King William's Tontine
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.
"King William's Tontine is an excellent read and a model for the clear exposition of a difficult and little-known subject. Financial history buffs will particularly enjoy the first half of the book, and economists interested in retirement finance will want to engage with the chapters in which the author presents his own proposal. This is a book that should grace the shelves of many libraries. Its proposals are definitely worthy of serious consideration by anyone or any institution concerned with retirement finance." The Journal of Retirement
"King William's Tontine entertains and, by asking why retirees should not be paid handsomely for bearing a little actuarial risk, informs our response to the looming retirement crisis in a way that no other book does. It should be read - with pleasure - by anyone with a personal or policy interest in this vital area." William J. Bernstein, CFA Institute Book Reviews
Shopping cart is not available
800-CEO-READ is currently closed, and not accepting new orders until Monday, August 19th. If you have questions about an existing order, please call 800-236-7323 or email email@example.com.
1 $52.99 9781107076129 No volume discount available.
About the Hardcover
To order call 1-800-236-7323 or e-mail firstname.lastname@example.org