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Historical Research on International Lending and Debt

Historical Research on International Lending and Debt Abstract The parallels between debt crises past and present have attracted a large number of social scientists to the history of foreign lending and default. In this article, I describe the findings of the recent literature on the subject. The questions posed have obvious relevance to the current policy debate over the debt of less-developed countries. What features of international capital markets have long rendered them vulnerable to generalized crisis? What events tend to spawn debt-servicing difficulties and to provoke default? What have been the consequences of default for lenders and borrowers? What approaches historically have proven most effective at clearing away the residue of debt crises? I concentrate on 20th century experience: on the lending of the 1920s, on the debt crisis of the 1930s, and on the recovery of capital markets after World War II. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Perspectives American Economic Association

Historical Research on International Lending and Debt

Journal of Economic Perspectives , Volume 5 (2) – May 1, 1991

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Publisher
American Economic Association
Copyright
Copyright © 1991 by the American Economic Association
Subject
Articles
ISSN
0895-3309
DOI
10.1257/jep.5.2.149
Publisher site
See Article on Publisher Site

Abstract

Abstract The parallels between debt crises past and present have attracted a large number of social scientists to the history of foreign lending and default. In this article, I describe the findings of the recent literature on the subject. The questions posed have obvious relevance to the current policy debate over the debt of less-developed countries. What features of international capital markets have long rendered them vulnerable to generalized crisis? What events tend to spawn debt-servicing difficulties and to provoke default? What have been the consequences of default for lenders and borrowers? What approaches historically have proven most effective at clearing away the residue of debt crises? I concentrate on 20th century experience: on the lending of the 1920s, on the debt crisis of the 1930s, and on the recovery of capital markets after World War II.

Journal

Journal of Economic PerspectivesAmerican Economic Association

Published: May 1, 1991

There are no references for this article.