What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency, and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemony-secured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.

中文翻译：

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资本市场的长期发展：两个世纪以来英国人寿保险公司的投资组合

从长远来看，是什么塑造和推动了资本市场的发展？在本文中，我们使用英国寿险公司的资产组合，研究了监管、历史偶然性和政治反应对英国资本市场长期发展事件的影响。政府对战争、霸权和平以及更广泛的宏观经济环境等事件的反应是自 1800 年以来资产配置发生重大变化的最终决定因素。此外，当我们将英国与美国进行比较时，我们发现监管发挥的作用有限在塑造英国人寿保险业的资产组合方面发挥的作用。