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Vandenhoeck & Ruprecht
Historically, the causes and events that have ultimately led to states being unable to service... mehr
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Historically, the causes and events that have ultimately led to states being unable to service their debts have often been remarkably similar. This article adopts a different perspective and investigates how assumptions about economic uncertaintydetermine future expectations and influence decision-making in public debt crises. The article explores these questions through an analysis of the postwar shift in the global market for public loans, and the role of financial organizations such as the IMF, the World Bank, and the Bank for International Settlements. The findings suggest that the crisis of the 1980s caused the ideas and practices of international debt settlement to be rewritten due to changes made in the market for national-debt instruments, whichwas established as a direct response to the crisis.