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Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701–1918
Open accessAbstract
The British data from the early 1700s through WWI provide an unmatched opportunity for studying temporary changes in government purchases. Temporary increases, which appeared mainly as wartime spending, raised long-term interest rates, but significantly increased the growth rates of money and prices only during suspensions of the gold standard (1797–1821 and 1914–1918). Temporary changes in military spending accounted for the bulk of budget deficits; over the sample of more than 200 years, I found only two major non-war deficits — one associated with compensation payments to slaveowners in 1835–1936 and the other with a dispute over the income tax in 1909–1910. Interest rates did not react much to these ‘exogenous’ deficits.
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Citations
Cited by
North, D. C., & Weingast, B. R. (1989) · The Journal of Economic History · doi:10.1017/s0022050700009451 · Cited by 5,300
Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries
Ardagna, S., Caselli, F., & Lane, T. (2007) · The B.E. Journal of Macroeconomics · doi:10.2202/1935-1690.1417 · Cited by 267
(2011) · Medical Entomology and Zoology · Cited by 107
Metadata
- Authors
- Barro, R. J.
- Venue
- Journal of Monetary Economics
- Publisher
- Elsevier BV
- Published
- 1987-09
- Volume
- 20
- Issue
- 2
- Pages
- 221-247
- ISSN
- 0304-3932 (ISSN-L)
- OpenAlex
- W3122324726
- Cited by
- 357
- References
- 0
- FWCI
- 19.97
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- CoChat. (2026). Citation check: Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701–1918. https://app.cochat.ai/papers/10.1016/0304-3932(87)90015-8
- The paper
- Barro, R. J. (1987). Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701–1918. Journal of Monetary Economics. https://doi.org/10.1016/0304-3932(87)90015-8
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
