How British Monetary Transformation Financed the 1814 Campaign Against Napoleon

5 Pages Posted: 31 Oct 2018

See all articles by Carolyn Sissoko

Carolyn Sissoko

University of the West of England (UWE)

Date Written: October 2, 2018

Abstract

This brief paper sets forth the evidence that the 1814 campaign against Napoleon was financed using techniques that had become borderline acceptable in Britain after the Suspension, but were illegal on the Continent, and that they succeeded only because the Bank of England was induced to expand its balance sheet by more than 20% in the summer of 1814. This illustrates how the careful British management of the suspension of convertibility of the Bank of England note increased the British government’s ability to issue debt.

Keywords: Bank of England, Discount Market, Real Bills, Government Debt, Napoleonic Wars, Rothschild

JEL Classification: E58, N13, N23, N43

Suggested Citation

Sissoko, Carolyn, How British Monetary Transformation Financed the 1814 Campaign Against Napoleon (October 2, 2018). Available at SSRN: https://ssrn.com/abstract=3263746 or http://dx.doi.org/10.2139/ssrn.3263746

Carolyn Sissoko (Contact Author)

University of the West of England (UWE) ( email )

Blackberry Hill Bristol
Bristol, Avon BS16 1QY
United Kingdom

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