Lending to the borrower from hell: debt, taxes, and default in the age of Philip II
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...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Princeton, NJ [u.a.]
Princeton Univ. Press
2014
|
| Series: | The Princeton economic history of the Western world
|
| Subjects: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027094672&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| 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. |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XIII, 310 S. graph. Darst. |
| ISBN: | 9780691151496 |
Staff View
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| 520 | 8 | |a 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. | |
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Record in the Search Index
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|---|---|
| adam_text | Contents
Acknowledgments
ix
Prologue i
Chapter
і
Lending to the Sound of Cannon
9
Chapter
2
Philip s Empire
45
Chapter
з
Taxes, Debts, and Institutions
74
Chapter
4
The Sustainable Debts of Philip II
105
Chapters
Lending to the Borrower from Hell
132
Chapter
6
Serial Defaults, Serial Profits
173
Chapter/
Risk Sharing with the Monarch
211
Chapter
8
Tax, Empire, and the Logic of Spanish Decline
243
Epilogue
Financial Folly and Spain s Black Legend
271
References
281
INDEX
297
|
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| institution | BVB |
| isbn | 9780691151496 |
| language | English |
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| publisher | Princeton Univ. Press |
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| spellingShingle | Drelichman, Mauricio 1975- Voth, Hans-Joachim 1968- Lending to the borrower from hell debt, taxes, and default in the age of Philip II Fiskalpolitik (DE-588)4071234-5 gnd Kreditfinanzierung (DE-588)4032930-6 gnd Monarchie (DE-588)4040034-7 gnd |
| subject_GND | (DE-588)4071234-5 (DE-588)4032930-6 (DE-588)4040034-7 (DE-588)4055964-6 |
| title | Lending to the borrower from hell debt, taxes, and default in the age of Philip II |
| title_auth | Lending to the borrower from hell debt, taxes, and default in the age of Philip II |
| title_exact_search | Lending to the borrower from hell debt, taxes, and default in the age of Philip II |
| title_full | Lending to the borrower from hell debt, taxes, and default in the age of Philip II Mauricio Drelichman and Hans-Joachim Voth |
| title_fullStr | Lending to the borrower from hell debt, taxes, and default in the age of Philip II Mauricio Drelichman and Hans-Joachim Voth |
| title_full_unstemmed | Lending to the borrower from hell debt, taxes, and default in the age of Philip II Mauricio Drelichman and Hans-Joachim Voth |
| title_short | Lending to the borrower from hell |
| title_sort | lending to the borrower from hell debt taxes and default in the age of philip ii |
| title_sub | debt, taxes, and default in the age of Philip II |
| topic | Fiskalpolitik (DE-588)4071234-5 gnd Kreditfinanzierung (DE-588)4032930-6 gnd Monarchie (DE-588)4040034-7 gnd |
| topic_facet | Fiskalpolitik Kreditfinanzierung Monarchie Spanien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027094672&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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