Baring, Wellington and the Resurrection of French Public Finances Following Waterloo
滑铁卢战败后法国面临人口领土损失和巨额赔款，但十年内成功发行大量债务，利差从400基点降至100基点。研究发现威灵顿公爵创造了激励环境，使巴林银行愿意贷款给法国，各方也有动力确保法国债务偿还。
Following Waterloo, managing French public finances represented a daunting task as the country had lost a substantial part of its population and territory and had to pay huge amounts as reparations to the victors. Despite this, in just ten years, France managed to issue substantial amounts of debt with a spread, compared to the British consol, falling from more than 400 to 100 basis points. We argue that the Duke of Wellington was key in creating an environment in which Baring had an incentive to lend to France and all actors had an incentive to see French debts reimbursed.