TY - BOOK AU - Roos,Jerome E. TI - Why Not Default?: The Political Economy of Sovereign Debt SN - 9780691180106 AV - HJ8015 U1 - 336.34 23 PY - 2019///] CY - Princeton, NJ : PB - Princeton University Press, KW - Debts, Public KW - Case studies KW - History KW - International finance KW - BUSINESS & ECONOMICS / Economics / General KW - bisacsh KW - Amsterdam capital market KW - Argentina KW - Bank of Greece KW - Brady debt restructuring KW - Cristina Fernández de Kirchner KW - European debt crisis KW - Great Depression KW - Greece KW - Greek debt crisis KW - IMF KW - International Monetary Fund KW - King Philip II KW - Latin America KW - Mexico KW - Syriza party KW - bailout KW - bankers' alliance KW - bonds KW - capitalism KW - capitalist economy KW - conditional lending KW - contract enforcement KW - credit class KW - credit repayment KW - credit-money KW - credit KW - creditors KW - cross-border contract KW - debt crisis KW - debt moratorium KW - debt repayment KW - debt restructuring KW - debt service KW - debt servicing KW - debtor compliance KW - debtor discipline KW - default KW - democracy KW - democratic institutions KW - emergency lending KW - enforcement mechanism KW - external debt KW - finance KW - financial crisis KW - fiscal distress KW - foreign credit KW - foreign debt servicing KW - foreign investment KW - global finance KW - globalization KW - intermediary KW - international creditors KW - international crisis management KW - international debts KW - international lending KW - internationalization KW - lending cycles KW - long-term reputation KW - market discipline KW - power KW - public debt KW - repayment KW - short-term credit KW - social costs KW - solvency KW - sovereign debt crises KW - sovereign debt repayment KW - sovereign debt KW - sovereign default KW - spillover costs KW - structural power KW - syndicated lending KW - trade sanctions N1 - Frontmatter --; CONTENTS --; TABLES, FIGURES, AND BOXES --; ACKNOWLEDGMENTS --; INTRODUCTION. The Sovereign Debt Puzzle --; PART I. The Theory of Sovereign Debt --; PART II. A Brief History of Sovereign Default --; PART III. The Lost Decade: Mexico (1982-1989) --; PART IV. The Great Default: Argentina (1999-2005) --; PART V. The Specter of Solon: Greece (2010-2015) --; CONCLUSION. Shaking Off the Burden --; APPENDIX. A Word on Methodology --; NOTES --; REFERENCES --; INDEX; restricted access; Issued also in print N2 - How creditors came to wield unprecedented power over heavily indebted countries-and the dangers this poses to democracyThe European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates-why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts?In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone-including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015.Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis-with devastating social consequences and far-reaching implications for democracy UR - https://doi.org/10.1515/9780691184937?locatt=mode:legacy UR - https://www.degruyter.com/isbn/9780691184937 UR - https://www.degruyter.com/cover/covers/9780691184937.jpg ER -