The loans of the City of London to the government 1660-1694

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K01792
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07070:Economic history-related
• Research Institution: Waseda University
• Principal Investigator: Nakano Tadashi 早稲田大学, 社会科学総合学術院, 名誉教授 (90090208)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: ロンドン市財政 / 国家財政 / ローン / 王政復古期 / 名誉革命 / イングランド銀行 / 孤児法 / 金匠銀行家

Outline of Final Research Achievements

The purpose of this study is to clarify the historical significance of the relationship between the finance of the crown and the loan by the chamber of London during the latter half of the 17th century. As the systems and proceedings of the treasury of the crown and the chamber of London were improved and the loans were secured on national taxes during the Restoration period, the payment of interest and repayment of the principal became to be more trustworthy than before and the crown loans were gradually regarded as a safe way of investing money.
The loans by the crown depended on not only the financial state of the Crown but various other factors, such as the financial condition of the chamber of London, the political relation between the crown and the city, the political and religious confrontations among the London citizens, the foreign and trade policy of the government. But the governmental bond system was substantially prepared before the Glorious Revolution.

Free Research Field

07070

Academic Significance and Societal Importance of the Research Achievements

イギリスにおける国債制度は立憲君主体制を確立した名誉革命の後、先行するオランダの制度や人材を導入しながら確立したとされる。本研究の目的の一つは、実証的観点からこの通説への再考を促すことにある。
王政復古期に、財務府の諸機能には改革が試みられ、ロンドン市の財政を扱う財務室は国庫の機能の一部を担うことがあった。こうした状況のもとで、政府の借款は国税を担保として利子の支払いや元本の償還が行われるのが通例化した。政府の借款の必要性は財政状態だけでなく、ロンドン市の財政事情、内外の政治的な要因などにより左右されたが、国債制度を支える慣行は名誉革命以前にすでに実質的に形成されていた。