South Seas Bubble 1720 Project

The first global financial bubble occurred in 1720 in Paris, London and the Netherlands. William Goetzmann, Geert Rouwenhorst, and Rik Frehen have collected stock prices for  a large number of the traded companies in 1720.  These include Dutch firms quoted in markets in the Netherlands, British firms quoted in the Netherlands,  and some previously unstudied British firms quoted in London. They incorporate additional British price information from Larry Neal. The database also contains international exchange rates and the Agio of the Bank of Amsterdam. These data are described in greater detail in  the ICF working paper, “New Evidence on the First Financial Bubble”  by Rik Frehen, Will Goetzmann and Geert Rouwenhorst. Please cite this paper when using the data.

  • South Seas Bubble 1720 Data

    Download [.xlsx]

    This data is supplied solely for academic research purposes. Any commercial use or redistribution without the authorization of the authors and the International Center for Finance at Yale is prohibited. Any use of the data in publication must cite the source appropriately.

  • Leydse Courant 1719-1720

    Leydse Courant was a Dutch newspaper published in the 1720's.  The documents are jpg images of the Courant from November 20, 1719 until December 30, 1720.  The images were provided by Rik Frehen.

    Download [.zip]

  • Leydse Courant 1721

    Leydse Courant was a Dutch newspaper published in the 1720's.  The documents are jpg images of the Courant from January 01, 1721 until December 31, 1721.  The images were provided by Rik Frehen.

    Download [.zip]

  • Stad Rotterdam

    Stad Rotterdam  was the name of a Dutch insurance company founded in 1720. Until the merger with Fortis AsR N.V. it was the oldest European mainland insurance company, at that time only Lloyd's of London was older. The full name of the original company was "Maatschappij ter discontering ende beleening der Stad Rotterdam anno 1720". Its operations are now part of the Fortis ASR N.V., the insurance division of Fortis.

    Grootboek Rotterdam July 03, 1720 until June 30, 1723

    Journaal Rotterdam July 03, 1720 until June 30, 1723

    Rotterdam Transaction Book