Baring, Wellington and the Resurrection of French Public Finances Following Waterloo

Oosterlinck, Kim; Ureche-Rangau, Loredana; Vaslin, Jacques-Marie

doi:10.1017/s0022050714000862

Cited by 30 publications

(3 citation statements)

References 39 publications

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“…This was for example the case for both Morocco and Egypt (Feis 1930). The threat of force was also on occasion used to make sure that defeated countries would honor the war reparations they had agreed to pay and implicitly the bonds that were securing this payment (Oosterlinck et al 2014).…”

Section: A the Story Of The Haitian Independence Debtmentioning

confidence: 99%

The Odious Haitian Independence Debt

Oosterlinck

Panizza

Weidemaier

et al. 2022

Journal of Globalization and Development

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This article introduces the Haitian Independence Debt of 1825 to the odious debt and sovereign debt literatures. We argue that the legal doctrine of odious debt is surprisingly and perhaps indefensibly narrow, possibly because of historical contingency rather than any underlying logic or principle. The story of the Haitian Independence Debt of 1825 serves as an illustrative case study. In the context of telling that story, we provide estimates of the evolution of Haiti’s external debt-to-GDP ratio over 1825–2020, and discuss the implications of the independence debt for the economy of Haiti. We conclude by discussing the implications of Haiti’s Independence Debt for the doctrine of odious debt and the possibilities for Haiti to recover compensation.

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Section: A the Story Of The Haitian Independence Debtmentioning

confidence: 99%

The Odious Haitian Independence Debt

Oosterlinck

Panizza

Weidemaier

et al. 2022

Journal of Globalization and Development

Self Cite

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“…The occupation of the Rhineland was not the first episode during which occupation forces were used to force a defeated country to pay war reparations. When France missed a payment of its 'Waterloo-reparations' in 1816, Allied troops reinforced their occupation of parts of the country(Oosterlinck et al, 2014). They also coupled the occupation with support for the floating of a bond to allow France to pay its dues; a combination that proved successful and foreshadowed the floating of the Dawes bond.…”

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confidence: 99%

Sovereign Defaults and International Trade: Germany and its Creditors in the 1930s

Accominotti,

Albers,

Kessler

et al. 2024

HPE

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This paper argues that international and domestic political economy factors are key determinants of creditor countries' commercial policy responses to sovereign debt defaults. We illustrate this argument using a unique historical case study: the German external default of the 1930s. Our new historical narrative of this episode reveals that the various creditor countries adopted markedly different trade policy responses to the default depending on their degree of economic leverage on Germany and on the relative political influence of various interest groups within their domestic economy. These factors account for the pattern of Germany's bilateral trade with the different creditor countries during the 1930s as well as for the differential treatment of various countries' bondholders by the German government.

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“…As stipulated by the Second Treaty of Paris—signed after Napoleon's final defeat—France had to cover the related expenses. Moreover, Wellington's presence in France reassured British holders of newly issued French debt and guaranteed that war reparations were duly paid (Oosterlinck, Ureche-Rangau, and Vaslin 2014).…”

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confidence: 99%

How Fiscal Policy Affects Prices: Britain's First Experience with Paper Money

Antipa¹

2016

J. Econ. Hist.

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International audienceFor almost 25 years between 1797 and 1821, the gold standard in Britain was suspended in order to finance the Napoleonic Wars, creating a paper pound or a fiat currency. Suspension was accompanied by substantial inflation and the accumulation of public debt. By identifying shifts in the spot exchange rate of paper pounds for gold, I document how contemporaries' expectations of how debt would be stabilized in the future shaped the pound's internal value. Thus, it is argued that during the “paper pound” period, fiscal prospects provided a third mechanism, beyond monetary and real factors, affecting the price level

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Baring, Wellington and the Resurrection of French Public Finances Following Waterloo

Cited by 30 publications

References 39 publications

The Odious Haitian Independence Debt

The Odious Haitian Independence Debt

Sovereign Defaults and International Trade: Germany and its Creditors in the 1930s

How Fiscal Policy Affects Prices: Britain's First Experience with Paper Money

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