Seguro de hombres y auxilio de reyes. El fondo vitalicio y la Real Hacienda en el reinado de Carlos III

Abstract

This article explores the causes and consequences of the participation of the Spanish state in the private business of life annuity, known as “Fondo Vitalicio”. Its main goal was to reduce the public debt. The investors´response was positive and every historic source researched showed an increasing demand or popularization of this kind of investment. Nevertheless, the state´s administrative structure set up in order to manage this Fondo restricted its expansion. The Spanish state did not trust the market, and consequently limited the number of annuities issued and the amount of money given. In the end, the state both contributed to de formation of the investment market, but also to its reduced development. The invested capitals were used by the state to provide liquidity to its Exchequer Treasury, but not to reduce its public debt, as it was the goal. The investors´main market was in Madrid. The profile of the investor was male and middle-age, while females increased in number in the married-age.