University of Pennsylvania
University of Pennsylvania Faculty Fellowship

Research Topic

Sovereign Default, International Law, and the Anglo-Jewish Financial Community in the Nineteenth Century


Marc Flandreau is Howard S. Marks Professor of Economic History at the University of Pennsylvania. He researches the quantitative history of monetary regimes, exchange rates, financial crises, central banks, rating agencies, and sovereign debt. Currently, he is working on the early history of sovereign bankruptcy, with a special focus on the role of the London stock exchange and in particular the actions of Jewish lawyers and financiers, including Moses Montefiore, David Salomons, and Haim Guedalla.

Flandreau received his PhD in economics from École des Hautes Études en Sciences Sociales, Paris. He was chair of International Finance at Sciences Po, Paris, and later a professor of economics and history at the Graduate Institute of International Studies and Development in Geneva. He has also worked extensively with central banks and international organizations.

Selected publications

  • “Pricing Moses Montefiore,” Capitalism: A Journal of History and Economics 1.1 (2019)
  • Anthropologists in the Stock Exchange. A Financial History of Victorian Science (University of Chicago Press, 2016)
  • “Sovereign States, Bondholders Committees, and the London Stock Exchange in the Nineteenth Century (1827–68): New Facts and Old Fictions,” Oxford Review of Economic Policy 29.4 (2013)
  • Money Doctors: The Experience of International Financial Advising 1850–2000 (Routledge, 2003), editor



Studying law between the eighteenth and twenty-first centuries, an age of transition from a world of empires to the modern age of the nation-state and international law.