State Insolvency and Foreign Bondholders PDF Download
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Author: William H. Wynne
Publisher: Beard Books
ISBN: 1587980460
Category : Business & Economics
Languages : en
Pages : 686
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Book Description
Author: William H. Wynne
Publisher: Beard Books
ISBN: 1587980460
Category : Business & Economics
Languages : en
Pages : 686
Get Book Here
Book Description
Author: William H. Wynne
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: William H. Wynne
Publisher:
ISBN:
Category :
Languages : en
Pages : 652
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Author: Edwin Montefiore BORCHARD
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Edwin Borchard
Publisher:
ISBN: 9780824053505
Category : Debts, Public
Languages : en
Pages : 0
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Didac Queralt
Publisher: Princeton University Press
ISBN: 0691231524
Category : Political Science
Languages : en
Pages : 368
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Book Description
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.
Author: Kenneth H. F. Dyson
Publisher: Oxford University Press (UK)
ISBN: 0198714076
Category : Business & Economics
Languages : en
Pages : 801
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Book Description
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.
Author: Éric Toussaint
Publisher: Haymarket Books
ISBN: 1642590169
Category : Business & Economics
Languages : en
Pages : 243
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Book Description
“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
Author: Ali Co?kun Tunçer
Publisher: Springer
ISBN: 1137378549
Category : Business & Economics
Languages : en
Pages : 261
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Book Description
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.
