How British Monetary Transformation Financed the 1814 Campaign Against Napoleon
5 Pages Posted: 31 Oct 2018
Date Written: October 2, 2018
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: Suggested Citation