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The Disutility of International Debt: Analytical Results and Methodological Implications

In: Financial Developments in National and International Markets

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  • Greg Hannsgen

Abstract

Through most of history, even when interest payments were illegal, the costs of borrowing have been high (Anderson, 2004). Among these costs have been servile relations to the lender, moral opprobrium, and, in the event of default, harsh punishment and destitution. In recent times, these costs have been reduced throughout the industrialized world. The benefits have arguably included more widespread home ownership, a reduction in the barriers of entry to the small business sector, and the non-monetary advantages of a more egalitarian society.

Suggested Citation

  • Greg Hannsgen, 2006. "The Disutility of International Debt: Analytical Results and Methodological Implications," Palgrave Macmillan Books, in: Philip Arestis & Jesus Ferreiro & Felipe Serrano (ed.), Financial Developments in National and International Markets, chapter 1, pages 1-24, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52237-4_1
    DOI: 10.1057/9780230522374_1
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    References listed on IDEAS

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    3. Hansen, Lars Peter & Sargent, Thomas J., 1980. "Formulating and estimating dynamic linear rational expectations models," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 7-46, May.
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    5. Paul Davidson, 2002. "Financial Markets, Money and the Real World," Books, Edward Elgar Publishing, number 2467.
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