An Institutional Investor in 18th-Century Britain

Francois Velde ()

No WP 2025-20, Working Paper Series from Federal Reserve Bank of Chicago

Abstract: Queen Anne’s Bounty was a corporation created in 1704 to redistribute income within the Anglican clergy. Structurally a saver needing a liquid asset, the corporation pursued a conservative strategy of investing in the dominant form of government debt, adapting as the market changed. It was involved in the South Sea Bubble but only made losses and steered clear from corporate equity and bonds thereafter.

Keywords: investors; Bubble; Public debt (search for similar items in EconPapers)
JEL-codes: N23 (search for similar items in EconPapers)
Pages: 23
Date: 2025-09-19
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DOI: 10.21033/wp-2025-20

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