Plantation Mortgage-Backed Securities: Evidence from Surinam in the Eighteenth Century

IF 2.5 1区 历史学 Q2 ECONOMICS Journal of Economic History Pub Date : 2023-08-31 DOI:10.1017/s002205072300027x
Abe de Jong, Tim Kooijmans, Peter Koudijs
{"title":"Plantation Mortgage-Backed Securities: Evidence from Surinam in the Eighteenth Century","authors":"Abe de Jong, Tim Kooijmans, Peter Koudijs","doi":"10.1017/s002205072300027x","DOIUrl":null,"url":null,"abstract":"In the second half of the eighteenth century, Dutch bankers channeled investors’ funds to sugar and coffee plantations in the Caribbean, Surinam in particular. Agency problems between plantation owners, bankers, and investors led to an arrangement called <jats:italic>negotiaties</jats:italic>. Bankers oversaw plantations’ cash flows and placed mortgage debt with investors. We demonstrate how this securitization arrangement worked using market-wide data and detailed records from banker F. W. Hudig. During the boom, debt contracts and their securitization were an effective solution for planters, bankers, and investors. However, the market crashed after an oversupply of credit. This led to inefficient restructuring due to debt overhang.","PeriodicalId":51435,"journal":{"name":"Journal of Economic History","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic History","FirstCategoryId":"98","ListUrlMain":"https://doi.org/10.1017/s002205072300027x","RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

Abstract

In the second half of the eighteenth century, Dutch bankers channeled investors’ funds to sugar and coffee plantations in the Caribbean, Surinam in particular. Agency problems between plantation owners, bankers, and investors led to an arrangement called negotiaties. Bankers oversaw plantations’ cash flows and placed mortgage debt with investors. We demonstrate how this securitization arrangement worked using market-wide data and detailed records from banker F. W. Hudig. During the boom, debt contracts and their securitization were an effective solution for planters, bankers, and investors. However, the market crashed after an oversupply of credit. This led to inefficient restructuring due to debt overhang.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
种植园抵押担保证券:来自18世纪苏里南的证据
在18世纪下半叶,荷兰银行家将投资者的资金引导到加勒比地区,特别是苏里南的糖和咖啡种植园。种植园主、银行家和投资者之间的代理问题导致了一种被称为谈判的安排。银行家监督种植园的现金流,并向投资者提供抵押贷款。我们使用市场数据和银行家F. W. Hudig的详细记录来演示这种证券化安排是如何运作的。在经济繁荣时期,债务合同及其证券化是种植园主、银行家和投资者的有效解决方案。然而,在信贷供应过剩之后,市场崩溃了。由于债务积压,这导致了效率低下的重组。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
2.80
自引率
4.80%
发文量
38
期刊介绍: The Journal of Economic History is devoted to the multidisciplinary study of history and economics, and is of interest not only to economic historians but to social and demographic historians, as well as economists in general. The journal has broad coverage, in terms of both methodology and geographic scope. Topics covered include money and banking, trade, manufacturing, technology, transportation, industrial organisation, labour, agriculture, servitude, demography, education, economic growth, and the role of government and regulation. In addition, an extensive book review section keeps readers informed about the latest work in economic history and related fields.
期刊最新文献
Political Conflict and Development Dynamics: Economic Legacies of the Cultural Revolution The Glorious Revolution and Access to Parliament Churches as Social Insurance: Oil Risk and Religion in the U.S. South Plantation Mortgage-Backed Securities: Evidence from Surinam in the Eighteenth Century We Do Not Know the Population of Every Country in the World for the Past Two Thousand Years
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1