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Sovereign Default in the US

Author

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  • O. Emre Ergungor

Abstract

In the absence of a judicial mechanism to reduce the debt burden of a sovereign member of our Union, the resolution process can be quick but perhaps too indifferent to the health, safety, and welfare of the affected residents. In this paper, I use evidence from the Arkansas state archives to provide a description of the events surrounding the default of the state in 1933. I examine the evolution of the negotiations, the outcomes, and the role of fiscal policy.

Suggested Citation

  • O. Emre Ergungor, 2016. "Sovereign Default in the US," Working Papers (Old Series) 1609, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcwp:1609
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    Cited by:

    1. Chirinko, Robert, 2023. "What went wrong? The Puerto Rican debt crisis, the “Treasury Put,” and the failure of market discipline," Journal of Corporate Finance, Elsevier, vol. 80(C).

    More about this item

    Keywords

    sovereign defaults; municipal bankruptcy; Great Depression; Arkansas highway bonds;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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