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Knowing sovereigns : forms of knowledge and the changing practice of sovereign lendingBruneau, Quentin January 2016 (has links)
This thesis examines how sovereign lending, i.e. the practice of lending capital to sovereigns, has changed since the early nineteenth century. It tackles this question by investigating how lenders have thought about sovereigns for the past two centuries, focusing on the tools they have used to know and represent them. I argue that there was a critical shift in the early twentieth century in terms of the kinds of knowledge lenders deployed to know sovereigns. This shift differentiates the old sovereign lending from the new. In the old sovereign lending, merchant banking families such as the Rothschilds knew sovereigns through intensely personal relations based on gentility, whereas in the new sovereign lending, joint stock banks, credit rating agencies and international institutions largely came to know sovereigns through statistics. Though difficult to imagine nowadays, the description of sovereigns through quantifiable facts (the original definition of 'statistics') was revolutionary for early twentieth century lenders. Despite constituting the origins of sovereign credit ratings, this key shift has been overlooked in all major studies about sovereign debt. The new sovereign lending rose to prominence from the interwar period to the 1970s and now defines our world. The identification of this crucial shift is based on the development and application of the concept of forms of knowledge. Forms of knowledge refer to enduring ways of knowing and representing the constituent units of the international system used by international practitioners (e.g. diplomats, military strategists, financiers, and international lawyers). Examples of forms of knowledge include, but are not limited to, modern cartography, international treaties, statistics, gentility, and heraldry. The use of this concept is that it leads to a better understanding of how international practitioners and their practices undergo radical changes. In so doing, it provides a firmer empirical grasp on the question of how fundamental discontinuities arise in international relations.
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The theory of sovereign default and China under the Nanking Nationalist Government, 1928-1937.January 2011 (has links)
Peng, Handa. / "August 2011." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (p. 81-83). / Abstracts in English and Chinese. / Abstract --- p.1 / 摘要 --- p.2 / Acknowledgements --- p.3 / Introduction --- p.6 / Chapter Section I --- Literature Review --- p.11 / Theories on Sovereign Default --- p.11 / Historical Case Studies on Sovereign Default --- p.15 / Brief Summary on the Existing Theories and Empirical Cases --- p.16 / Chapter Section II --- Historical Backgrounds --- p.21 / Political Instability and Military Expenditures --- p.21 / Fiscal Status during the rule of the Nanking Government --- p.22 / Silver Standard and Currency Reform in 1935 --- p.26 / Chapter Section III --- Sovereign Default and Restructuring Episodes of the Nanking Government --- p.29 / Data --- p.29 / Sovereign Debt as a Heritage --- p.30 / Background Information of the Debts --- p.34 / The Restructuring Episode --- p.37 / Market Reactions --- p.42 / Chapter Section IV --- Capital Market Access and Reputational Theories in the Restructuring Episode --- p.45 / Access to the International Capital Market --- p.45 / Relevance of the Traditional Reputational Model --- p.48 / Signaling Model and Role of Reputation --- p.51 / Chapter Section V --- Role of Sanctions in the Restructuring Episode --- p.57 / Analytical Framework of the Sanctions Model --- p.57 / Three Possible Channels of Direct Sanctions --- p.60 / Chapter Section VI --- Informational Explanation of the Restructuring Episode --- p.64 / A Practical Analytical Framework for the Informational Model --- p.64 / Issue of Credibility and Currency Reform --- p.66 / The Need for the Settlement of Old Debts --- p.68 / Outcomes --- p.73 / Summary --- p.77 / Conclusion --- p.79 / References --- p.81 / Chapter Appendix I --- Basic information on Chinese sovereign bonds traded in the London Stock Exchange --- p.84 / Chapter Appendix II --- Price of Chinese Sovereign Bonds traded in the London Stock Exchange --- p.86 / Chapter Appendix III --- Price level change around the settlement of two Tienstin-Pukow loans --- p.93 / Chapter Appendix IV --- "Price levels and yield to maturities of the Chinese sovereign bonds on November 1,1935 and June 25, 1937" --- p.94 / Chapter Table I --- Classification of Literatures on Cost of Sovereign Defaults --- p.17 / Chapter Graph I --- Fiscal Status of China in the Nanking Decade --- p.22 / Chapter Graph II --- Breakdown of Revenue --- p.23 / Chapter Graph III --- Breakdown of Expenditures --- p.24 / Chapter Graph IV --- Financing Methods of Government Deficit --- p.25 / Chapter Graph V --- Time Distribution of Borrowing and Defaulting of Old Debts --- p.32 / Chapter Table II --- Purpose of the Old Debts --- p.35 / Chapter Table III --- Lending Countries of the Old Debts --- p.35 / Chapter Table IV --- Collateral of the Old Debts --- p.36 / Chapter Table V --- Currency Denomination of the Old Debs --- p.37 / Chapter Graph VI --- Restructuring Time Distributions --- p.39 / Chapter Graph VII --- Time distribution of new debts obtained during the Nanjing government --- p.46 / Chapter Graph VIII --- Exports and Imports of China in 1921-1937 --- p.61 / Chapter Graph IX --- "Wholesale Price Index in Shanghai, 1929-1937" --- p.74 / Chapter Graph X --- Monthly Exchange Rate of Chinese Currency to U.S. Dollar (Indirect Quotation) --- p.74 / Chapter Graph XI --- "Net Domestic Capital Formation in China, 1931-1936" --- p.76 / Chapter Graph XII --- "Industrial Product and Its Growth Rate in China, 1928-1936" --- p.76
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Sovereign debts in trouble timesOosterlinck, Kim January 2003 (has links)
Doctorat en sciences sociales, politiques et économiques / info:eu-repo/semantics/nonPublished
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