Why Not Default
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Why Not Default
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Author : Jerome E. Roos
language : en
Publisher: Princeton University Press
Release Date : 2019-02-12
Why Not Default written by Jerome E. Roos and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-12 with Business & Economics categories.
How creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece’s short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis—with devastating social consequences and far-reaching implications for democracy.
Why Not Default
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Author : Jerome Roos
language : en
Publisher: Princeton University Press
Release Date : 2019-02-12
Why Not Default written by Jerome Roos and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-12 with Business & Economics categories.
Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone--including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance.
The Economics Of Sovereign Debt And Default
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Author : Mark Aguiar
language : en
Publisher: Princeton University Press
Release Date : 2021-12-21
The Economics Of Sovereign Debt And Default written by Mark Aguiar and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-21 with Business & Economics categories.
An integrated approach to the economics of sovereign default Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. The Economics of Sovereign Debt and Default looks at the core friction unique to sovereign debt—the lack of strong legal enforcement—and goes on to examine additional frictions such as deadweight costs of default, vulnerability to runs, the incentive to “dilute” existing creditors, and sovereign debt’s distortion of investment and growth. The book uses the tractable framework to isolate how each additional friction affects the equilibrium outcome, and illustrates its counterpart using state-of-the-art computational modeling. The novel approach presented here contrasts the outcome of a constrained efficient allocation—one chosen to maximize the joint surplus of creditors and government—with the competitive equilibrium outcome. This allows for a clear analysis of the extent to which equilibrium prices efficiently guide the government’s debt and default decisions, and of what drives divergences with the efficient outcome. Providing an integrated approach to sovereign debt and default, this incisive and authoritative book is an ideal resource for researchers and graduate students interested in this important topic.
Why Not Default
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Author : Jerome Roos
language : en
Publisher: Princeton University Press
Release Date : 2021-03-02
Why Not Default written by Jerome Roos and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-02 with Business & Economics categories.
How creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece’s short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis—with devastating social consequences and far-reaching implications for democracy.
Lending To The Borrower From Hell
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Author : Mauricio Drelichman
language : en
Publisher: Princeton University Press
Release Date : 2014-01-19
Lending To The Borrower From Hell written by Mauricio Drelichman and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-19 with Business & Economics categories.
What the loans and defaults of a sixteenth-century Spanish king can tell us about sovereign debt today Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. Lending to the Borrower from Hell looks at one famous case—the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example. Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.
This Time Is Different
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Author : Carmen M. Reinhart
language : en
Publisher: Princeton University Press
Release Date : 2011-08-07
This Time Is Different written by Carmen M. Reinhart and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-07 with Business & Economics categories.
An empirical investigation of financial crises during the last 800 years.
The Default Line
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Author : Faisal Islam
language : en
Publisher: Bloomsbury Publishing
Release Date : 2013-08-29
The Default Line written by Faisal Islam and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-29 with Political Science categories.
How can a banking system become so unregulated that it offers a gold credit card to a dog? For Channel 4's Economics Editor Faisal Islam, these are examples of nations, institutions, and individuals crossing the 'default line', the point at which the optimism of economic boom flips into fiscal madness. Having exposed the Icelandic banking crisis, watched Lehman Bros crash, investigated emerging economies in India and China and interviewed a host of key international players from the Governor of the Bank of England to the head of the the Chinese sovereign wealth fund, Faisal Islam is the perfect guide to the global economic crisis. Juxtaposing vivid anecdotes with high-level exclusive interviews and trenchant economic analysis, THE DEFAULT LINE is a really accessible way of understanding the economic shape of the contemporary world.
The Divine Default
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Author : J. J. Dyken
language : en
Publisher: Algora Publishing
Release Date : 2013
The Divine Default written by J. J. Dyken and has been published by Algora Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Biography & Autobiography categories.
JJ Dyken takes commonly-asserted religious claims and applies each of them to modern-day examples to demonstrate the often fallacious nature of religious belief. He uses a mixture of common sense and scrupulous logic to mount an attack on not only religion itself but also upon the religious pseudoscientists who try to justify their assertions with faulty science.
Principles
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Author : Ray Dalio
language : en
Publisher: Simon and Schuster
Release Date : 2017-09-19
Principles written by Ray Dalio and has been published by Simon and Schuster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-19 with Business & Economics categories.
Dalio "shares the unconventional principles that he's developed, refined, and used over the past forty years to create unique results in both life and business--and which any person or organization can adopt to help achieve their goals"--Amazon.com.
Democracy Dictatorship And Default
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Author : Cameron Ballard-Rosa
language : en
Publisher: Cambridge University Press
Release Date : 2020-08-13
Democracy Dictatorship And Default written by Cameron Ballard-Rosa and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-13 with Political Science categories.
The International Monetary Fund (IMF) predicts that, in the coming years, more than fifty countries are at risk of default. Yet we understand little about the political determinants of this decision to renege on promises to international creditors. This book develops and tests a unified theory of how domestic politics explains sovereign default across dictatorships and democracies. Professor Ballard-Rosa argues that both democratic and autocratic governments will choose to default when it is necessary for political survival; however, regime type has a significant impact on what specific kinds of threats leaders face. While dictatorships are concerned with avoiding urban riots, democratic governments are concerned with losing elections, in particular the support of rural voting blocs. Using cross-national data and historical case studies, Ballard-Rosa shows that leaders under each regime type are more likely to default when doing so allows them to keep funding costly policies supporting critical bases of support.