Fiscal Institutions and Fiscal Crises

Tejedo, Isabel Rodríguez; Wallis, John

doi:10.1017/cbo9781139150835.003

Cited by 5 publications

(1 citation statement)

References 8 publications

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“…How New Jersey's provincial government covered these expenditures is rather complex. The budgetary accounting categories, terminologies and value instruments used do not map easily into modern or post-eighteenth-century practice (Rodriguez-Tejedo and Wallis 2012, pp. 15–19).…”

Section: IImentioning

confidence: 99%

Colonial New Jersey's provincial fiscal structure, 1704–1775: spending obligations, revenue sources, and tax burdens during peace and war

Grubb

2016

Financial History Review

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I reconstitute the spending obligations and revenue sources of colonial New Jersey's provincial government for the years 1704 through 1775 from primary sources using forensic accounting techniques. I identify and analyze the methods for raising revenue to meet normal peacetime and emergency wartime expenses. I calculate the provincial tax burdens imposed on New Jersey's citizens. I identify how Britain interfered with New Jersey's fiscal structure. I estimate what the revenues and tax burdens would have been without this interference. New Jersey paid for war expenses by issuing bills of credit, spreading the tax burden of redeeming these bills into the future. New Jersey paid its yearly administrative costs with current property taxes and with current interest earnings from loaning paper money. In the absence of British interference and wars, New Jersey could have driven tax burdens to zero by using interest earnings to pay for all its provincial administrative costs.

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Section: IImentioning

confidence: 99%