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Is Domestic Debt the Answer to Debt Crises?

Ugo Panizza

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter emphasizes that it matters whether domestic debt means debt issued in local currency (at home or abroad) or to local investors (in domestic or foreign currency) or governed by local law ... More


How Original Sin Was Overcome: The Evolution of External Debt Denominated in Domestic Currencies in the United States and the British Dominions, 1800–2000

Michael D. Bordo, Christopher M. Meissner, and Angela Redish (eds)

in Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226194554
eISBN:
9780226194578
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226194578.003.0006
Subject:
Economics and Finance, International

This chapter presents an historical case study for a group of countries that successfully entered the club and had largely overcome the problem of original sin by the third quarter of the twentieth ... More


Government Debt: A Key Role in Financial Intermediation

Michael Kumhof and Evan Tanner

in Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262182669
eISBN:
9780262282284
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262182669.003.0011
Subject:
Economics and Finance, Econometrics

This chapter argues that the reason why policy makers avoid unanticipated levies on government debt is because government debt plays a key role in financial intermediation. Hence, defaulting or ... More


Conclusion

Hassan Malik

in Bankers and Bolsheviks

Published in print:
2018
Published Online:
May 2019
ISBN:
9780691170169
eISBN:
9780691185002
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691170169.003.0006
Subject:
Economics and Finance, Economic History

This concluding chapter explains that both the Bolshevik Revolution and the subsequent default were intertwined and historically contingent. They emerged from a particular set of historical ... More


Sovereign Debt Restructurings as Exercises of International Public Authority: Towards a Decentralized Sovereign Insolvency Law

Armin von Bogdandy and Matthias Goldmann

in Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199674374
eISBN:
9780191752315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674374.003.0003
Subject:
Law, Company and Commercial Law, Public International Law

This paper argues that many sovereign debt restructurings as agreed between defaulting states and their multilateral, bilateral, or private creditors constitute exercises of international public ... More


Australian Government Balance Sheet Management

Wilson Au-Yeung, Jason McDonald, and Amanda Sayegh

in Fiscal Policy and Management in East Asia

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226386812
eISBN:
9780226387062
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226387062.003.0008
Subject:
Economics and Finance, South and East Asia

The Australian government has taken steps over the past decade to improve the sustainability of government finances, and, in particular, has significantly reduced its debt liabilities, avoiding many ... More


How States Pay for Wars

Rosella Cappella Zielinski

in How States Pay for Wars

Published in print:
2016
Published Online:
January 2017
ISBN:
9781501702495
eISBN:
9781501705960
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501702495.003.0002
Subject:
Political Science, Security Studies

This chapter explains how states confront the costs of fighting a war. In 1749, the poet Samuel Johnson had written that wars result in such vast sums of debt that they bankrupt the state, while Adam ... More


Britain and Currency Reserves During World War II and the Crimean War

Rosella Cappella Zielinski

in How States Pay for Wars

Published in print:
2016
Published Online:
January 2017
ISBN:
9781501702495
eISBN:
9781501705960
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501702495.003.0005
Subject:
Political Science, Security Studies

This chapter contends that the variations in Britain's war financing during World War II and the Crimean War were due to the source of war inputs and a state's ability to cope with low currency ... More


Johnson and the Vietnam War

Rosella Cappella Zielinski

in How States Pay for Wars

Published in print:
2016
Published Online:
January 2017
ISBN:
9781501702495
eISBN:
9781501705960
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501702495.003.0004
Subject:
Political Science, Security Studies

This chapter argues that, in contrast to the Korean War, differing inflation fears and public support for the Vietnam War explain the variation in outcome. Similar to President Truman, President ... More


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