Working Paper

The case of the undying debt


Abstract: The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently yields ?1.20 per year. I tell the story of this unique debt, which serves as an anecdotal but symbolic summary of French public finances since the 18th century.

Keywords: Debts, Public;

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Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Working Paper Series

Publication Date: 2009

Number: WP-09-12