La monarquia francesa y los financieros en el Antiguo Régimen. El ejemplo de los traitants durante la Guerra de los Nueve Años, 1689-1697 = The French Monarchy and the financiers during the Old Regime. The case of the traitants during the Nine Years War, 1689-1697

This article explores the relationship between the Crown, the French society and the king's financiers. It starts with a brief review of the discourses on the financiers and a survey of the work done by historians. Further to a description of the various groups of financiers, it analyses the nature of the contracts passed between the king and the traitants to pay for the Nine Years War, as well as the latter’s activities and profits. The article argues that the government supervised effectively the traitants and that, given the constraints of the Old Regime, these financiers provided essential services, but too costly to be sustainable.

El papel de los rendimientos y la diferenciacion de productos como determinantes de la estabilidad del cartel

We study cartel stability in a differentiated quantity-setting duopoly with decreasing returns to scale. We show that a cartel may be equally stable in the presence of lower differentiation, provided that the decreasing returns parameter is higher. Furthermore, we show that, above a given discount rate, a cartel may be stable for any degree of product differentiation.

Los historiadores y los financieros de la Francia del Antiguo Régimen

This article proposes a brief historiographical survey of works on the financiers of Ancien Regime France. It argues that the historians’ main conclusions vary according to the period they study and their main research issue (e.g. the building of the Absolute monarchy, financial crises, economic growth). It suggests that the new consensus about the social origins of the financiers does not fully clarify the question of their perception by the public and their role in the monarchy. It notes that the activities of the financiers were varied and evolved over time, and that the technical aspects of their activities remain poorly known, making it difficult to offer a simple answer to the broad question of their worth and their cost for the monarchy.