Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II
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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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Princeton, NJ
Princeton University Press
[2014]
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| Edition: | Course Book |
| Series: | The Princeton Economic History of the Western World
47 |
| Subjects: | |
| Online Access: | DE-1046 DE-1043 DE-858 DE-859 DE-860 DE-739 DE-473 Volltext |
| 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 |
| Item Description: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) |
| Physical Description: | 1 online resource (328 pages) 4 halftones. 32 line illus. 29 tables |
| ISBN: | 9781400848430 |
| DOI: | 10.1515/9781400848430 |
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| spelling | Drelichman, Mauricio Verfasser 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 pages) 4 halftones. 32 line illus. 29 tables txt rdacontent c rdamedia cr rdacarrier The Princeton Economic History of the Western World 47 Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) 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 In English BUSINESS & ECONOMICS / Economic History bisacsh Debts, Public Spain History 16th century Finance, Public Spain History 16th century Taxation Spain History 16th century Voth, Hans-Joachim Sonstige oth https://doi.org/10.1515/9781400848430 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Drelichman, Mauricio Lending to the Borrower from Hell Debt, Taxes, and Default in the Age of Philip II BUSINESS & ECONOMICS / Economic History bisacsh Debts, Public Spain History 16th century Finance, Public Spain History 16th century Taxation Spain History 16th century |
| title | Lending to the Borrower from Hell Debt, Taxes, and Default in the Age of Philip II |
| title_auth | Lending to the Borrower from Hell Debt, Taxes, and Default in the Age of Philip II |
| title_exact_search | Lending to the Borrower from Hell Debt, Taxes, and Default in the Age of Philip II |
| title_exact_search_txtP | Lending to the Borrower from Hell 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_short | Lending to the Borrower from Hell |
| title_sort | 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 |
| topic | BUSINESS & ECONOMICS / Economic History bisacsh Debts, Public Spain History 16th century Finance, Public Spain History 16th century Taxation Spain History 16th century |
| topic_facet | BUSINESS & ECONOMICS / Economic History Debts, Public Spain History 16th century Finance, Public Spain History 16th century Taxation Spain History 16th century |
| url | https://doi.org/10.1515/9781400848430 |
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