Dealing with Debt: The 1930s and the 1980s
This paper summarizes and extends the conclusions of a series of papers on the interwar experience of sovereign borrowing, default and debt readjustment. In explaining the incidence and extent of default, we highlight the importance of a range of factors, both economic and political. We find evidence that countries that interrupted debt service recovered more quickly from the Depression; were able subsequently to render substantially reduced transfers to their creditors; and did not experience access to capital markets in the 1940s and 1950s that was any more restricted than that available to debtors who fully serviced their debts throughout. Attempts at global schemes to short cut protracted bilateral negotiations foundered on disagreements over the funding and control of such schemes, casting doubt on the prospects for such global plans in the 1990s.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
|Date of creation:||Feb 1989|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820
|Order Information:|| Email: |
References listed on IDEAS
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.:
- Fishlow, Albert, 1985. "Lessons from the past: capital markets during the 19th century and the interwar period," International Organization, Cambridge University Press, vol. 39(03), pages 383-439, June.
- Barry Eichengreen & Richard Portes, 1987.
"The Anatomy of Financial Crises,"
NBER Working Papers
2126, National Bureau of Economic Research, Inc.
- Sule Ozler, 1988. "Evolution of Commerical Bank Lending to Developing Countries," UCLA Economics Working Papers 497, UCLA Department of Economics.
- Eichengreen, Barry & Portes, Richard, 1988.
"Settling Defaults in the Era of Bond Finance,"
CEPR Discussion Papers
272, C.E.P.R. Discussion Papers.
- Eichengreen, Barry & Portes, Richard, 1988. "Settling Defaults in the Era of Bond Finance," Department of Economics, Working Paper Series qt1x20r17d, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Barry Eichengreen and Richard Portes., 1988. "Settling Defaults in the Era of Bond Finance," Economics Working Papers 8885, University of California at Berkeley.
- Stanley Fischer, 1987. "Resolving the International Debt Crisis," NBER Working Papers 2373, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:300. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()The email address of this maintainer does not seem to be valid anymore. Please ask to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.