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Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II
Mauricio Drelichman
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Description for Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II
Hardback. Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? This title looks at one famous case - the debts and defaults of Philip II of Spain. Using detailed evidence collected from sixteenth-century archives, it examines the incentives and returns of lenders. Series: The Princeton Economic History of the Western World. Num Pages: 328 pages, 4 halftones. 32 line illus. 29 tables. BIC Classification: 1DSE; 3JB; KCZ. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 163 x 241 x 25. Weight in Grams: 590.
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 ... Read more
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 ... Read more
Product Details
Publisher
Princeton University Press United States
Number of pages
328
Format
Hardback
Publication date
2014
Series
The Princeton Economic History of the Western World
Condition
New
Number of Pages
328
Place of Publication
New Jersey, United States
ISBN
9780691151496
SKU
V9780691151496
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About Mauricio Drelichman
Mauricio Drelichman is associate professor in the Vancouver School of Economics at the University of British Columbia and a fellow in the Institutions, Organizations, and Growth program of the Canadian Institute for Advanced Research. Hans-Joachim Voth is ICREA Research Professor in the Economics Department at Universitat Pompeu Fabra, Barcelona, where he is also a member of the Centre for Research ... Read more
Reviews for Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II
"A thoroughly enjoyable economic history book with great relevance for the present debate on sovereign borrowing."
Diane Coyle, Enlightened Economist "Lending to the Borrower from Hell is a wonderful example of what becomes possible when one takes economic theory on a trip to the archive and actually reads the small print of each contract. It provides for the first time an ... Read more
Diane Coyle, Enlightened Economist "Lending to the Borrower from Hell is a wonderful example of what becomes possible when one takes economic theory on a trip to the archive and actually reads the small print of each contract. It provides for the first time an ... Read more