The answer is, I’m afraid, somewhat long. And complicated.

The best I could find for you is here: https://www.jstor.org/stable/2123343?seq=1#page_scan_tab_contents ‘The Financial Market and Government Debt Policy in France, 1746-1793 by François R. Velde and David R. Weir” from a 1993 copy of The journal of economic history.

It’s worth considering that previous to 1772 Europe was undergoing a massive expansion in credit. Starting in London but spreading across Europe, the 1750’s and 1760’s has seen a explosion in banking and financial services. This was remarkably unregulated.

Letters of credit especially were easily given without any surety as to the assets behind them. England, The Netherlands, Scotland and even Russia (along with the American colonies) partook in this period of great speculation and ‘easy money’.

This all led directly to the credit crisis of 1772 in London, which caused huge economic shockwaves across the world.

France due to its staggering wealth was able to cope with the initial crisis but as the above paper shows was crippled with a very haphazard economic policy. Government bond yields were never as stable as English ones.

It appears that the mainstay of people buying government bonds were French and European bankers, but that the entire nations financial structure was built upon very unsound ground, diminishing their appeal.

That debt drove the crisis is actually interesting as that reinforces the idea that debt drove the American War of Independence (worth noting the states most fervent for revolutionary appeal were also the states who owed the most to English bankers).

The economic causes of both the American and French revolutions are not very well examined and there is grounds I believe for much future research in these areas.

The article above may help. I can’t give you more as it is currently on my long list of ‘articles to read’ list, sorry.