货币市场工具的起源与分布：第一次全球化时期的英镑汇票
The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange during the First Globalization
摘要：
本文详细分析了在第一次全球化过程中，流动性货币市场工具--英镑汇票--是如何产生的。我们依赖于一个独特的数据集，该数据集报告了英格兰银行在1906年重新贴现的所有23，493张票据的系统信息。使用描述性统计和网络分析，我们重建了参与这些票据的发起和分发的代理人之间的完整联系网络。我们的分析揭示了第一次世界大战前伦敦票据市场真正的全球维度，并强调了伦敦中介机构（承兑人和贴现人）在克服这个市场上借款人和贷款人之间的信息不对称方面发挥的关键作用。伦敦货币市场复杂的行业组织确保了高风险的私人债务可以转化为在全球金融体系中交易的流动性极高且安全的货币工具。
英文摘要：
This paper presents a detailed analysis of how liquid money market instruments -- sterling bills of exchange -- were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of these bills. Our analysis reveals the truly global dimension of the London bill market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this market. The complex industrial organisation of the London money market ensured that risky private debts could be transformed into extremely liquid and safe monetary instruments traded throughout the global financial system.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
