Inglorious Revolution: Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil. By William R. Summerhill Yale University Press, 2015. Pp. xiii, 342. $85.00, cloth.
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Political Risk and Sovereign Debt Contracts
Default on sovereign debt is a form of political risk. Issuers and creditors have responded to this risk both by strengthening the terms in sovereign debt contracts that enable creditors to enforce their debts judicially and by creating terms that enable sovereigns to restructure their debts. These apparently contradictory approaches reflect attempts to solve an incomplete contracting problem i...
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During my career, I have taught undergraduates majoring in physics and undergraduates majoring in chemistry. I have also taught molecular biologists and biochemists. My initial preference in teaching X-ray crystallography to any undergraduate was for my physics undergraduate course book in crystallography by Michael Woolfson (1970). However, that book, with its clear mathematical foundation, is...
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What determines the sustainability of sovereign debt? In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor even though default costs are low because they would lose access to debt markets and be forced to reduce spending; they do not default when they become rich...
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متن کاملSovereign debt, government myopia, and the financial sector
What determines the sustainability of sovereign debt? In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor even though default costs are low because they would lose access to debt markets and be forced to reduce spending; they do not default when they become rich...
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ژورنال
عنوان ژورنال: The Journal of Economic History
سال: 2016
ISSN: 0022-0507,1471-6372
DOI: 10.1017/s0022050716000887