How did local authorities in nineteenth-century England raise the money to finance the building of roads, sewers, gasworks, schools, and hospitals? The literature on local government and capital markets is silent on this question. This article reveals the size of the municipal capital market, how and why it developed, and how it performed. It shows that most of the capital came from private individuals and institutions, with central government having only a modest role. Avoiding defaults, protecting lenders, the move towards standardization, and the development of open markets were all important in improving the credibility of borrowers and reducing the cost of debt. The article also reveals that the municipal capital market shared many similarities with the wider capital market.

中文翻译：

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打造 19 世纪英格兰的市政资本市场†

19 世纪英格兰的地方当局是如何筹集资金来建设道路、下水道、煤气厂、学校和医院的？关于地方政府和资本市场的文献没有提及这个问题。本文揭示了市政资本市场的规模、发展方式和原因，以及表现如何。这表明大部分资金来自私人和机构，中央政府的作用不大。避免违约、保护贷方、走向标准化以及发展开放市场对于提高借款人的信誉和降低债务成本都很重要。文章还揭示，市政资本市场与更广泛的资本市场有许多相似之处。