## Debt and Entanglements Between the Wars

_Books, November 8, 2019_

## Source details

**Canonical URL:** [Debt and Entanglements Between the Wars](https://www.imf.org/en/publications/books/issues/2019/11/08/debt-and-entanglements-between-the-wars-48602)

## Other formats

- [Markdown version](/en/publications/books/issues/2019/11/08/debt-and-entanglements-between-the-wars-48602/index.md)
- [Structured JSON version](/en/publications/books/issues/2019/11/08/debt-and-entanglements-between-the-wars-48602/index.json)
- [Bundle manifest](/en/publications/books/issues/2019/11/08/debt-and-entanglements-between-the-wars-48602/bundle-manifest.json)

## Bibliographic details
- Authors: Thomas J Sargent, George Hall, Martin Ellison, Andrew Scott, Harold James, Era Dabla-Norris, Mark De Broeck, Nicolas End, Marina Marinkov, Vitor Gaspar
- Published: November 8, 2019
- Series: Books
- DOI: https://doi.org/10.5089/9781513511795.071

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### Summary
- World War I created a set of forces that affected the political arrangements and economies of all the countries involved.
- The period between World War I and II provides material for studying international monetary and sovereign debt policies.
- The book focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan.
- Narratives show how political and economic interests influenced alliances, defaults, and the unwinding of debts.
- The absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.

### Authors and Publication
- By Thomas J Sargent, George Hall, Martin Ellison, Andrew Scott, Harold James, Era Dabla-Norris, Mark De Broeck, Nicolas End, Marina Marinkov, Vitor Gaspar
- Publication date: November 8, 2019
- Format available: Download PDF; More formats on IMF eLibrary; Order a Print Copy
- Citation format (Chicago): Thomas J Sargent, George Hall, Martin Ellison, Andrew Scott, Harold James, Era Dabla-Norris, Mark De Broeck, Nicolas End, Marina Marinkov, and Vitor Gaspar. Debt and Entanglements Between the Wars, (USA: International Monetary Fund, 2019) accessed 9/16/2026, https://doi.org/10.5089/9781513511795.071

### Key Themes and Topics Covered
- International monetary policy interactions in the interwar period
- Sovereign debt policy, default episodes, and debt unwinding
- Political economy of alliances and creditor–debtor relations
- Role and limits of gold and the gold standard in the period
- Implications for government debt management and public financial management (PFM)

### Subjects and Keywords
- Subjects: Bonds, Commodities, Credit, External debt, Financial institutions, Gold, Government debt management, Loans, Money, Public debt, Public financial management (PFM)
- Keywords: Australia and New Zealand, Bonds, BOOK, Credit, debt, debt policy, Europe, finance minister, fiscal policy, Global, Gold, gold standard, government, Government debt management, Loans, long-term debt, market value, Middle East and Central Asia, monetary policy, North America, short-term debt, South America, successor government authority, W.R. Berkley professor of Economics

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## Content in this bundle

- **Debt and Entanglements Between the Wars; November 8, 2019**
  - [Debt and Entanglements Between the Wars; November 8, 2019 (PDF)](/-/media/files/publications/books/2019/english/debwea.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/books/issues/2019/11/08/debt-and-entanglements-between-the-wars-48602_