Paid Upon Orders from the Treasury

Moshe Milevsky

Chapter Chapter 5 in The Day the King Defaulted, 2017, pp 95-120 from Springer

Abstract: Abstract Introduces the main borrowing instrument that were the cause of the Stop of the Exchequer in 1672—the collateralized treasury orders (CTOs) and the payment system introduced by George Downing. Explains the history of CTOs and how they worked, and covers various administrative aspects of the Exchequer. Offers a valuation model for CTOs using a modern-day approach to balancing financial risk and return using the concept of a Poisson arrival process. Ends by discussing whether bankers charged “too much” for lending money.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-59987-8_5

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DOI: 10.1007/978-3-319-59987-8_5

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