A Tale of Two Currencies: British and French Finance During the Napoleonic Wars

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Abstract

The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more “orthodox” policies. This paradoxical behavior is explained by Britain’s strong credibility that allowed more flexible policies, while France’s poor reputation forced reliance on taxation.

Original languageEnglish (US)
Pages (from-to)303-316
Number of pages14
JournalThe Journal of Economic History
Volume51
Issue number2
DOIs
StatePublished - Jun 1991

All Science Journal Classification (ASJC) codes

  • History
  • Economics and Econometrics
  • Economics, Econometrics and Finance (miscellaneous)

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