Eichengreen, Barry; Portes, Richard - 2021
This paper analyzes the sovereign defaults of the 1930s and their implications for the debt crisis of the 1980s. It … banks have a comparative advantage over the bond market in processing information. (2) Debt default in the 1930s depended on … a combination of factors,. including the magnitude of the external shocks, the level of debt, and: the: economic policy …