Dealing With Debt: The 1930s and the 1980s

Abstract

vs oaoer anal -oem the sovereign da4auits o the 191Cc and their inp1::atons o-t-e debt crisis of the 193Cc, It reports nine major kinoings, I rerm is little evidence that financial marnets have grovr mor opbicatd over time, or that banks have a comparative advantage over tne oond market lr: oroceesing in4o-mation, 12) Debt dekault in the :)s oeoended on a comqnation of factors, incioding the nagvtude of the s' terna s5ocv the level of debt and the economic ooio, nesoonse, as well as cn a range : noneoromio oonsderations.II Covntnies whi:h rteruoted service raccered more quickly from the Great Deoression tnan c:untnies whi:t resisted default, This contrasts with the eqerience of nov gous, ane-no clearcut relat:onshio eists.:41 There is little eviden:s that :ountrLea whion detaulted in the i9lus suffered nr;r cap:tal marOet a::ess sutsequentig, 15 Ins readjustment of defaulted debts was cotracted: the analogy with :.aboten 11 corporate bank-upto!pno:eediom is -c more aool :ahi e to tns l7Cs than to the 1930s.6 fi though deaut led some casey to a substantial reduction ob trans4ers from debtors to :'sd:tors, on ovLance returns on sovereign loans compared favonablv wvth returns -r dorsstic nn,estnents, 7:

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