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King William's Tontine : Why the Retirement Annuity of the Future Should Resemble Its Past
by Moshe A. Milevsky


Overview - In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors.  Read more...

 
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More About King William's Tontine by Moshe A. Milevsky
 
 
 
Overview
In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors. As tontine nominees died, the income of survivors correspondingly increased. Morbid, perhaps, but this was one of the earliest forms of longevity insurance in which the pool shared the risk. Moshe Milevsky tells the story of the first tontine issued by the English government in 1693, known as King William's tontine, intended to finance the war against French King Louis XIV. He explains how tontines work, the financial and economic thinking behind them, as well as why they fell into disrepute. Milevsky concludes with a provocative argument that suitably modified tontines should be resurrected for twenty-first century retirement income planning.


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Details
  • ISBN-13: 9781107076129
  • ISBN-10: 1107076129
  • Publisher: Cambridge University Press
  • Publish Date: April 2015
  • Page Count: 274
  • Dimensions: 9.1 x 6 x 0.8 inches
  • Shipping Weight: 1.1 pounds

Series: Cambridge Studies in Comparative Politics (Hardcover)

Related Categories

Books > Business & Economics > Economic History
Books > Business & Economics > Investments & Securities - General
Books > History > Europe - Great Britain - General

 
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