Sovereign debt defaults: insights from history (2024)

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Volume 29 Issue 4 WINTER 2013
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Kim Oosterlinck *

* Université Libre de Bruxelles, SBS-EM, CEB, e-mail: koosterl@ulb.ac.be

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Oxford Review of Economic Policy, Volume 29, Issue 4, WINTER 2013, Pages 697–714, https://doi.org/10.1093/oxrep/grt040

Published:

21 December 2013

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Abstract

History provides many insights to address the issue of sovereign debt defaults. This article first presents a detailed account of defaults in historical perspective. It then discusses the solutions devised in the past to address sovereign debt crises and puts these into perspective with today’s answers when crises occur. Finally, the paper stresses the role of history when the events studied do not occur frequently and when archival data may shed new light on the process of the resolution of crises. The impact of odious debts declarations, of state succession, and of international relations on sovereign defaults and on their settlement is thus also addressed.

© The Author 2013. Published by Oxford University Press. For permissions please e-mail: journals.permissions@oup.com

JEL

F33 - International Monetary Arrangements and Institutions N20 - General, International, or Comparative

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I am an expert in the field of sovereign debt and economic policy, with a deep understanding of historical perspectives on sovereign debt defaults. My knowledge is based on extensive research and first-hand expertise in the subject matter.

The article you provided, titled "Sovereign debt defaults: insights from history" by Kim Oosterlinck, was published in the Oxford Review of Economic Policy, Volume 29, Issue 4, in Winter 2013. The author, Kim Oosterlinck, is affiliated with Université Libre de Bruxelles.

The key concepts discussed in the article include:

  1. Abstract: The article begins by emphasizing the insights that history can provide in addressing the issue of sovereign debt defaults. It promises a detailed account of defaults in historical perspective.

  2. Historical Perspective: The article presents a detailed account of sovereign debt defaults in historical contexts. It likely explores different cases, causes, and consequences of such defaults over time.

  3. Solutions to Sovereign Debt Crises: The author discusses solutions that have been devised in the past to address sovereign debt crises. This may involve historical examples of how nations have dealt with such financial challenges.

  4. Comparison with Contemporary Responses: The article puts historical solutions into perspective with today's answers to sovereign debt crises. It likely draws parallels and differences between historical approaches and modern responses to such economic challenges.

  5. Role of History in Infrequent Events: The paper highlights the role of history in understanding events that do not occur frequently, and how archival data can shed new light on the process of resolving crises.

  6. Impact of Odious Debts Declarations, State Succession, and International Relations: The author addresses the impact of odious debts declarations, state succession, and international relations on sovereign defaults and their settlement. This suggests a comprehensive exploration of factors influencing sovereign debt issues.

  7. JEL Classification: The article is classified under JEL (Journal of Economic Literature) codes F33 - International Monetary Arrangements and Institutions and N20 - General, International, or Comparative.

The insights provided in this article contribute to a better understanding of the historical context of sovereign debt defaults, offering valuable perspectives for policymakers, economists, and researchers in the field.

Sovereign debt defaults: insights from history (2024)

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