Returns to Investing in Sovereign Debt: a Response to Alvarez Nogal and Chamley
Alvarez-Nogal and Chamley (2015) analyze one debt contract signed by lenders to Philip II, previously discussed in Drelichman and Voth (2014). They re-examine cash flows and challenge our interpretation of this particular contractâ€™s profitability. A closer look reveals that the alleged differences between their and our calculations simply reflect the use of conservative assumptions on our part, which systematically biased estimates of profitability downwards â€“ as good scholarship requires if one is to argue that high profits were one of the main reasons why people lent to Philip II. We also question their use and reading of archival documents, as well as their use of basic financial economics. Finally, we document a continuing pattern of academic misconduct, including plagiarism, the misrepresentation of our findings, and the complete fabrication of a quote in order to discredit our work.
|Date of creation:||02 Sep 2015|
|Date of revision:||02 Sep 2015|
|Contact details of provider:|| Web page: http://www.economics.ubc.ca/|
References listed on IDEAS
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- 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.
- Mauricio Drelichman & Joachim Voth, 2006. "The sustainable debts of Philip II: A reconstruction of Castile's fiscal position, 1566-1596," Economics Working Papers 1121, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2009.
- Drelichman, Mauricio & Voth, Hans-Joachim, 2007. "The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566-1596," Economics working papers drelichman-07-11-06-09-33, Vancouver School of Economics, revised 08 Apr 2010.
- 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. Full references (including those not matched with items on IDEAS)
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