a history

The London Stock Exchange and the British Securities Market 1850–1914*

The Global Securities Market