King William's tontine : why the retirement annuity of the future should resemble its past / Moshe A. Milevsky, York University, Toronto.

King William's tontine : why the retirement annuity of the future should resemble its past / Moshe A. Milevsky, York University, Toronto.

9781107076129 hardcover
1107076129 hardcover
9781107430754 paperback
1107430755 paperback

New York, NY : Cambridge University Press, 2015.

English

xv, 257 pages : illustrations ; 24 cm.

HG8817 .M55 2015

368.3/7

"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"-- Provided by publisher.

Includes bibliographical references and index.

Cambridge studies in comparative politics.

On-Campus Resources > Books
All Resources