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A Tale of Two Currencies: British and French Finance During the Napoleonic Wars

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Author Info
Bordo, Michael D.
White, Eugene N.

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Abstract

The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more policies. This paradoxical behavior is explained by Britain's strong credibility that allowed more flexible policies, while France's poor reputation forced reliance on taxation.

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File URL: http://journals.cambridge.org/abstract_S002205070003895X
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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 51 (1991)
Issue (Month): 02 (June)
Pages: 303-316
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Handle: RePEc:cup:jechis:v:51:y:1991:i:02:p:303-316_03

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  1. Michael D. Bordo & Finn E. Kydland, 1992. "The gold standard as a rule," Working Paper 9205, Federal Reserve Bank of Cleveland. [Downloadable!]
    Other versions:
  2. Newby, E., 2008. "The Suspension of the Gold Standard as Sustainable Monetary Policy," Cambridge Working Papers in Economics 0856, Faculty of Economics, University of Cambridge. [Downloadable!]
  3. Mikael Priks, 2005. "Optimal Rent Extraction in Pre-Industrial England and France – Default Risk and Monitoring Costs," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  4. Flandreau, Marc & Sussman, Nathan, 2004. "Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century," CEPR Discussion Papers 4248, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  5. Michael Bordo & Angela Redish, 1994. "Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility: A Note," NBER Working Papers 4024, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Eugene White, 2001. "France's Slow Transition from Privatized to Government-Administered Tax Collection: Tax Farming in the Eighteenth Century," Departmental Working Papers 200116, Rutgers University, Department of Economics. [Downloadable!]
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This page was last updated on 2009-12-1.


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