Reparations as an instrument of international peace settlements were abandoned after the failure of Germany to pay its post World War I indemnity. However, reparations played a useful role in the construction of earlier peace treaties. This paper examines the payment of reparations by the French after the Napoleonic Wars. By most measures, these reparations were the largest ever fully paid; and they imposed a high cost on the economy in terms of lost output and consumption and diminished capital stock. The incentives to pay were appropriately set and payment permitted France to be accepted once again as an equal among the great powers.
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Paper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number
199924.
Find related papers by JEL classification: N13 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: Pre-1913
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