Coordinating monetary and fiscal policies in Britain during the French Wars (1793–1821)

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HALSHS : archive ouverte en Sciences de l’Homme et de la Société

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info:eu-repo/semantics/altIdentifier/doi/10.1093/ereh/head019

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Hostilities Conflict, Armed (War) Wars Armed conflict (War) Fighting

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Pamfili Antipa et al., « Coordinating monetary and fiscal policies in Britain during the French Wars (1793–1821) », HALSHS : archive ouverte en Sciences de l’Homme et de la Société, ID : 10.1093/ereh/head019

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Abstract En

Relying on new quantitative and qualitative data, we analyze how the United Kingdom financed the French Wars (1793–1821). We show that policy makers adjusted monetary and fiscal policies in four regimes. 1) tax-smoothing; 2) suspending the gold standard, real bills, war taxation; 3) the Bank of England's price support of government securities; 4) return to the old order. Under the price support regime, the Bank of England maintained the market value of public short-term debt by purchasing large amounts of it. Our findings suggest that in this context fiscal news shocks rather than fluctuations in the money supply caused inflation.

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