Governing Sovereign Debt: Defaults and Enforcement, 1870–1914

Ali Coşkun Tunçer
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Ali Coşkun Tunçer: University College London

Chapter 2 in Sovereign Debt and International Financial Control, 2015, pp 9-28 from Palgrave Macmillan

Abstract: Abstract Both sovereign debt and defaults have a long history and they have drawn the attention of economists, historians and legal scholars. This chapter reviews the literature on the governance of the sovereign debt market before 1914 with particular reference to the response of creditors to defaults. It outlines the broader international institutional context within which the borrower countries of the Middle East and the Balkans contracted loans, defaulted on their obligations and finally were faced with IFC. After reviewing the relevant literature, it offers an interpretative framework to explain the functioning of the sovereign debt market during the period in question.

Keywords: Real Exchange Rate; Sovereign Debt; Debtor Country; International Financial Market; London Stock Exchange (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-1-137-37854-5_2

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DOI: 10.1057/9781137378545_2

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