David Gill (Nottingham), “The Default Taboo: Repayment Norms during the Great Depression”
Abstract: France and Britain were responsible for the two largest sovereign defaults in modern history when they unilaterally suspended war debt repayments to the United States during the Great Depression. Despite facing similar economic challenges, Paris defaulted in 1932 whereas London continued payment until 1934. Conventional explanations for why states default or repay their debts— […]