| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/h0097 |
| 来源ID | Historical Working Paper 0097 |
| Debt, Default, and Revenue Structure: The American State Debt Crisis in the Early 1840s | |
| Arthur Grinath III; John Joseph Wallis; Richard Sylla | |
| 发表日期 | 1997-03-01 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | During the 1820s and 1830s, American state governments made large investments in canals, banks, and railroads. In the early 1840s, nine states defaulted on their debts, four ultimately repudiated all or part of their debts, and three went through substantial renegotiations. This paper examines how the states got into the debt crisis and, as a result of their earlier history, how they responded to fiscal pressure in the debt crisis. The explanation is built around revenue structures. States along the developed eastern seaboard were able to avoid politically costly property taxes, while states along the frontier were forced to rely heavily on property taxes. When faced with fiscal pressures, two of the defaulting states -- Maryland and Pennsylvania -- were able to resume debt payments, with back interest, as soon as a property tax was enacted. The other defaulting states, however, already had high property taxes. Without access to new revenue sources, these states were forced to default, and then either renegotiate or repudiate their debts. |
| 主题 | History ; Financial History ; Other History |
| URL | https://www.nber.org/papers/h0097 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563448 |
| 推荐引用方式 GB/T 7714 | Arthur Grinath III,John Joseph Wallis,Richard Sylla. Debt, Default, and Revenue Structure: The American State Debt Crisis in the Early 1840s. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| h0097.pdf（1778KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
