Instruments of Debtstruction: A New Database of Interwar Debt
IMF Working Papers, October 25, 2019
Source details
- Canonical URL
- Instruments of Debtstruction: A New Database of Interwar Debt
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Bibliographic details
- Authors: Nicolas End, Marina Marinkov, Fedor Miryugin
- Published: October 25, 2019
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513514550.001
Overview
- Authors: Nicolas End, Marina Marinkov, Fedor Miryugin
- Publication date: October 25, 2019
- Type: IMF Working Papers, Working Paper No. 2019/226, Issue 226, Volume 2019
- Pages: 47
Database construction and scope
- Coverage: 18 advanced and emerging countries
- Time period: 1913–46
- Instruments: some 3,800 individual debt instruments
- Instrument-level data fields included:
- amounts outstanding
- instrument type
- coupon rate
- maturity
- currency of issue
Key substantive findings
- The interwar period was characterized by notoriously high debt levels.
- Governments engaged in rollover practices that sustained debts that were largely unsustainable.
- The external public debt network played a role in the collapse of the international financial system in the early 1930s.
Research uses and insights
- Instrument-level amounts and qualitative features provide unique insights into policies implemented in the interwar period.
- Data facilitate analysis of:
- debt maturity structure
- coupon rate and rate of return issues
- central bank exposure and interactions with government debt
- how debt management practices influenced macroeconomic and financial stability during the interwar era
Subjects and keywords
- Subjects: Bonds, External debt, Financial institutions, Government debt management, Public debt, Public financial management (PFM), Securities
- Keywords: Bonds, central bank, central bank exposure, coupon rate, debt contract, debt management matter, debt management practice, debt maturity structure, Debt Policy, Economic History, Global, gold standard, Government debt management, longer-term maturity debt, Macroeconomics, maturity, Public Finance, rate of return, Securities, short-term debt, structure of debt, WP
Content in this bundle
- Working Paper