03191cam a2200385 i 4500 u2169 SIRSI 20250825174840.0 130801s2014 nju b 001 0 eng 7 cbc orignew 1 ecip 20 y-gencatlg acquire 2 shelf copies policy default (ex.) xl03 2013-08-02 xk23 2014-06-12 to CALM 2013027790 9780691151496 (cloth : acid-free paper) DLC eng DLC rda DLC 336.660931 D772l 2014 Drelichman, Mauricio. Lending to the borrower from hell : debt, taxes, and default in the age of Philip II / Mauricio Drelichman and Hans-Joachim Voth. Princeton ; Oxford : Princeton University Press, [2014] xiii, 310 pages ; 24 cm. text rdacontent unmediated rdamedia volume rdacarrier The Princeton economic history of the western world "Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. Lending to the Borrower from Hell looks at one famous case--the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example.Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults--they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times.A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults"-- Provided by publisher. Includes bibliographical references (pages 281-295) and index. Finance, Public Spain History 16th century. Debts, Public Spain History 16th century. Taxation Spain History 16th century. Philip II, King of Spain, 1527-1598. BUSINESS & ECONOMICS / Economic History. bisacsh HISTORY / Europe / Spain & Portugal. bisacsh HISTORY / Modern / 16th Century. bisacsh Voth, Hans-Joachim. 875 875 2025-08-25 17:48:40 004897 336.460931 D772l 2014 004897 1 2025-08-25 BOOK 0 0 0 COL_GRAL 0 BCENTRAL BCENTRAL 2020-11-02