State Insolvency and Foreign Bondholders
| Author | : William H. Wynne |
| Publisher | : Beard Books |
| Total Pages | : 686 |
| Release | : 2000 |
| Genre | : Business & Economics |
| ISBN | : 1587980460 |
State Insolvency And Foreign Bondholders 2 Selected Case Histories Of Governmental Foreign Bond Defaults And Debt Readjustments
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State Insolvency and Foreign Bondholders: Selected case histories of governmental foreign bond defaults and debt readjustments
| Author | : Edwin Borchard |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 1983 |
| Genre | : Debts, Public |
| ISBN | : 9780824053505 |
Pawned States
| Author | : Didac Queralt |
| Publisher | : Princeton University Press |
| Total Pages | : 368 |
| Release | : 2022-08-09 |
| Genre | : Political Science |
| ISBN | : 0691231524 |
How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development. Pawned States reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world. Drawing on a wealth of original data to document the rise of cheap overseas credit between 1816 and 1913, Didac Queralt shows how countries in the global periphery obtained these loans by agreeing to “extreme conditionality,” which empowered international investors to take control of local revenue sources in cases of default, and how foreclosure eroded a country’s tax base and caused lasting fiscal disequilibrium. Queralt goes on to combine quantitative analysis of tax performance between 1816 and 2005 with qualitative historical analysis in Latin America, Asia, Africa, and the Middle East, illustrating how overreliance on external capital by local leaders distorts their incentives to expand tax capacity, articulate power-sharing institutions, and strengthen bureaucratic apparatus. Panoramic in scope, Pawned States sheds needed light on how early and easy access to external finance pushes developing nations into trajectories characterized by fragile fiscal institutions and autocratic politics.
States, Debt, and Power
| Author | : Kenneth H. F. Dyson |
| Publisher | : Oxford University Press (UK) |
| Total Pages | : 801 |
| Release | : 2014 |
| Genre | : Business & Economics |
| ISBN | : 0198714076 |
States, Debt, and Power deals with one of the most pressing political and policy issues of the 21st century: the so-called 'crisis of debt' with its effects on perceptions of state power and of the relevance and value of democratic politics and of European integration.
The Debt System
| Author | : Éric Toussaint |
| Publisher | : Haymarket Books |
| Total Pages | : 243 |
| Release | : 2019-04-23 |
| Genre | : Business & Economics |
| ISBN | : 1642590169 |
“A compelling explanation of the deep-seated mechanisms at work in the international credit system” from the coauthor of Debt, the IMF, and the World Bank (Counterfire). For as long as there have been rich nations and poor nations, debt has been a powerful force for maintaining the unequal relations between them. Treated as sacrosanct, immutable, and eternally binding, it has become the yoke of choice for imperial powers in the post-colonial world to enforce their subservience over the global south. In this ground-breaking history, renowned economist Éric Toussaint argues for a radical reversal of this balance of accounts through the repudiation of sovereign debt. “Since 2008 CADTM has campaigned for ‘a new doctrine of illegitimate, illegal, odious, and unsustainable debt’ cancellation. This doctrine includes considerations of whether the debtor state is democratic, whether it respects human rights, whether the debt is incurred within the framework of ‘structural adjustments’ (enforced austerity), and includes all debts incurred to pay back previous odious debts. On grounds of global social justice, The Debt System makes a strong case for this new doctrine.” —Against the Current “This work has much to commend it; it provides detailed analyses of the impact of indebtedness in several nations . . . The author shows that, contrary to orthodox arguments, debt repudiation can be both justified and successfully carried out. I recommend the book wholeheartedly.” —Counterfire
Sovereign Debt and International Financial Control
| Author | : Ali Co?kun Tunçer |
| Publisher | : Springer |
| Total Pages | : 261 |
| Release | : 2015-08-26 |
| Genre | : Business & Economics |
| ISBN | : 1137378549 |
This book revisits an important chapter of financial history in the Middle East and the Balkans from 1870 1914. During this period, capital flows in the form of sovereign debt increased rapidly throughout the region. The spiral of heavy government borrowing eventually culminated in defaults on foreign obligations in the Ottoman Empire (1875), Egypt (1876), Greece (1893) and Serbia (1895). In all four cases, introducing international financial control over the finances of the debtor states became the prevalent form of dealing with defaults. The different cases of international financial control became increasingly refined and they marked important milestones in the evolution of the global governance of sovereign debt before 1914. For the defaulting states however, the immediate impact of international financial control was infringement of sovereignty. The extent of international financial control and the borrowing capacity of debtor states varied in each case as well as the degree of resistance towards it. This book documents the characteristics of international financial control in a comparative perspective. It relates sovereign debt, default and international financial control to political and fiscal systems, and raises questions about the tension between national sovereignty and global capital. It sheds light on the impact of international financial control on the long-term credibility and fiscal capacity of the debtor states in question. The author demonstrates that the governments' decisions to borrow internationally, and their attitudes towards international financial control, were heavily influenced by domestic political and fiscal factors.
The Oxford Handbook of Banking and Financial History
| Author | : Youssef Cassis |
| Publisher | : Oxford University Press |
| Total Pages | : 561 |
| Release | : 2016-07-21 |
| Genre | : Business & Economics |
| ISBN | : 0191633224 |
The financial crisis of 2008 aroused widespread interest in banking and financial history among policy makers, academics, journalists, and even bankers, in addition to the wider public. References in the press to the term 'Great Depression' spiked after the failure of Lehman Brothers in November 2008, with similar surges in references to 'economic history' at various times during the financial turbulence. In an attempt to better understand the magnitude of the shock, there was a demand for historical parallels. How severe was the financial crash? Was it, in fact, the most severe financial crisis since the Great Depression? Were its causes unique or part of a well-known historical pattern? And have financial crises always led to severe depressions? Historical reflection on the recent financial crises and the long-term development of the financial system go hand in hand. This volume provides the material for such a reflection by presenting the state of the art in banking and financial history. Nineteen highly regarded experts present chapters on the economic and financial side of banking and financial activities, primarily though not solely in advanced economies, in a long-term comparative perspective. In addition to paying attention to general issues, not least those related to theoretical and methodological aspects of the discipline, the volume approaches the banking and financial world from four distinct but interrelated angles: financial institutions, financial markets, financial regulation, and financial crises.
We May Dominate the World
| Author | : Sean A Mirski |
| Publisher | : PublicAffairs |
| Total Pages | : 567 |
| Release | : 2023-06-27 |
| Genre | : History |
| ISBN | : 1541758463 |
Kirkus 100 Best Non-Fiction Books of 2023 What did it take for the United States to become a global superpower? The answer lies in a missing chapter of American foreign policy with stark lessons for today The cutthroat world of international politics has always been dominated by great powers. Yet no great power in the modern era has ever managed to achieve the kind of invulnerability that comes from being completely supreme in its own neighborhood. No great power, that is, except one—the United States. In We May Dominate the World, Sean A. Mirski tells the riveting story of how the United States became a regional hegemon in the century following the Civil War. By turns reluctant and ruthless, Americans squeezed their European rivals out of the hemisphere while landing forces on their neighbors’ soil with dizzying frequency. Mirski reveals the surprising reasons behind this muscular foreign policy in a narrative full of twists, colorful characters, and original accounts of the palace coups and bloody interventions that turned the fledgling republic into a global superpower. Today, as China makes its own run at regional hegemony and nations like Russia and Iran grow more menacing, Mirski’s fresh look at the rise of the American colossus offers indispensable lessons for how to meet the challenges of our own century.
