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Returns to Investing in Sovereign Debt: a Response to Alvarez Nogal and Chamley

Listed author(s):
  • Drelichman, Mauricio
  • Hans-Joachim, Voth

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 contract’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 – 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.

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File URL: http://econ.sites.olt.ubc.ca/files/2015/09/pdf_drelichman_reply_maluenda.pdf
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Paper provided by Vancouver School of Economics in its series Economics working papers with number mauricio_drelichman-2015-19.

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Length: 8 pages
Date of creation: 02 Sep 2015
Date of revision: 02 Sep 2015
Handle: RePEc:ubc:bricol:mauricio_drelichman-2015-19
Contact details of provider: Web page: http://www.economics.ubc.ca/

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  1. 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.
  2. 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.
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