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The Stupendous Modernity of the First Government Loan for Institutionals in 1555

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  • Georges Gallais-Hamonno
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    Abstract

    In order to finance the Italian war, Henry II ‘financial advisers have made in 1555 an enormous financial operation in LYON – then the French financial capital: a huge debt consolidation plus a cash issue. This issue was outstandingly “modern” by at least three aspects. 1. The subscription was reserved to the institutional investors --- the merchant-bankers. 2. For the first time, the amortization took the form of a 41-quarterly –constant-annuities system. 3. Because of a huge demand, an incredible system of “assimilation” of new loans has been organized. The end of this loan is as stupendous as its technics: less than two years later, the Royal government defaulted and only 9% of the total issue has been repaid according to schedule.

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    File URL: https://dipot.ulb.ac.be/dspace/bitstream/2013/53990/1/RePEc_sol_wpaper_09-039.pdf
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    Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 09-039.RS.

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    Length: 15 p.
    Date of creation: 2009
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    Handle: RePEc:sol:wpaper:09-039

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    Keywords: Government loans of 1555; Amortization and assimilation technics; Government bankruptcy;

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