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Federal Reserve Bank of Cleveland
Working Papers (Old Series)
Sovereign Default in the US
In the absence of a judicial mechanism to reduce the debt burden of a sovereign member of our Union, the resolution process can be quick but perhaps too indifferent to the health, safety, and welfare of the affected residents. In this paper, I use evidence from the Arkansas state archives to provide a description of the events surrounding the default of the state in 1933. I examine the evolution of the negotiations, the outcomes, and the role of fiscal policy.
Cite this item
O. Emre Ergungor, Sovereign Default in the US, Federal Reserve Bank of Cleveland, Working Papers (Old Series) 1609, 06 Apr 2016.
- G01 - Financial Economics - - General - - - Financial Crises
- H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
- K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
- N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
Keywords: sovereign default; municipal bankruptcy; Great Depression; Arkansas highway bonds
This item with handle RePEc:fip:fedcwp:1609
is also listed on EconPapers
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