Lending to the Borrower from Hell : : Debt, Taxes, and Default in the Age of Philip II /

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

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...

Full description

Saved in:
Bibliographic Details
Superior document:Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2014-2015
VerfasserIn:
Drelichman, Mauricio,
Voth, Hans-Joachim,
Place / Publishing House:Princeton, NJ : : Princeton University Press, , [2014]
©2014
Year of Publication:2014
Edition:Course Book
Language:English
Series:The Princeton Economic History of the Western World ; 47
Online Access:
Physical Description:1 online resource (328 p.) :; 4 halftones. 32 line illus. 29 tables.
Tags: Add Tag
No Tags, Be the first to tag this record!
LEADER 07618nam a22017535i 4500
001 9781400848430
003 DE-B1597
005 20210830012106.0
006 m|||||o||d||||||||
007 cr || ||||||||
008 210830t20142014nju fo d z eng d
020 |a 9781400848430 
024 7 |a 10.1515/9781400848430  |2 doi 
035 |a (DE-B1597)459797 
035 |a (OCoLC)984665961 
040 |a DE-B1597  |b eng  |c DE-B1597  |e rda 
041 0 |a eng 
044 |a nju  |c US-NJ 
050 4 |a HJ1242 
072 7 |a BUS023000  |2 bisacsh 
082 0 4 |a 336.4609031  |2 23 
100 1 |a Drelichman, Mauricio,   |e author.  |4 aut  |4 http://id.loc.gov/vocabulary/relators/aut 
245 1 0 |a Lending to the Borrower from Hell :  |b Debt, Taxes, and Default in the Age of Philip II /  |c Hans-Joachim Voth, Mauricio Drelichman. 
250 |a Course Book 
264 1 |a Princeton, NJ :   |b Princeton University Press,   |c [2014] 
264 4 |c ©2014 
300 |a 1 online resource (328 p.) :  |b 4 halftones. 32 line illus. 29 tables. 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
347 |a text file  |b PDF  |2 rda 
490 0 |a The Princeton Economic History of the Western World ;  |v 47 
505 0 0 |t Frontmatter --   |t Contents --   |t Acknowledgments --   |t Prologue --   |t Chapter 1. Lending to the Sound of Cannon --   |t Chapter 2. Philip'S Empire --   |t Chapter 3. Taxes, Debts, and Institutions --   |t Chapter 4. The Sustainable Debts of Philip Ii --   |t Chapter 5. Lending to the Borrower from Hell --   |t Chapter 6. Serial Defaults, Serial Profits --   |t Chapter 7. Risk Sharing With the Monarch --   |t Chapter 8. Tax, Empire, and the Logic of Spanish Decline --   |t Epilogue. Financial Folly and Spain'S Black Legend --   |t References --   |t Index --   |t Backmatter 
506 0 |a restricted access  |u http://purl.org/coar/access_right/c_16ec  |f online access with authorization  |2 star 
520 |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. 
530 |a Issued also in print. 
538 |a Mode of access: Internet via World Wide Web. 
546 |a In English. 
588 0 |a Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) 
650 0 |a Debts, Public  |z Spain  |x History  |y 16th century. 
650 0 |a Finance, Public  |z Spain  |x History  |y 16th century. 
650 0 |a Taxation  |z Spain  |x History  |y 16th century. 
650 7 |a BUSINESS & ECONOMICS / Economic History.  |2 bisacsh 
653 |a Black Legend. 
653 |a Castile. 
653 |a Castilian ascendancy. 
653 |a Castilian finances. 
653 |a Cortes. 
653 |a International Monetary Fund. 
653 |a King Philip II of Spain. 
653 |a Philip II. 
653 |a Prince Ferdinand of Aragon. 
653 |a Princess Isabella of Castile. 
653 |a Spain. 
653 |a Spainish fiscal policy. 
653 |a annual fiscal accounts. 
653 |a armies. 
653 |a asiento lending. 
653 |a asientos. 
653 |a banking dynasties. 
653 |a banking dynasty. 
653 |a banking families. 
653 |a banking institutions. 
653 |a bankrupt. 
653 |a borrowing instruments. 
653 |a capital markets. 
653 |a capital. 
653 |a cash flows. 
653 |a contingency. 
653 |a contingent debt. 
653 |a contractual obligations. 
653 |a debt issuance system. 
653 |a debt markets. 
653 |a debt sustainability. 
653 |a default. 
653 |a defaults. 
653 |a empire. 
653 |a finance. 
653 |a financial borrowing. 
653 |a financial instruments. 
653 |a financial resources. 
653 |a financing. 
653 |a firearms. 
653 |a fiscal capacity. 
653 |a fiscal institutions. 
653 |a fiscal sustainability. 
653 |a fiscal-military state. 
653 |a fortifications. 
653 |a government borrowing. 
653 |a insurance. 
653 |a investments. 
653 |a juros. 
653 |a legacy taxes. 
653 |a liquidity. 
653 |a loan contracts. 
653 |a loan maturity. 
653 |a loan modifications. 
653 |a military expenditure. 
653 |a military intervention. 
653 |a military revolution. 
653 |a monarchy. 
653 |a money lenders. 
653 |a penalties. 
653 |a profitability. 
653 |a repayment incentives. 
653 |a repayment. 
653 |a reputation. 
653 |a revenue technology. 
653 |a revenue. 
653 |a risk sharing. 
653 |a risk transfer. 
653 |a sanctions. 
653 |a short-term debt. 
653 |a short-term loans. 
653 |a sovereign debt. 
653 |a sovereign default. 
653 |a sovereign lending. 
653 |a sovereignty. 
653 |a state debts. 
653 |a state institutions. 
653 |a surpluses. 
653 |a trade duties. 
653 |a trade embargoes. 
653 |a wartime spending. 
700 1 |a Voth, Hans-Joachim,   |e author.  |4 aut  |4 http://id.loc.gov/vocabulary/relators/aut 
773 0 8 |i Title is part of eBook package:  |d De Gruyter  |t Princeton University Press Complete eBook-Package 2014-2015  |z 9783110665925 
776 0 |c print  |z 9780691173771 
856 4 0 |u https://doi.org/10.1515/9781400848430 
856 4 0 |u https://www.degruyter.com/isbn/9781400848430 
856 4 2 |3 Cover  |u https://www.degruyter.com/cover/covers/9781400848430.jpg 
912 |a 978-3-11-066592-5 Princeton University Press Complete eBook-Package 2014-2015  |c 2014  |d 2015 
912 |a EBA_BACKALL 
912 |a EBA_CL_LAEC 
912 |a EBA_EBACKALL 
912 |a EBA_EBKALL 
912 |a EBA_ECL_LAEC 
912 |a EBA_EEBKALL 
912 |a EBA_ESSHALL 
912 |a EBA_ESTMALL 
912 |a EBA_PPALL 
912 |a EBA_SSHALL 
912 |a EBA_STMALL 
912 |a GBV-deGruyter-alles 
912 |a PDA11SSHE 
912 |a PDA12STME 
912 |a PDA13ENGE 
912 |a PDA17SSHEE 
912 |a PDA18STMEE 
912 |a PDA5EBK 

Similar Items