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...
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Drelichman, Mauricio, author. aut http://id.loc.gov/vocabulary/relators/aut Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II / Hans-Joachim Voth, Mauricio Drelichman. Course Book Princeton, NJ : Princeton University Press, [2014] ©2014 1 online resource (328 p.) : 4 halftones. 32 line illus. 29 tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda The Princeton Economic History of the Western World ; 47 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 -- 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 restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star 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. Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) Debts, Public Spain History 16th century. Finance, Public Spain History 16th century. Taxation Spain History 16th century. BUSINESS & ECONOMICS / Economic History. bisacsh Black Legend. Castile. Castilian ascendancy. Castilian finances. Cortes. International Monetary Fund. King Philip II of Spain. Philip II. Prince Ferdinand of Aragon. Princess Isabella of Castile. Spain. Spainish fiscal policy. annual fiscal accounts. armies. asiento lending. asientos. banking dynasties. banking dynasty. banking families. banking institutions. bankrupt. borrowing instruments. capital markets. capital. cash flows. contingency. contingent debt. contractual obligations. debt issuance system. debt markets. debt sustainability. default. defaults. empire. finance. financial borrowing. financial instruments. financial resources. financing. firearms. fiscal capacity. fiscal institutions. fiscal sustainability. fiscal-military state. fortifications. government borrowing. insurance. investments. juros. legacy taxes. liquidity. loan contracts. loan maturity. loan modifications. military expenditure. military intervention. military revolution. monarchy. money lenders. penalties. profitability. repayment incentives. repayment. reputation. revenue technology. revenue. risk sharing. risk transfer. sanctions. short-term debt. short-term loans. sovereign debt. sovereign default. sovereign lending. sovereignty. state debts. state institutions. surpluses. trade duties. trade embargoes. wartime spending. Voth, Hans-Joachim, author. aut http://id.loc.gov/vocabulary/relators/aut Title is part of eBook package: De Gruyter Princeton University Press Complete eBook-Package 2014-2015 9783110665925 print 9780691173771 https://doi.org/10.1515/9781400848430 https://www.degruyter.com/isbn/9781400848430 Cover https://www.degruyter.com/cover/covers/9781400848430.jpg |
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English |
format |
eBook |
author |
Drelichman, Mauricio, Drelichman, Mauricio, Voth, Hans-Joachim, |
spellingShingle |
Drelichman, Mauricio, Drelichman, Mauricio, Voth, Hans-Joachim, Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II / The Princeton Economic History of the Western World ; 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 -- 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 |
author_facet |
Drelichman, Mauricio, Drelichman, Mauricio, Voth, Hans-Joachim, Voth, Hans-Joachim, Voth, Hans-Joachim, |
author_variant |
m d md m d md h j v hjv |
author_role |
VerfasserIn VerfasserIn VerfasserIn |
author2 |
Voth, Hans-Joachim, Voth, Hans-Joachim, |
author2_variant |
h j v hjv |
author2_role |
VerfasserIn VerfasserIn |
author_sort |
Drelichman, Mauricio, |
title |
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 / |
title_full |
Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II / Hans-Joachim Voth, Mauricio Drelichman. |
title_fullStr |
Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II / Hans-Joachim Voth, Mauricio Drelichman. |
title_full_unstemmed |
Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II / Hans-Joachim Voth, Mauricio Drelichman. |
title_auth |
Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II / |
title_alt |
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 -- 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 |
title_new |
Lending to the Borrower from Hell : |
title_sort |
lending to the borrower from hell : debt, taxes, and default in the age of philip ii / |
series |
The Princeton Economic History of the Western World ; |
series2 |
The Princeton Economic History of the Western World ; |
publisher |
Princeton University Press, |
publishDate |
2014 |
physical |
1 online resource (328 p.) : 4 halftones. 32 line illus. 29 tables. Issued also in print. |
edition |
Course Book |
contents |
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 -- 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 |
isbn |
9781400848430 9783110665925 9780691173771 |
callnumber-first |
H - Social Science |
callnumber-subject |
HJ - Public Finance |
callnumber-label |
HJ1242 |
callnumber-sort |
HJ 41242 |
geographic_facet |
Spain |
era_facet |
16th century. |
url |
https://doi.org/10.1515/9781400848430 https://www.degruyter.com/isbn/9781400848430 https://www.degruyter.com/cover/covers/9781400848430.jpg |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
336 - Public finance |
dewey-full |
336.4609031 |
dewey-sort |
3336.4609031 |
dewey-raw |
336.4609031 |
dewey-search |
336.4609031 |
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10.1515/9781400848430 |
oclc_num |
984665961 |
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Lending to the Borrower from Hell : Debt, Taxes, and Default in the Age of Philip II / |
container_title |
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code="a">978-3-11-066592-5 Princeton University Press Complete eBook-Package 2014-2015</subfield><subfield code="c">2014</subfield><subfield code="d">2015</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_BACKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_CL_LAEC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_EBACKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_EBKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_ECL_LAEC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_EEBKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_ESSHALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_ESTMALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield 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