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Instruments of Debtstruction: Public Debt Management and Networks during the Interwar Period

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Abstract

We construct a new, comprehensive instrument-level database of sovereign debt for 18 advanced and emerging countries during 1913–46, an eventful period characterized by notoriously high debt levels. This database is thus the first to provide public debt time series with such a high degree of comparability across countries and time. Documentation of qualitative instrument characteristics offers unique insights about the debt management policies that were implemented and the broader policies they helped finance. We document how interwar governments rolled over debts that were largely unsustainable and how the external public debt network contributed to the collapse of the international financial system in the early 1930s.

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  • Nicolas End & Marina Marinkov & Fedor Miryugin, 2019. "Instruments of Debtstruction: Public Debt Management and Networks during the Interwar Period," AMSE Working Papers 1933, Aix-Marseille School of Economics, France.
    • Handle: RePEc:aim:wpaimx:1933
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    File URL: https://www.amse-aixmarseille.fr/sites/default/files/working_papers/wp_2019_-_nr_33.pdf
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    Cited by:

    1. Trebesch, Christoph & Reinhart, Carmen & Horn, Sebastian, 2020. "Coping with Disasters: Two Centuries of International Official Lending," CEPR Discussion Papers 14902, C.E.P.R. Discussion Papers.
    2. Teupe, Sebastian, 2020. "Keynes, Inflation, and the Public Debt: "How to Pay for the War" as a Policy Prescription for Financial Repression?," Working Papers 16, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.

    More about this item

    Keywords

    economic history; debt policy; public finance; macroeconomics;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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