The modern European Economy was born in Italy as its city states began trading with the rest of the world. Venice issued the first government bonds in 1285 to fund its wars with other Italian states and other Mediterranean powers. Naples and Genoa soon issued their own debt to fund their wars and their development. GFD has bond data from all three cities to show the evolution of bond prices and yields during the Renaissance.
The wars between France and England in the 1600s put both countries under severe financial strain. France and England reorganized their finances by issuing large amounts of debt directly to investors. Data on British debt and interest rates dates back to 1694 when the Bank of England was established. Bond data begins in 1746 for France, in 1784 for Ireland, in 1786 for the United States, and in 1788 for Austria, Germany, Denmark, the Netherlands and Spain.
After the Napoleonic wars, London was the financial center of the world, and dozens of countries issued debt to help fund their development (including Poyais, a country that didn’t exist except in the mind of its fraudulent creator). Meanwhile, Central Banks were established in each country to help economies grow as the Industrial Revolution took force.
GFD provides a complete picture of how yields on bonds have evolved over time, and how money market rates have changed throughout the 1800s and 1900s. Using government bond data from different European exchanges, GFD provides a rich, detailed history of interest rate yields and risks around the globe spanning all cities fixed income investments.