Instruments of Debtstruction: Public Debt Management and Networks during the Interwar Period

Nicolas End, Marina Marinkov and Fedor Miryugin
Additional contact information
Marina Marinkov: International Monetary Fund (imf), Washington, D.C.
Fedor Miryugin: International Monetary Fund (imf), Washington, D.C.

No 1933, AMSE Working Papers from Aix-Marseille School of Economics, France

Abstract: We construct a new, comprehensive instrument-level database of sovereign debt for 18 advanced and emerging countries during 1913–46, an eventful period characterized by notoriously high debt levels. This database is thus the first to provide public debt time series with such a high degree of comparability across countries and time. Documentation of qualitative instrument characteristics offers unique insights about the debt management policies that were implemented and the broader policies they helped finance. We document how interwar governments rolled over debts that were largely unsustainable and how the external public debt network contributed to the collapse of the international financial system in the early 1930s.

Keywords: economic history; debt policy; public finance; macroeconomics (search for similar items in EconPapers)
JEL-codes: E6 F5 H6 N10 (search for similar items in EconPapers)
Pages: 59 pages
Date: 2019-11
New Economics Papers: this item is included in nep-his and nep-mac
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Instruments of Debtstruction: Public Debt Management and Networks during the Interwar Period (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:aim:wpaimx:1933

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