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The case of the undying debt

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  • Velde, François R.

Abstract

The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently yields €1.20 per year, payable to the descendants of its original recipient. I tell the story of this unique debt, which serves as an anecdotal but symbolic summary of French public finances since the eighteenth century. Created by a powerful nobleman for one of his servants, it survived the turmoil of the French Revolution, became part of the public debt and has been scrupulously honored to this day, even though its value has been eroded away by decades of inflation.

Suggested Citation

  • Velde, François R., 2010. "The case of the undying debt," Financial History Review, Cambridge University Press, vol. 17(2), pages 185-209, October.
    • Handle: RePEc:cup:fihrev:v:17:y:2010:i:02:p:185-209_00
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The debt that would not disappear
      by Economic Logician in Economic Logic on 2010-01-28 21:07:00

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