Instruments of Debtstruction: A New Database of Interwar Debt

48 Pages Posted: 21 Nov 2019

See all articles by Nicolas End

Nicolas End

International Monetary Fund (IMF)

Marina Marinkov

International Monetary Fund

Fedor Miryugin

International Monetary Fund (IMF)

Date Written: October 2019

Abstract

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.

Keywords: National income, Public debt management, Economic conditions, Domestic debt, Sovereign debt, Economic History, Debt Policy, Public Finance, Macroeconomics, WP, IDD, debt instrument, coupon rate, interwar, interwar period

JEL Classification: E6, F5, H6, N10, E01, H63, G21, E52, H83

Suggested Citation

End, Nicolas and Marinkov, Marina and Miryugin, Fedor, Instruments of Debtstruction: A New Database of Interwar Debt (October 2019). IMF Working Paper No. 19/226. Available at SSRN: https://ssrn.com/abstract=3491248

Nicolas End (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Marina Marinkov

International Monetary Fund ( email )

Fedor Miryugin

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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