| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10753 |
| 来源ID | Working Paper 10753 |
| Sovereign Debt and Repudiation: The Emerging-Market Debt Crisis in the U.S. States, 1839-1843 | |
| John Joseph Wallis; Richard E. Sylla; Arthur Grinath III | |
| 发表日期 | 2004-09-13 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | In 1841 and 1842, eight states and the Territory of Florida defaulted on their sovereign debts. Traditional histories of the default crisis have stressed the causal role of the depression that began with the Panic of 1837, unexpected revenue shortfalls from canal and bank investments as a result of the depression, and an unwillingness of states to raise tax rates. This paper shows that none of these stylized facts fits the experience of states at all well. The majority of state debts in default in 1842 were contracted after the Panic of 1837; most states did not expect canal investments to return substantial revenues by 1841 and so could not experience unexpected shortfalls in those revenues; and, finally, most states were willing to raise tax rates substantially. The relationship between land sales and land values explains much of the timing of state borrowing and the default experience of western and southern states. Pennsylvania and Maryland defaulted because they postponed the imposition of a state property tax until it was too late. |
| 主题 | History ; Financial History ; Other History ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w10753 |
| 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/568385 |
| 推荐引用方式 GB/T 7714 | John Joseph Wallis,Richard E. Sylla,Arthur Grinath III. Sovereign Debt and Repudiation: The Emerging-Market Debt Crisis in the U.S. States, 1839-1843. 2004. |
| 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 | ||
| w10753.pdf（388KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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