The Resource Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II, Mauricio Drelichman, Hans-Joachim Voth

Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II, Mauricio Drelichman, 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, Hans-Joachim Voth
Creator
Contributor
Author
Provider
Subject
Language
  • eng
  • 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
Biographical or historical data
Mauricio Drelichman is associate professor in the Vancouver School of Economics at the University of British Columbia and a fellow in the Institutions, Organizations, and Growth program of the Canadian Institute for Advanced Research; Hans-Joachim Voth is ICREA Research Professor in the Economics Department at Universitat Pompeu Fabra, Barcelona, where he is also a member of the Centre for Research in International Economics. He is the author of Time and Work in England during the Industrial Revolution and coauthor of Prometheus Shackled.
Cataloging source
IN-ChSCO
http://library.link/vocab/creatorName
Drelichman, Mauricio
Government publication
other
LC call number
HJ1242
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Voth, Hans-Joachim
  • De Gruyter
Series statement
The Princeton Economic History of the Western World
http://library.link/vocab/subjectName
  • Business & Economics
  • Business & Economics
  • Debts, Public
  • Finance, Public
  • History
  • History
  • Taxation
  • Debts, Public
  • Finance, Public
  • History of Economics
  • Social Sciences, Economics
  • Social Sciences
  • Taxation
  • Wirtschaft
Target audience
specialized
Label
Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II, Mauricio Drelichman, Hans-Joachim Voth
Instantiates
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Chapter 5. Lending to the Borrower from Hell
  • Chapter 6. Serial Defaults, Serial Profits
  • Chapter 7. Risk Sharing With the Monarch
  • Chapter 8. Tax, Empire, and the Logic of Spanish Decline
  • Epilogue. Financial Folly and Spain’S Black Legend
  • References
  • Index
  • Backmatter
  • Frontmatter
  • Contents
  • Acknowledgments
  • Prologue
  • Chapter 1. Lending to the Sound of Cannon
  • Chapter 2. Philip’S Empire
  • Chapter 3. Taxes, Debts, and Institutions
  • Chapter 4. The Sustainable Debts of Philip Ii
Dimensions
unknown
Edition
Course Book.
Extent
1 online resource(328 p.)
Form of item
online
Isbn
9781400848430
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other control number
10.1515/9781400848430
Other physical details
illustrations.
Reformatting quality
not applicable
Specific material designation
remote
System control number
  • (DE-B1597)459797
  • (OCoLC)984665961
  • (DE-B1597)9781400848430
Label
Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II, Mauricio Drelichman, Hans-Joachim Voth
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Chapter 5. Lending to the Borrower from Hell
  • Chapter 6. Serial Defaults, Serial Profits
  • Chapter 7. Risk Sharing With the Monarch
  • Chapter 8. Tax, Empire, and the Logic of Spanish Decline
  • Epilogue. Financial Folly and Spain’S Black Legend
  • References
  • Index
  • Backmatter
  • Frontmatter
  • Contents
  • Acknowledgments
  • Prologue
  • Chapter 1. Lending to the Sound of Cannon
  • Chapter 2. Philip’S Empire
  • Chapter 3. Taxes, Debts, and Institutions
  • Chapter 4. The Sustainable Debts of Philip Ii
Dimensions
unknown
Edition
Course Book.
Extent
1 online resource(328 p.)
Form of item
online
Isbn
9781400848430
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other control number
10.1515/9781400848430
Other physical details
illustrations.
Reformatting quality
not applicable
Specific material designation
remote
System control number
  • (DE-B1597)459797
  • (OCoLC)984665961
  • (DE-B1597)9781400848430

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