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Government equity and money: John Law’s system in 1720 France

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François Velde

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Abstract

John Law’s System was a radical restructuring of French public finances, carried out from 1716 to 1720. It involved on the one hand a conversion of the existing French public debt into something like government equity, on the other hand the replacement of commodity money with fiat money. For strategic reasons, Law supported the equity at too high a level, resulting in uncontrolled money creation. The System ended with the recreation of a public debt at, surprisingly, the same level as before.

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Paper provided by Federal Reserve Bank of Chicago in its series Working Paper Series with number WP-03-31.

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Date of creation: 2003
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Handle: RePEc:fip:fedhwp:wp-03-31

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Keywords: France ; Debts; Public ; Money;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Greif, Avner & Milgrom, Paul & Weingast, Barry R, 1994. "Coordination, Commitment, and Enforcement: The Case of the Merchant Guild," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 745-76, August. [Downloadable!] (restricted)
  2. Garber, Peter M, 1990. "Famous First Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 35-54, Spring. [Downloadable!] (restricted)
  3. Velde, Fran?ois R. & Weir, David R., 1992. "The Financial Market and Government Debt Policy in France, 1746?1793," The Journal of Economic History, Cambridge University Press, vol. 52(01), pages 1-39, March. [Downloadable!]
  4. Christopher A. Sims, 2001. "Fiscal consequences for Mexico of adopting the dollar," Proceedings, Federal Reserve Bank of Cleveland, pages 597-625.
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  5. Sargent, Thomas J & Velde, Francois R, 1995. "Macroeconomic Features of the French Revolution," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 474-518, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. François Velde, 2006. "Chronicles of a deflation unforetold," Working Paper Series WP-06-12, Federal Reserve Bank of Chicago. [Downloadable!]
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