The Resource Lending to the borrower from hell : debt, taxes, and default in the age of Philip II, Mauricio Drelichman and Hans-Joachim Voth

Lending to the borrower from hell : debt, taxes, and default in the age of Philip II, Mauricio Drelichman and Hans-Joachim Voth

Label
Lending to the borrower from hell : debt, taxes, and default in the age of Philip II
Title
Lending to the borrower from hell
Title remainder
debt, taxes, and default in the age of Philip II
Statement of responsibility
Mauricio Drelichman and Hans-Joachim Voth
Creator
Contributor
Author
Subject
Genre
Language
eng
Summary
"Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. Lending to the Borrower from Hell looks at one famous case--the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example. Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults--they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults"--
Member of
Assigning source
Provided by publisher
Cataloging source
N$T
Dewey number
336.4609/031
Illustrations
illustrations
Index
index present
LC call number
HJ1242
LC item number
.D74 2014eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
The Princeton economic history of the Western world
Label
Lending to the borrower from hell : debt, taxes, and default in the age of Philip II, Mauricio Drelichman and Hans-Joachim Voth
Publication
Copyright
Bibliography note
Includes bibliographical references and index
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
ocn869281817
Dimensions
unknown
Extent
1 online resource (xiii, 310 pages)
Form of item
online
Isbn
9781306166263
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
illustrations
http://library.link/vocab/ext/overdrive/overdriveId
  • 22573/ctt4bn3ng
  • 547877
http://library.link/vocab/recordID
.b35174559
Specific material designation
remote
System control number
  • (OCoLC)869281817
  • jstor1306166268

Library Locations

    • Deakin University Library - Geelong Waurn Ponds CampusBorrow it
      75 Pigdons Road, Waurn Ponds, Victoria, 3216, AU
      -38.195656 144.304955
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