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.
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File(s): File format is application/pdf http://www.chicagofed.org/digital_assets/publications/working_papers/2009/wp2009_12.pdf
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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