Title
Returns on investments during the colonial era: the case of the Belgian Congo Returns on investments during the colonial era: the case of the Belgian Congo
Author
Faculty/Department
Faculty of Applied Economics
Institute of Development Policy and Management
Publication type
article
Publication
London ,
Subject
Economics
History
Source (journal)
The economic history review. - London
Volume/pages
62(2009) :S:1 , p. 135-166
ISSN
0013-0117
1468-0289
ISI
000267831100007
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
Before the First World War, Belgium participated in a global wave of foreign direct investment. After the war, a shift towards the Belgian colony of the Congo was observed. With regard to these investments, it is commonly argued that higher (expected) profit rates were a strong incentive, although others propose that the colonial powers lost money on their colonial possessions. We measure ex post performance in terms of the time-weighted rate of return by making use of a new database of Congolese stocks and compare the Congolese data with a Belgian sample. Returns on Congolese stocks were much higher, at least until country risk became a reality.
E-info
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