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Working Papers, No. 2025-20, October 2025 Crossref
An Institutional Investor in 18th-Century Britain

Queen Anne’s Bounty was a corporation created in 1704 to redistribute income within the Anglican clergy. Structurally a saver needing a liquid asset, the corporation pursued a conservative strategy of investing in the dominant form of government debt, adapting as the market changed. It was involved in the South Sea Bubble but only made losses and steered clear from corporate equity and bonds thereafter.


Working papers are not edited, and all opinions and errors are the responsibility of the author(s). The views expressed do not necessarily reflect the views of the Federal Reserve Bank of Chicago or the Federal Reserve System.

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