{
  "title": "Instruments of Debtstruction: A New Database of Interwar Debt",
  "publication": "IMF Working Papers, October 25, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2019/10/25/instruments-of-debtstruction-a-new-database-of-interwar-debt-48689",
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  "summary": "We construct a new, comprehensive instrument-level database of sovereign debt for 18 advanced and emerging countries over the period 1913–46.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Nicolas End, Marina Marinkov, Fedor Miryugin\n- Publication date: October 25, 2019\n- Type: IMF Working Papers, Working Paper No. 2019/226, Issue 226, Volume 2019\n- Pages: 47"
    },
    {
      "heading": "Database construction and scope",
      "content": "- Coverage: 18 advanced and emerging countries\n- Time period: 1913–46\n- Instruments: some 3,800 individual debt instruments\n- Instrument-level data fields included:\n  - amounts outstanding\n  - instrument type\n  - coupon rate\n  - maturity\n  - currency of issue"
    },
    {
      "heading": "Key substantive findings",
      "content": "- The interwar period was characterized by notoriously high debt levels.\n- Governments engaged in rollover practices that sustained debts that were largely unsustainable.\n- The external public debt network played a role in the collapse of the international financial system in the early 1930s."
    },
    {
      "heading": "Research uses and insights",
      "content": "- Instrument-level amounts and qualitative features provide unique insights into policies implemented in the interwar period.\n- Data facilitate analysis of:\n  - debt maturity structure\n  - coupon rate and rate of return issues\n  - central bank exposure and interactions with government debt\n  - how debt management practices influenced macroeconomic and financial stability during the interwar era"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Bonds, External debt, Financial institutions, Government debt management, Public debt, Public financial management (PFM), Securities\n- 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\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2019/10/25/instruments-of-debtstruction-a-new-database-of-interwar-debt-48689"
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    "Authors: Nicolas End, Marina Marinkov, Fedor Miryugin",
    "Published: October 25, 2019",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513514550.001",
    "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",
    "Coverage: 18 advanced and emerging countries",
    "Time period: 1913–46",
    "Instruments: some 3,800 individual debt instruments",
    "Instrument-level data fields included:",
    "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.",
    "Instrument-level amounts and qualitative features provide unique insights into policies implemented in the interwar period.",
    "Data facilitate analysis of:",
    "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",
    "**Working Paper**"
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