Building liquidity and solvency: Financial institutions and British public debt management in the early eighteenth century

Construire la liquidité et la solvabilité. Institutions financières et gestion de la dette publique britannique au début du XVIII siècle

Nesrine Bentemessek Kahia () and Jérôme de Boyer Des Roches
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Nesrine Bentemessek Kahia: IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel, UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12
Jérôme de Boyer Des Roches: Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres, LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: This article explores the role of the Bank of England (BoE) and the South Sea Company (SSC) in managing British public debt in the early 18th century. While the SSC resulted in a speculative bubble, the BoE proved to be a model of lasting financial success. This contrast is analyzed through the perspectives of Steuart (1767) and Smith (1776), who studied these financial experiments in relation to the critical issues of public debt liquidity and sovereign solvency.

Keywords: Restructuration de la dette publique; Liquidité; Solvabilité de l’état; Banque d’Angleterre; Compagnie des Mers du Sud; Public debt restructuring; Liquidity; State solvency; Bank of England; South Sea Company (search for similar items in EconPapers)
Date: 2025
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Published in Revue d'histoire de la pensée économique, 2025, 1 (19), pp.165-192. ⟨10.48611/isbn.978-2-406-18601-4.p.0165⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05125789

DOI: 10.48611/isbn.978-2-406-18601-4.p.0165

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