Public Debt and the Birth of the Democratic State: France and Great Britain 1688-1789

  title={Public Debt and the Birth of the Democratic State: France and Great Britain 1688-1789},
  author={David Stasavage},
1. Introduction 2. A model of credible commitment under representative government 3. Historical background: sovereign borrowing in Europe before 1688 4. Trends in French and British sovereign borrowing 1689-1789 5. Partisan politics and public debt in Great Britain: 1689-1789 6. Partisan politics and public debt in France: 1689-1789 7. Stability of representative institutions in France and Great Britain 8. Conclusion. 
Political institutions, credible commitment, and sovereign debt in advanced economies
This article tests systematically the effect of political structures on the credibility of sovereign debtors in advanced economies. It argues that power-sharing and party system polarization haveExpand
America's (Neglected) Debt to the Dutch: An Institutional Perspective
America’s early constitutional development owes a good deal to the experience and policies of the Dutch republic. Many of the parallels are direct: In the late 16th century, the Dutch fought aExpand
Building States and Markets after Communism: The Perils of Polarized Democracy
Introduction 1. The political logic of economic and institutional reform 2. Political polarization and economic inequality 3. The pace and consistency of reform 4. Political polarization and economicExpand
Guano, Credible Commitments, and Sovereign Debt Repayment in Nineteenth-Century Peru
Peru's experience with sovereign debt during the guano boom is one of the most remarkable in the nineteenth century. Despite the country's ongoing political instability and poor capital marketExpand
Partisan politics and public debt : The importance of the ‘ Whig Supremacy ’ for Britain ’ s financial revolution
It has become common for authors to argue that government commitment to repay debt depends upon institutions. In this article I present new econometric evidence which shows that in one prominentExpand
Partisan politics and public debt: The importance of the 'Whig Supremacy' for Britain's financial revolution
It has become common for authors to argue that government commitment to repay debt depends upon institutions. In this article I present new econometric evidence which shows that in one prominentExpand
Comparative European Institutions and the Little Divergence, 1385-1800
Why did the countries which first benefited from access to the New World -- Castile and Portugal -- decline relative to their followers, especially England and the Netherlands? The dominant narrativeExpand
The Political Economy of National Debt Burdens, 1970–2000
Why did developing country governments find themselves mired in high debt by the end of the twentieth century? This paper develops a theoretical framework to understand the relationship betweenExpand
The Political Economy of Fiscal Prudence in Historical Perspective
This paper uses a new panel dataset to perform a statistical analysis of political regimes and financial rectitude over the long run. Old Regime polities in Europe typically suffered from fiscalExpand
Capital Meets Democracy: Representative Institutions and the Rise of Mass Suffrage in Sovereign Bond Markets
How compatible is mass democracy with financial capitalism? We examine this classic debate through the reaction of sovereign bond markets to the rise of mass suffrage in Europe and the AmericasExpand


France and the Failure to Modernize Macroeconomic Institutions
While a great power in the eighteenth century, France fell behind Britain's lead in modernizing her macroeconomic institutions. This paper examines the development of French macroeconomicExpand
The Financial Market and Government Debt Policy in France, 1746–1793
This article offers a new quantitative history of the market for government debt in France before the Revolution. The monarchy was a persistent default risk because of institutional obstacles toExpand
The French Revolution and the Politics of Government Finance, 1770–1815
Although largely neglected in most histories of the French Revolution, the central government’s persistent budget deficit was a factor of paramount importance. The fiscal crisis inherited from theExpand
Redistribution and Long-Term Private Debt in Paris, 1660–1726
Based on a large sample from Parisian notarial records, this article examines the long-term private credit market in Paris in the late seventeenth and early eighteenth centuries and analyzes how itExpand
The making of a bourgois state. War, politics and finance during the Dutch revolt
  • M. Hart
  • Political Science, Sociology
  • 1993
Part 1 The setting of the problem: the Dutch Republic - united in contrasts the costs of warfare. Part 2 The relative crisis: shifting the burden of war the first shift - centralized means the secondExpand
Tontines, Public Finance, and Revolution in France and England, 1688–1789
Tontines were used more extensively by France than Britain. Comparative tontine history illuminates the differing evolution of public finance in the two countries and its political consequences.Expand
Political Power and the Credibility of Government Debt
If political power and motives to invest in government bonds are positively correlated across voting groups, then a self-selection equilibrium can arise where the government's promise to repay its debt is credible and a formal model is used where the alternative use of wealth is to acquire human capital. Expand
The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development
Thriving markets require not only an appropriately designed economic system, but a secure political foundation that limits the ability of the state to confiscate wealth. This requires a form ofExpand
Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth
This study provides an empirical test of North and Weingast's theory of British capital-market development after the Glorious Revolution. The evidence is consistent with the hypotheses thatExpand
The Capital Market Before 1600
This paper describes the evolution of long-term debt and equity finance in medieval and early modern Europe. The main issuers of long-term debt were landowners and municipalities. The paper discussesExpand