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The Costs and Consequences of the Napoleonic Reparations

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  • Eugene N. White

Abstract

Reparations as an instrument of international peace settlements were abandoned after the failure of Germany to pay its post World War I indemnity. However, reparations played a useful role in the construction of earlier peace treaties. This paper examines the payment of reparations by the French after the Napoleonic Wars. By most measures, these reparations were the largest ever fully paid; and they imposed a high cost on the economy in terms of lost output and consumption and diminished capital stock. The incentives to pay were appropriately set and payment permitted France to be accepted once again as an equal among the great powers.

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  • Eugene N. White, 1999. "The Costs and Consequences of the Napoleonic Reparations," NBER Working Papers 7438, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:7438
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    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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