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Federal Reserve Bank of Cleveland
Working Papers (Old Series)
Sovereign Default in the US
O. Emre Ergungor
Abstract

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.


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O. Emre Ergungor, Sovereign Default in the US, Federal Reserve Bank of Cleveland, Working Papers (Old Series) 1609, 06 Apr 2016.
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Keywords: sovereign default; municipal bankruptcy; Great Depression; Arkansas highway bonds
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