Government equity and money: John Law’s system in 1720 France
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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References listed on IDEAS
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- 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.
- Sims, Christopher A, 2001.
"Fiscal Consequences for Mexico of Adopting the Dollar,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 33(2), pages 597-616, May.
- Christopher A. Sims, 2001. "Fiscal consequences for Mexico of adopting the dollar," Proceedings, Federal Reserve Bank of Cleveland, pages 597-625.
- Garber, Peter M, 1990. "Famous First Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 35-54, Spring.
- Earl J. Hamilton, 1936. "Prices and Wages at Paris under John Law's System," The Quarterly Journal of Economics, Oxford University Press, vol. 51(1), pages 42-70.
- 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 745-776, August.
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