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Duplication without Constraints: Alvarez Nogal and Chamley’s Analysis of Debt Policy under Philip II

Author

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  • Drelichman, Mauricio
  • Voth, Hans-Joachim

Abstract

Carlos Alvarez-Nogal and Christophe Chamley (henceforth AC) recently published a paper in the Economic History Review on “Debt policy under constraints: Philip II, the Cortes, and Genoese bankers†. In this note, we show that several claims in their article are very similar to earlier research results, published or circulated long before AC’s original submission, by ourselves and other scholars. These results are repeated without attribution or even mention of the earlier work. In addition, we show that what AC present as new quantitative insights are actually replications of earlier results of ours. Finally, AC misrepresent our contributions, as well as those of several other scholars.

Suggested Citation

  • Drelichman, Mauricio & Voth, Hans-Joachim, 2015. "Duplication without Constraints: Alvarez Nogal and Chamley’s Analysis of Debt Policy under Philip II," Economics working papers mauricio_drelichman-2015-, Vancouver School of Economics, revised 02 Sep 2015.
  • Handle: RePEc:ubc:bricol:mauricio_drelichman-2015-18
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    File URL: http://econ.sites.olt.ubc.ca/files/2015/09/pdf_drelichman_duplication_without_constraints.pdf
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    References listed on IDEAS

    as
    1. Avner Greif & Lynne Kiesling & John V. C. Nye, 2015. "Institutions, Innovation, and Industrialization: Essays in Economic History and Development," Economics Books, Princeton University Press, edition 1, number 10365, October.
    2. Regina Grafe, 2012. "Distant Tyranny: Markets, Power, and Backwardness in Spain, 1650-1800," Economics Books, Princeton University Press, edition 1, number 9625, October.
    3. Carlos Álvarez-Nogal & Christophe Chamley, 2014. "Debt policy under constraints: Philip II, the Cortes, and Genoese bankers," Economic History Review, Economic History Society, vol. 67(1), pages 192-213, February.
    4. Drelichman, Mauricio & Voth, Hans-Joachim, 2010. "The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566–1596," The Journal of Economic History, Cambridge University Press, vol. 70(04), pages 813-842, December.
    5. Chamley, Christophe & Álvarez Nogal, Carlos, 2011. "Debt policy under constraints between Philip II, the Cortes and Genoese bankers," IFCS - Working Papers in Economic History.WH wp11-06, Universidad Carlos III de Madrid. Instituto Figuerola.
    6. James Conklin, 1998. "The Theory of Sovereign Debt and Spain under Philip II," Journal of Political Economy, University of Chicago Press, vol. 106(3), pages 483-513, June.
    7. Townsend, Robert M., 1979. "Optimal contracts and competitive markets with costly state verification," Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
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    More about this item

    Keywords

    Philip II; sovereign debt; defaults;

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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