Plantation Mortgage-Backed Securities: Evidence from Surinam in the 18th Century
收藏ICPSR2023-01-01 更新2026-04-16 收录
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资源简介：
This is the replication package for the article Plantation Mortgage-Backed Securities: Evidence from Surinam in the 18th Century. In the second half of the 18th 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.
提供机构：
RMIT University; Monash University, University of Groningen; Erasmus University Rotterdam
创建时间：
2023-01-01
