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Source: International Monetary Fund

Instruments of Debtstruction: A New Database of Interwar Debt

Author/Editor:

Nicolas End ; Marina Marinkov ; Fedor Miryugin

Publication Date:

October 25, 2019

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

We construct a new, comprehensive instrument-level database of sovereign debt for 18 advanced and emerging countries over the period 1913–46. The database contains data on amounts outstanding for some 3,800 individual debt instruments as well as associated qualitative information, including instrument type, coupon rate, maturity, and currency of issue. This information can provide unique insights into various policies implemented in the interwar period, which was characterized by notoriously high debt levels. We document how interwar governments rolled over debts that were largely unsustainable and how the external public debt network contributed to the collapse of the international financial system in the early 1930s.

Series:

Working Paper No. 19/226

English

Publication Date:

October 25, 2019

ISBN/ISSN:

9781513514550/1018-5941

Stock No:

WPIEA2019226

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

47

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