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Ottoman financial integration withEurope: foreign loans, the OttomanBank and the Ottoman public debt

Between 1854 and 1881, the Ottoman Empire went through one of the mostcritical phases of the history of its relations with European powers.Beginning with the first foreign loan contracted in 1854, this process wasinitially dominated by a modest level of indebtedness, coupled with sporadicand inconsequential attempts by western powers to impose some control overthe viability…

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EXTERNAL DEBT, CAPITAL FLIGHT AND POLITICAL RISK

This paper provides an explanation of the simultaneous occurrence of large accumulation of external debt, private capital outflow and relatively low domestic capital formation in developing countries. We consider a general equilibrium model in wflich two types of government with conflicting distributional goals randomly alternate in office. Uncertainty over the fiscal policies of future governments…

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Growth in a time of Debt

We study economic growth and inflation at different levels of government and external debt. Our analysis is based on new data on forty-four countries spanning about two hundred years. The datasetincorporates over 3,700 annual observations covering a wide range of political systems, institutions, exchange rate arrangements, and historic circumstances. Our main findings are: First, the…

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Public debt and long-term interest rates: the case of Germany, Italy and the USA ECB Working Paper

The debate on the sustainability of public fi nances is closely related tothe analysis of the fi nancial and macroeconomic consequences of govern-ment debt accumulation. Focusing on the USA, Germany and Italy overthe 1983 − 2003 period, the central issue addressed in this paper is how theaccumulation of government debt a ff ects long-term interest…

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