A Tale of Two Currencies: British and French Finance During the Napoleonic Wars
- 1 June 1991
- journal article
- Published by Cambridge University Press (CUP) in The Journal of Economic History
- Vol. 51 (2) , 303-316
- https://doi.org/10.1017/s002205070003895x
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.Keywords
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