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.
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© 2015 Ali Coşkun Tunçer
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Tunçer, A.C. (2015). Governing Sovereign Debt: Defaults and Enforcement, 1870–1914. In: Sovereign Debt and International Financial Control. Palgrave Studies in the History of Finance. Palgrave Macmillan, London. https://doi.org/10.1057/9781137378545_2
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DOI: https://doi.org/10.1057/9781137378545_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-57302-8
Online ISBN: 978-1-137-37854-5
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)