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Tontine et rentes viagères en 1693 en Angleterre

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  • Georges Gallais-Hamonno
  • Christian Rietsch

Abstract

In 1693, in order to finance its war effort against France, England emitted its first tontine loan. It proved a failure, as shown by the fact only 10 % of the expected capital was issued; even if the required funds could eventually be raised through a subsidiary operation in life annuities. First the design of the tontine loan was awkward ; then frauds as to the survivors may have occurred whereas the most serious error was was the parallel issue of a particularly profitable loan in life annuities, which did not determine the rate of annuities according to age.

Suggested Citation

  • Georges Gallais-Hamonno & Christian Rietsch, 2015. "Tontine et rentes viagères en 1693 en Angleterre," Revue française d'économie, Presses de Sciences-Po, vol. 0(3), pages 15-52.
    • Handle: RePEc:cai:rferfe:rfe_153_0015
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