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Resistance vs Cooperation: Political Economy of International Financial Control

In: Sovereign Debt and International Financial Control

Author

Listed:
  • Ali Coşkun Tunçer

    (University College London)

Abstract

The discussion so far suggests that IFC represented an era of recovery and restoration of the credibility for the economies of the Ottoman Empire, Egypt, Serbia and Greece as evidenced by recovery of cost of borrowing, bond spreads and access to international markets. Moreover, I examined the turning points in the history of sovereign risk of each country and highlighted the role of political, monetary, institutional and other factors in explaining the historical trends. However, so far I have not dealt with the mechanisms through which IFC led to a decline in the sovereign risk nor have I attempted to explain the differences in the degree of recovery and success among the cases. This chapter provides a comparative picture of the political and fiscal institutions of the Ottoman Empire, Egypt, Greece and Serbia before 1914 and puts forward a framework to interpret the different ways that IFC functioned in each case.

Suggested Citation

  • Ali Coşkun Tunçer, 2015. "Resistance vs Cooperation: Political Economy of International Financial Control," Palgrave Studies in the History of Finance, in: Sovereign Debt and International Financial Control, chapter 8, pages 152-180, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-1-137-37854-5_8
    DOI: 10.1057/9781137378545_8
    as

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