Fiscal Sustainability and the Value of Money: Lessons from the British Paper Pound, 1797-1821

Pamfili Antipa

Working papers from Banque de France

Abstract: This article explores the determinants of price level fluctuations in Britain during the first suspension of the gold standard over the 1797-1821 period. I find that the contemporary price level was determined by world gold prices and expectations regarding the resumption of the gold standard at the pre-war parity. As the latter hinged on market participants expectations concerning the financial burden of the Napoleonic Wars, my contribution establishes the importance of fiscal factors for the determination of the price level.

Keywords: Fiscal Theory of the Price Level; debt monetization; structural breaks. (search for similar items in EconPapers)
JEL-codes: C22 N13 N23 N43 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2013
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:bfr:banfra:466

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