Tontine et rentes viagères en 1693 en Angleterre

Georges Gallais-Hamonno and Christian Rietsch

Revue française d'économie, 2015, vol. Volume XXX, issue 3, 15-52

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.

Date: 2015
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