Seminario - Mauricio Drelichman (UBC) & Joachim Voth (UPF): "Risk sharing with the monarch: contingent debt and excusable defaults in the age of Philip II, 1556-1598"
Noticia publicada el 07-12-2011
• Jueves 15 de diciembre de 2011, de 18h a 19:30h
•Sala Costa Goutis (10.0.23), Campus de Getafe
•Universidad Carlos III de Madrid: C/ Madrid, 126, 28903 Getafe, Madrid |
Resumen:
Contingent sovereign debt has the potential to create important welfare
gains but actual issuance is rare. Using hand-collected archival data, we
examine the first known case of large-scale issuance of contingent sovereign
debt in history. Philip II of Spain entered into hundreds of contracts whose
value and due date was contingent upon verifiable, exogenous events such as
the arrival of silver fleets. This allowed for effective risk-sharing
between the king and his bankers. The defaults that occurred were excusable,
occurred in bad states of the world, and under conditions that could not be
foreseen or contracted on ex ante.
Información general sobre los Seminarios: www.uc3m.es/portal/page/portal/dpto_historia_economica_inst/seminarios
Programa actualizado de los Seminarios (Otoño 2011):
www.uc3m.es/portal/page/portal/dpto_historia_economica_inst/seminarios/Seminario |
