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Author: Mauricio Drelichman Publisher: Princeton University Press ISBN: 069117377X Category : Business & Economics Languages : en Pages : 329
Book Description
What the loans and defaults of a sixteenth-century Spanish king can tell us about sovereign debt today 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 reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example. Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.
Author: Mauricio Drelichman Publisher: Princeton University Press ISBN: 069117377X Category : Business & Economics Languages : en Pages : 329
Book Description
What the loans and defaults of a sixteenth-century Spanish king can tell us about sovereign debt today 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 reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example. Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.
Author: Sheri Berman Publisher: Oxford University Press, USA ISBN: 0199373191 Category : Democracy Languages : en Pages : 561
Book Description
Democracy and Dictatorship in Europe examines the development of various political regimes in Europe from the ancien regime up through the present day. It analyzes why democracy flourishes at some times and in some places but not others and draws lessons from European history that can help us better understand the political situation the world finds itself in today.
Author: Pál Fodor Publisher: BRILL ISBN: 9004396233 Category : History Languages : en Pages : 579
Book Description
In The Battle for Central Europe specialists in sixteenth-century Ottoman, Habsburg and Hungarian history provide the most comprehensive picture possible of a battle that determined the fate of Central Europe for centuries. Not only the siege and the death of its main protagonists are discussed, but also the wider context of the imperial rivalry and the empire buildings of the competing great powers of that age. Contributors include Gábor Ágoston, János B. Szabó, Zsuzsa Barbarics-Hermanik, Günhan Börekçi, Feridun M. Emecen, Alfredo Alvar Ezquerra, István Fazekas, Pál Fodor, Klára Hegyi, Colin Imber, Damir Karbić, József Kelenik, Zoltán Korpás, Tijana Krstić, Nenad Moačanin, Gülru Neci̇poğlu, Erol Özvar, Géza Pálffy, Norbert Pap, Peter Rauscher, Claudia Römer, Arno Strohmeyer, Zeynep Tarım, James D. Tracy, Gábor Tüskés, Szabolcs Varga, Nicolas Vatin.
Author: Hamish M. Scott Publisher: Oxford Handbooks ISBN: 019959726X Category : History Languages : en Pages : 769
Book Description
This Handbook re-examines the concept of early modern history in a European and global context. Volume II engages with philosophy, science, art and architecture, music, and the Enlightenment, and examines the military and political developments within and beyond the boundaries of Europe.
Author: Mark Koyama Publisher: John Wiley & Sons ISBN: 1509540245 Category : Business & Economics Languages : en Pages : 272
Book Description
Most humans are significantly richer than their ancestors. Humanity gained nearly all of its wealth in the last two centuries. How did this come to pass? How did the world become rich? Mark Koyama and Jared Rubin dive into the many theories of why modern economic growth happened when and where it did. They discuss recently advanced theories rooted in geography, politics, culture, demography, and colonialism. Pieces of each of these theories help explain key events on the path to modern riches. Why did the Industrial Revolution begin in 18th-century Britain? Why did some European countries, the US, and Japan catch up in the 19th century? Why did it take until the late 20th and 21st centuries for other countries? Why have some still not caught up? Koyama and Rubin show that the past can provide a guide for how countries can escape poverty. There are certain prerequisites that all successful economies seem to have. But there is also no panacea. A society’s past and its institutions and culture play a key role in shaping how it may – or may not – develop.
Author: Gerald Horne Publisher: Monthly Review Press ISBN: 1583678735 Category : Social Science Languages : en Pages : 304
Book Description
August 2019 saw numerous commemorations of the year 1619, when what was said to be the first arrival of enslaved Africans occurred in North America. Yet in the 1520s, the Spanish, from their imperial perch in Santo Domingo, had already brought enslaved Africans to what was to become South Carolina. The enslaved people here quickly defected to local Indigenous populations, and compelled their captors to flee. Deploying such illuminating research, The Dawning of the Apocalypse is a riveting revision of the “creation myth” of settler colonialism and how the United States was formed. Here, Gerald Horne argues forcefully that, in order to understand the arrival of colonists from the British Isles in the early seventeenth century, one must first understand the “long sixteenth century”– from 1492 until the arrival of settlers in Virginia in 1607. During this prolonged century, Horne contends, “whiteness” morphed into “white supremacy,” and allowed England to co-opt not only religious minorities but also various nationalities throughout Europe, thus forging a muscular bloc that was needed to confront rambunctious Indigenes and Africans. In retelling the bloodthirsty story of the invasion of the Americas, Horne recounts how the fierce resistance by Africans and their Indigenous allies weakened Spain and enabled London to dispatch settlers to Virginia in 1607. These settlers laid the groundwork for the British Empire and its revolting spawn that became the United States of America.
Author: Kathleen Day Publisher: W. W. Norton & Company ISBN: 0393242498 Category : History Languages : en Pages : 416
Book Description
The savings and loan debacle is the costliest scandal in the country's history. How could such a catastrophe have occurred? The most remarkable thing about the collapse of the savings and loan industry is that so many of the major participants--the regulators, politicians, and S&L operators themselves--chose to do nothing as they watched problems mount and taxpayer liabilities grow. That choice was dictated by a variety of motives: greed, political self-interest, and even (sometimes) misguided good intentions. Whatever the motives, this collective interest in hiding the debacle made it certain that the industry's final fall would come with an enormous bang, one that would force administrations that professed a free market philosophy essentially to nationalize a majority of the nation's thrifts. As a result, the industry in many respects became one of the best examples of socialism in the U.S. economy.
Author: Christopher J. Fettweis Publisher: Oxford University Press ISBN: 0197646646 Category : Great powers Languages : en Pages : 313
Book Description
"How do great countries stay that way? The United States is the most powerful actor in the international system, but it is facing a set of challenges that might lead to its decline as this century unfolds. This book looks to the past for guidance, examining the grand strategy of previous superpowers to see how they maintained, or failed to maintain, their status. Over the course of six cases, from Ancient Rome to the British Empire, it seeks guidance from the past for present U.S. policymakers. How did previous empires, regional hegemons, or simply dominant powers forge grand strategy? How did they define their interests, and then assemble the tools to address them? What did they do right, and where did they err? What - if anything - can current U.S. strategists learn from the experience of earlier superpowers?"--
Author: Publisher: BRILL ISBN: 9004356827 Category : History Languages : en Pages : 434
Book Description
Climate Change and Cultural Transition in Europe is an account of Europe’s share in the making of global warming, which considers the past and future of climate-society interactions.
Author: Mauricio Drelichman
Author: Mauricio Drelichman
Author: Mauricio Drelichman
Author: Sheri Berman
Author: Pál Fodor
Author: Hamish M. Scott
Author: Mark Koyama
Author: Gerald Horne
Author: Kathleen Day
Author: Christopher J. Fettweis
Author: