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- W2141254109 abstract "This article offers a new quantitative history of the market for government debt in France before the Revolution. The monarchy was a persistent default risk because of institutional obstacles to raising taxes. Default followed observable rules in targeting specific assets. The financial market reflected both facts: interest rates were high on the safest assets and ranged higher on the most likely default targets. The cost of all forms of new borrowing became substantially higher than the yields on old debt, resulting in increasing government reliance on expensive life annuities." @default.
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- W2141254109 date "1992-03-01" @default.
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- W2141254109 title "The Financial Market and Government Debt Policy in France, 1746–1793" @default.
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- W2141254109 doi "https://doi.org/10.1017/s002205070001024x" @default.
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