Baring, Wellington and the Resurrection of French Public Finances Following Waterloo

Kim Oosterlinck, Loredana Ureche-Rangau and Jacques-Marie Vaslin

The Journal of Economic History, 2014, vol. 74, issue 4, 1072-1102

Abstract: Following Waterloo, managing French public finances represented a daunting task as the country had lost a substantial part of its population and territory and had to pay huge amounts as reparations to the victors. Despite this, in just ten years, France managed to issue substantial amounts of debt with a spread, compared to the British consol, falling from more than 400 to 100 basis points. We argue that the Duke of Wellington was key in creating an environment in which Baring had an incentive to lend to France and all actors had an incentive to see French debts reimbursed.

Date: 2014
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