Suchergebnisse

In order to finance the Italian war, Henry II 'financial advisers have made in 1555 an enormous financial operation in LYON – then the French financial capital: a huge debt consolidation plus a cash issue. This issue was outstandingly "modern" by at least three aspects. 1. The subscription was reserved to the institutional investors --- the merchant-bankers. 2. For the first time, the amortization took the form of a 41-quarterly –constant-annuities system. 3. Because of a huge demand, an incredible system of "assimilation" of new loans has been organized. The end of this loan is as stupendous as its technics: less than two years later, the Royal government defaulted and only 9% of the total issue has been repaid according to schedule. ; info:eu-repo/semantics/published

International audience ; The failure in 1697 of the 'Malt Lottery', the second Lottery-Loan, presents a beautiful case study. From a practical point of view, it tells us three things. 1) The technical features of the English State lotteries-loan were established for more than a century after only three experiments. 2) Its two components ('lottery' and 'loan') led to an abnormally poor return for investors since its expected return was 3.91% whereas its effective one was 5.84% - --- two figures in contradiction with the 6.3% advanced by Dickson (1967). 3) A most strange solution was imagined to counteract the failure: delivering the unsold tickets to the Exchequer for being used as cash. From a more theoretical point of view, the condition North and Weingast (1989) advanced for a successful financial issue proves necessary but not sufficient. The Malt Lottery failed (1,763 tickets sold out of 140,000) because it did not meet the three requirements for success: its return was too low and was lower than the return on competitive assets; its reimbursement dates were uncertain; and the economic and political environment was gloomy.

International audience ; The failure in 1697 of the 'Malt Lottery', the second Lottery-Loan, presents a beautiful case study. From a practical point of view, it tells us three things. 1) The technical features of the English State lotteries-loan were established for more than a century after only three experiments. 2) Its two components ('lottery' and 'loan') led to an abnormally poor return for investors since its expected return was 3.91% whereas its effective one was 5.84% - --- two figures in contradiction with the 6.3% advanced by Dickson (1967). 3) A most strange solution was imagined to counteract the failure: delivering the unsold tickets to the Exchequer for being used as cash. From a more theoretical point of view, the condition North and Weingast (1989) advanced for a successful financial issue proves necessary but not sufficient. The Malt Lottery failed (1,763 tickets sold out of 140,000) because it did not meet the three requirements for success: its return was too low and was lower than the return on competitive assets; its reimbursement dates were uncertain; and the economic and political environment was gloomy.

International audience ; The failure in 1697 of the 'Malt Lottery', the second Lottery-Loan, presents a beautiful case study. From a practical point of view, it tells us three things. 1) The technical features of the English State lotteries-loan were established for more than a century after only three experiments. 2) Its two components ('lottery' and 'loan') led to an abnormally poor return for investors since its expected return was 3.91% whereas its effective one was 5.84% - --- two figures in contradiction with the 6.3% advanced by Dickson (1967). 3) A most strange solution was imagined to counteract the failure: delivering the unsold tickets to the Exchequer for being used as cash. From a more theoretical point of view, the condition North and Weingast (1989) advanced for a successful financial issue proves necessary but not sufficient. The Malt Lottery failed (1,763 tickets sold out of 140,000) because it did not meet the three requirements for success: its return was too low and was lower than the return on competitive assets; its reimbursement dates were uncertain; and the economic and political environment was gloomy.

Résumé Les travailleurs étrangers ont toujours été mieux enregistrés à l'entrée qu'à la sortie. De ce fait, une grande incertitude règne sur leur nombre entre deux recensements. Des pourcentages arbitraires sont admis, qu'il faut réviser de temps en temps. Monsieur Georges Gallais-Hamonno, Maître de Conférences Agrégé à l'Université d'Orléans, co-directeur de l'Institut Orléanais de Finance, Monsieur Didier Noirot, Diplômé d'Etudes Supérieures de Sciences Economiques {Orléans) et Elève titulaire de l'E.N.S.A.E., Monsieur Bernard Poupat, Diplômé d'Etudes Supérieures de Sciences Economiques (Orléans), prolongent et complètent une étude antérieure faite à partir des dossiers de la Préfecture de Police, pour le département de la Seine.

AbstractBecause of the scarcity of data, there are few quantitative analyses dealing with clandestine markets, despite their prime importance during wartime. This article exploits a unique database of daily prices of gold coins traded in occupied Paris in order to gain insights into the price formation on such a market. First, using data from Switzerland, we show that arbitrage took place, despite the costs and risks involved, and led to a gradual (but incomplete) convergence of gold prices. Furthermore, a study of price seasonality reveals that less strict borders controls during the weekends made the volatility of returns higher at the start of the following week. Second, on the basis of an event study, we provide evidence that laws related to black markets did not have a significant impact on the gold price, except for the most severe law passed on 8 June 1943 which greatly increased the sentences for involvement. Finally, we assess whether the so‐called coin premiums existed on this clandestine market, and show that the large price variations for one gram of fine gold contained in different coins were due to market participants' preferences for specific gold coins.