How creditors came to wield unprecedented power over heavily indebted countries--and the dangers this poses to democracy
The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates--why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone--including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis--with devastating social consequences and far-reaching implications for democracy.
Автор: Roos Jerome E. Название: Why Not Default?: The Political Economy of Sovereign Debt ISBN: 0691217432 ISBN-13(EAN): 9780691217437 Издательство: Wiley Рейтинг: Цена: 29570.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание:
How creditors came to wield unprecedented power over heavily indebted countries--and the dangers this poses to democracy
The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates--why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone--including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis--with devastating social consequences and far-reaching implications for democracy.
Автор: Milevsky Moshe Название: The Day the King Defaulted ISBN: 3319599860 ISBN-13(EAN): 9783319599861 Издательство: Springer Рейтинг: Цена: 37260.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: As with any modern banking crisis, the financial system in 1672 almost collapsed, day-to-day commerce ground to a halt, houses were lost, and ordinary investors suffered-but there was no banking bailout, and no mercy for the goldsmith-bankers who had lent the king millions to fund his unsustainable lifestyle.
Автор: Drelichman Mauricio, Voth Hans-Joachim Название: Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II ISBN: 0691151490 ISBN-13(EAN): 9780691151496 Издательство: Wiley Рейтинг: Цена: 44350.00 T Наличие на складе: Поставка под заказ. Описание: Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? This title looks at one famous case - the debts and defaults of Philip II of Spain. Using detailed evidence collected from sixteenth-century archives, it examines the incentives and returns of lenders.
Автор: Cohen, Michael Название: Argentina`s Economic Growth and Recovery ISBN: 0415594804 ISBN-13(EAN): 9780415594806 Издательство: Taylor&Francis Рейтинг: Цена: 163330.00 T Наличие на складе: Нет в наличии.
Автор: Drelichman Mauricio, Voth Hans-Joachim Название: Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II ISBN: 069117377X ISBN-13(EAN): 9780691173771 Издательство: Wiley Рейтинг: Цена: 29570.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: "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"--
Автор: Deville, Joe (lancaster University, Uk) Название: Lived economies of default ISBN: 0367867222 ISBN-13(EAN): 9780367867225 Издательство: Taylor&Francis Рейтинг: Цена: 44910.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Consumer credit borrowing - using credit cards, store cards and personal loans - is an important and routine part of many of our lives. But what happens when these everyday forms of borrowing go `bad`, when people cannot, or will not, repay? Drawing on research from the interior of the debt collections industry, it examines precisely how this ever
Автор: Philip Ernstberger Название: Crisis, Debt, and Default ISBN: 3658132302 ISBN-13(EAN): 9783658132309 Издательство: Springer Рейтинг: Цена: 60940.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Philip Ernstberger analyses in his three essays different topics of financial pathologies. In the third essay the author uses forecasts of default probabilities and implied market default probabilities to infer the weighing of information by investors.
Автор: Cameron Ballard-Rosa Название: Democracy, Dictatorship, and Default: Urban-Rural Bias and Economic Crises across Regimes ISBN: 1108836496 ISBN-13(EAN): 9781108836494 Издательство: Cambridge Academ Рейтинг: Цена: 87650.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: When should a country honor its international debts? This book unravels this crucial political decision with specific focus on how protesters threaten dictators, whereas voters threaten democratic incumbents. This distinction reveals the importance of costly food pricing policies to please constituencies who are targeted for reform during crisis.
Автор: Cohen, Michael Название: Argentina`s Economic Growth and Recovery ISBN: 1138686530 ISBN-13(EAN): 9781138686533 Издательство: Taylor&Francis Рейтинг: Цена: 53070.00 T Наличие на складе: Нет в наличии.
Автор: Gilman Martin G. Название: No Precedent, No Plan ISBN: 0262014653 ISBN-13(EAN): 9780262014656 Издательство: MIT Press Рейтинг: Цена: 11540.00 T Наличие на складе: Нет в наличии. Описание:
The definitive insider's account of Russia's painful transition to a market economy, as told by the IMF's senior man in Moscow at the time.
In 1998, President Boris Yeltsin's government defaulted on Russia's debts and the country experienced a financial meltdown that brought its people to the brink of disaster. In No Precedent, No Plan, Martin Gilman offers an insider's view of Russia's financial crisis. As the senior representative of the International Monetary Fund in Moscow beginning in 1996, Gilman was in the eye of the storm. Now, he tells the dramatic story of Russia's economic evolution following the collapse of the Soviet Union and analyzes the 1998 crisis and its aftermath.
Gilman argues that the default and collapse, although avoidable, actually spurred Russia to integrate its economy with the rest of the world's and served as a harbinger of the recent global economic crisis. Gilman details the IMF's involvement and defends it against criticism by economist Joseph Stiglitz and others. In the 1990s, the collapse of the Soviet Union left Russia in chaos, with a barely functioning government and no consensus on the path toward a democratic and economic transformation. The smooth transition to a market economy that had been accomplished in other countries in Eastern Europe was impossible. Gilman describes the ordeal of the 1998 crisis and argues that the IMF helped Russia avoid an even greater catastrophe. He recounts Russia's emergence from the IMF's tutelage and explains how the shell-shocked Russian public turned to Vladimir Putin in search of stability after the trauma of 1998.
No Precedent, No Plan offers a definitive account -- the first from an insider's perspective -- of Russia's painful transition to a market economy.
Автор: Aguiar, Mark Amador, Manuel Название: Economics of sovereign debt and default ISBN: 0691231435 ISBN-13(EAN): 9780691231433 Издательство: Wiley Рейтинг: Цена: 31680.00 T Наличие на складе: Есть у поставщика Поставка под заказ.
Consumer credit borrowing - using credit cards, store cards and personal loans - is an important and routine part of many of our lives. But what happens when these everyday forms of borrowing go 'bad', when people start to default on their loans and when they cannot, or will not, repay? It is this poorly understood, controversial, but central part of both the consumer credit industry and the lived experiences of an increasing number of people that this book explores.
Drawing on research from the interior of the debt collections industry, as well as debtors' own accounts and historical research into technologies of lending and collection, it examines precisely how this ever more sophisticated, globally connected market functions. It focuses on the highly intimate techniques used to try and recoup defaulting debts from borrowers, as well as on the collection industry's relationship with lenders. Joe Deville follows a journey of default, from debtors' borrowing practices, to the intrusion of collections technologies into their homes and everyday lives, to the collections organisation, to attempts by debtors to seek outside help. In the process he shows how to understand this particular market, we need to understand the central role played within it by emotion and affect.
By opening up for scrutiny an area of the economy which is often hidden from view, this book makes a major contribution both to understanding the relationship between emotion and calculation in markets and the role of consumer credit in our societies and economies. This book will be of interest to students, teachers and researchers in a range of fields, including sociology, anthropology, cultural studies, economics and social psychology.
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