In the second half of the eighteenth 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.

中文翻译：

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种植园抵押贷款支持证券：十八世纪苏里南的证据

十八世纪下半叶，荷兰银行家将投资者的资金引导到加勒比海地区的糖和咖啡种植园，特别是苏里南。种植园主、银行家和投资者之间的代理问题导致了一种称为谈判。银行家监督种植园的现金流并向投资者发放抵押贷款。我们利用银行家 FW Hudig 的整个市场数据和详细记录来演示这种证券化安排的运作方式。在繁荣时期，债务合同及其证券化是种植园主、银行家和投资者的有效解决方案。然而，信贷供应过剩导致市场崩溃。由于债务积压，这导致重组效率低下。