Soveriegn Debt and Repudiation: The Emerging-Market Debt Crisis in the U.S. States, 1839-1843
- Topics:
- Investment and Capital Markets
- Tags:
- Debt,
- Finance,
- Financial Services,
- Investment
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Overview: In 1841 and 1842, eight states and the Territory of Florida defaulted on their sovereign debts. The objective of this report is to draw parallels with the emerging-markets debt crises of the present time. One lesson of the 1840s crisis is that emerging-market debt defaults and repudiations need not be unavoidable or inevitable consequences of international capital markets. It reviews general explanations of the debt crisis and their deficiencies. It also discusses the interesting timing and regional patterns of debt incurrence, the purposes for which debts were incurred, and the different methods that were adopted for servicing debts.
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Format: PDF | Size: 388KB | Date: Sep 2004 | Pages: 50




