Arbeitspapier
Interest Rates, Sanitation Infrastructure, and Mortality Decline in Nineteenth-Century England and Wales
This paper investigates whether high borrowing costs deterred investment in sanitation infrastructure in late nineteenth-century Britain. Town councils had to borrow to fund investment, with considerable variation in interest rates across towns and over time. Panel regressions, using annual data from over eight hundred town councils, indicate that higher interest rates were associated with lower levels of infrastructure investment between 1887 and 1903. Instrumental variable regressions show that falling interest rates after 1887 stimulated investment and led to lower infant mortality. These findings suggest that Parliament could have expedited mortality decline by subsidizing loans or facilitating private borrowing.
- Language
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Englisch
- Bibliographic citation
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Series: EHES Working Paper ; No. 218
- Classification
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Wirtschaft
Economic History: Financial Markets and Institutions: Europe: Pre-1913
Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: Europe: Pre-1913
Economic History: Government, War, Law, International Relations, and Regulation: Europe: Pre-1913
Regional and Urban History: Europe: Pre-1913
- Subject
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interest rates
public investment
sanitation
Britain
urban infrastructure
mortality decline
- Event
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Geistige Schöpfung
- (who)
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Chapman, Jonathan
- Event
-
Veröffentlichung
- (who)
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European Historical Economics Society (EHES)
- (where)
-
s.l.
- (when)
-
2021
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Chapman, Jonathan
- European Historical Economics Society (EHES)
Time of origin
- 2021
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