Historical Research on International Lending and Debt
The parallels between debt crises past and present have attracted a large number of social scientists to the history of foreign lending and default. In this article, I describe the findings of the recent literature on the subject. The questions posed have obvious relevance to the current policy debate over the debt of less-developed countries. What features of international capital markets have long rendered them vulnerable to generalized crisis? What events tend to spawn debt-servicing difficulties and to provoke default? What have been the consequences of default for lenders and borrowers? What approaches historically have proven most effective at clearing away the residue of debt crises? I concentrate on 20th century experience: on the lending of the 1920s, on the debt crisis of the 1930s, and on the recovery of capital markets after World War II.
Volume (Year): 5 (1991)
Issue (Month): 2 (Spring)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Eichengreen, Barry & Portes, Richard, 1986.
"Debt and default in the 1930s : Causes and consequences,"
European Economic Review,
Elsevier, vol. 30(3), pages 599-640, June.
- Barry J. Eichengreen & Richard Portes, 1985. "Debt and Default in the 1930s: Causes and Consequences," NBER Working Papers 1772, National Bureau of Economic Research, Inc.
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- Sule Ozler, 1988. "Have Commerical Banks Ignored History," UCLA Economics Working Papers 498, UCLA Department of Economics.
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- Fishlow, Albert, 1987.
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Department of Economics, Working Paper Series
qt1g7324hr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Marcelo de Paiva Abreu, 1983. "Argentina and Brazil during the 1930's: the impact of British and American international economic policies," Textos para discussão 57, Department of Economics PUC-Rio (Brazil).
- Jonathan Eaton & Mark Gersovitz, 1981. "Debt with Potential Repudiation: Theoretical and Empirical Analysis," Review of Economic Studies, Oxford University Press, vol. 48(2), pages 289-309.
- Fenoaltea, Stefano, 1988. "International resource flows and construction movements in the atlantic economy: the kuznets cycle in Italy, 1861–1913," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 605-637, September.
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