Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II

Overview

"Sovereign debt is a paradox: why lend to a ruler who can summarily change the terms and conditions under which he repays? This is a deep question on which only history, ultimately, can shed light. Drelichman and Voth do the history right in this detailed, rigorous study of the notorious serial defaulter Philip II."—Barry Eichengreen, University of California, Berkeley

"Drelichman and Voth delve into old Spanish archives to bring out a compelling story of power and profit in imperial finance. Using modern ...

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Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II

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Overview

"Sovereign debt is a paradox: why lend to a ruler who can summarily change the terms and conditions under which he repays? This is a deep question on which only history, ultimately, can shed light. Drelichman and Voth do the history right in this detailed, rigorous study of the notorious serial defaulter Philip II."—Barry Eichengreen, University of California, Berkeley

"Drelichman and Voth delve into old Spanish archives to bring out a compelling story of power and profit in imperial finance. Using modern economic analysis, they offer a deeper understanding of the problems of sovereign debt and default, from the sixteenth-century world of King Philip II to our own world today."—Roger Myerson, University of Chicago and Nobel Laureate in Economics

"Combining a massive reconstruction of Philip II's dealings with his creditors with elegant lessons from economics, this important book gives readers a new understanding of a key moment in European history. Demonstrating that neither the king nor his creditors were irrational, Drelichman and Voth show how extremely sophisticated contracts provided Philip with expensive but dearly needed funds, while offering bankers a panoply of mechanisms for fund recovery."—Jean-Laurent Rosenthal, California Institute of Technology

"Drelichman and Voth masterfully tell the story of state-contingent sovereign debt during the reign of Philip II of Spain. Their narrative is elegant, the analysis is compelling, and the data they've collected are simply amazing."—Kenneth A. Shepsle, Harvard University

"The fruit of long, intense original research, this convincing book revises the standard histories of public credit and imperial Spain."—Larry D. Neal, professor emeritus of economics, University of Illinois at Urbana-Champaign

"Assembling a truly remarkable database of the national accounts of sixteenth-century Castile, Lending to the Borrower from Hell takes a hard quantitative look at the fiscal position of Philip II of Spain, the world's first serial defaulter. This accessible and engaging book uses clever and comprehensive methods to make novel findings and turn conventional wisdom on its head. It will have a significant impact on economic history and far beyond."—Mark Dincecco, University of Michigan

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Editorial Reviews

From the Publisher
"A thoroughly enjoyable economic history book with great relevance for the present debate on sovereign borrowing."—Diane Coyle, Enlightened Economist
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Product Details

Meet the Author

Mauricio Drelichman is associate professor in the Vancouver School of Economics at the University of British Columbia and a fellow in the Institutions, Organizations, and Growth program of the Canadian Institute for Advanced Research. Hans-Joachim Voth is ICREA Research Professor in the Economics Department at Universitat Pompeu Fabra, Barcelona, where he is also a member of the Centre for Research in International Economics. He is the author of "Time and Work in England during the Industrial Revolution" and coauthor of "Prometheus Shackled".

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Table of Contents

ACKNOWLEDGEMENTS ix
PROLOGUE 1
CHAPTER 1 Lending to the Sound of Cannon 9
CHAPTER 2 Philip's Empire 45
CHAPTER 3 Taxes, Debts, and Institutions 74
CHAPTER 4 The Sustainable Debts of Philip II 105
CHAPTER 5 Lending to the Borrower from Hell 132
CHAPTER 6 Serial Defaults, Serial Profits 173
CHAPTER 7 Risk Sharing with the Monarch 211
CHAPTER 8 Tax, Empire, and the Logic of Spanish Decline 243
EPILOGUE Financial Folly and Spain's Black Legend 271
REFERENCES 281
INDEX 297

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