Author: Didac Queralt
Publisher: Princeton University Press
ISBN: 0691231524
Category : Political Science
Languages : en
Pages : 368
Book Description
How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development. Pawned States reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world. Drawing on a wealth of original data to document the rise of cheap overseas credit between 1816 and 1913, Didac Queralt shows how countries in the global periphery obtained these loans by agreeing to “extreme conditionality,” which empowered international investors to take control of local revenue sources in cases of default, and how foreclosure eroded a country’s tax base and caused lasting fiscal disequilibrium. Queralt goes on to combine quantitative analysis of tax performance between 1816 and 2005 with qualitative historical analysis in Latin America, Asia, Africa, and the Middle East, illustrating how overreliance on external capital by local leaders distorts their incentives to expand tax capacity, articulate power-sharing institutions, and strengthen bureaucratic apparatus. Panoramic in scope, Pawned States sheds needed light on how early and easy access to external finance pushes developing nations into trajectories characterized by fragile fiscal institutions and autocratic politics.
Pawned States
Author: Didac Queralt
Publisher: Princeton University Press
ISBN: 0691231524
Category : Political Science
Languages : en
Pages : 368
Book Description
How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development. Pawned States reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world. Drawing on a wealth of original data to document the rise of cheap overseas credit between 1816 and 1913, Didac Queralt shows how countries in the global periphery obtained these loans by agreeing to “extreme conditionality,” which empowered international investors to take control of local revenue sources in cases of default, and how foreclosure eroded a country’s tax base and caused lasting fiscal disequilibrium. Queralt goes on to combine quantitative analysis of tax performance between 1816 and 2005 with qualitative historical analysis in Latin America, Asia, Africa, and the Middle East, illustrating how overreliance on external capital by local leaders distorts their incentives to expand tax capacity, articulate power-sharing institutions, and strengthen bureaucratic apparatus. Panoramic in scope, Pawned States sheds needed light on how early and easy access to external finance pushes developing nations into trajectories characterized by fragile fiscal institutions and autocratic politics.
Publisher: Princeton University Press
ISBN: 0691231524
Category : Political Science
Languages : en
Pages : 368
Book Description
How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development. Pawned States reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world. Drawing on a wealth of original data to document the rise of cheap overseas credit between 1816 and 1913, Didac Queralt shows how countries in the global periphery obtained these loans by agreeing to “extreme conditionality,” which empowered international investors to take control of local revenue sources in cases of default, and how foreclosure eroded a country’s tax base and caused lasting fiscal disequilibrium. Queralt goes on to combine quantitative analysis of tax performance between 1816 and 2005 with qualitative historical analysis in Latin America, Asia, Africa, and the Middle East, illustrating how overreliance on external capital by local leaders distorts their incentives to expand tax capacity, articulate power-sharing institutions, and strengthen bureaucratic apparatus. Panoramic in scope, Pawned States sheds needed light on how early and easy access to external finance pushes developing nations into trajectories characterized by fragile fiscal institutions and autocratic politics.
Reports from the Consuls of the United States
Author: United States. Bureau of Foreign Commerce
Publisher:
ISBN:
Category : Consular reports
Languages : en
Pages : 816
Book Description
Publisher:
ISBN:
Category : Consular reports
Languages : en
Pages : 816
Book Description
Survey of State Procedures Related to Firearm Sales
The Laws of the Federated Malay States, 1877-1920
Author: Federated Malay States
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 768
Book Description
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 768
Book Description
Elements of the Law of Bailments and Carriers, Including Pledge and Pawn and Innkeepers
Author: Philip Taylor Van Zile
Publisher:
ISBN:
Category : Bailments
Languages : en
Pages : 952
Book Description
Publisher:
ISBN:
Category : Bailments
Languages : en
Pages : 952
Book Description
Revised Statutes of the State of Delaware, to the Year of Our Lord One Thousand Nine Hundred and Fifteen
The Revised Statutes of the State of Maine, Passed January 25, 1871
Author: Maine
Publisher:
ISBN:
Category : Constitutions
Languages : en
Pages : 1296
Book Description
Publisher:
ISBN:
Category : Constitutions
Languages : en
Pages : 1296
Book Description
The Revised Statutes of the State of Maine, Passed March 24, 1870, Effective February 1, 1871
Reports of Cases Determined in the Supreme Court of the Philippines from ...
Author: Philippines. Supreme Court
Publisher:
ISBN:
Category : Law reports, digests, etc
Languages : en
Pages : 806
Book Description
Publisher:
ISBN:
Category : Law reports, digests, etc
Languages : en
Pages : 806
Book Description
Reports of Cases Determined in the Supreme Court of the Philippine Islands
Author: Philippines. Supreme Court
Publisher:
ISBN:
Category : Law reports, digests, etc
Languages : en
Pages : 804
Book Description
Publisher:
ISBN:
Category : Law reports, digests, etc
Languages : en
Pages : 804
Book Description