| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8492 |
| DP8492 Risk Sharing with the Monarch: Contigent Debt and Excusable Defaults in the Age of Philip II, 1556-1598 | |
| Hans-Joachim Voth; Mauricio Drelichman | |
| 发表日期 | 2011-07-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Contingent sovereign debt has the potential to create important welfare gains--but actual issuance is rare. Using hand-collected archival data, we examine the first known case of large-scale issuance of contingent sovereign debt in history. Philip II of Spain entered into hundreds of contracts whose value and due date was contingent upon verifiable, exogenous events such as the arrival of silver fleets. This allowed for effective risk-sharing between the king and his bankers. The defaults that occurred were excusable, occurred in bad states of the world, and under conditions that could not be foreseen or contracted on ex ante. |
| 主题 | International Macroeconomics |
| 关键词 | Contingent debt Emerging debt markets Excusable default Philip ii Sovereign debt |
| URL | https://cepr.org/publications/dp8492 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537329 |
| 推荐引用方式 GB/T 7714 | Hans-Joachim Voth,Mauricio Drelichman. DP8492 Risk Sharing with the Monarch: Contigent Debt and Excusable Defaults in the Age of Philip II, 1556-1598. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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