We gather the most comprehensive database of government bonds for the first globalisation era to date to conduct the first historically informed study of the importance of liquidity for colonial and sovereign yield spreads. Considering both liquidity and credit shows that the two markets were...

The book is intended primarily to provide a critical introduction to large and controversial issues. Few of the questions it poses can yet be answered with any confidence since no primary sources are open after the mid-1950s and insufficient research has yet been published on economic...