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The Odious Haitian Independence Debt

Author

Listed:
  • Oosterlinck Kim

    (Université libre de Bruxelles, Bruxelles, Belgium)

  • Panizza Ugo

    (The Graduate Institute, Geneva, Switzerland)

  • Weidemaier Mark

    (University of North Carolina at Chapel Hill, Chapel Hill, NC, USA)

  • Gulati Mitu

    (University of Virginia, Charlottesville, VA, USA)

Abstract

This article introduces the Haitian Independence Debt of 1825 to the odious debt and sovereign debt literatures. We argue that the legal doctrine of odious debt is surprisingly and perhaps indefensibly narrow, possibly because of historical contingency rather than any underlying logic or principle. The story of the Haitian Independence Debt of 1825 serves as an illustrative case study. In the context of telling that story, we provide estimates of the evolution of Haiti’s external debt-to-GDP ratio over 1825–2020, and discuss the implications of the independence debt for the economy of Haiti. We conclude by discussing the implications of Haiti’s Independence Debt for the doctrine of odious debt and the possibilities for Haiti to recover compensation.

Suggested Citation

  • Oosterlinck Kim & Panizza Ugo & Weidemaier Mark & Gulati Mitu, 2022. "The Odious Haitian Independence Debt," Journal of Globalization and Development, De Gruyter, vol. 13(2), pages 339-378, December.
    • Handle: RePEc:bpj:globdv:v:13:y:2022:i:2:p:339-378:n:8
    DOI: 10.1515/jgd-2021-0057
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    References listed on IDEAS

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    1. Mitchener, Kris James & Oosterlinck, Kim & Weidenmier, Marc D. & Haber, Stephen, 2015. "Victory or repudiation? Predicting winners in civil wars using international financial markets," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 310-319.
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    More about this item

    Keywords

    Haiti; odious debt; debt and growth;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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