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The Odious Haitian Independence Debt

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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.

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  • Kim Oosterlinck & Ugo Panizza & W. Mark C. Weidemaier & Mitu Gulati, 2021. "The Odious Haitian Independence Debt," IHEID Working Papers 16-2021, Economics Section, The Graduate Institute of International Studies.
    • Handle: RePEc:gii:giihei:heidwp16-2021
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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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    5. Laura Jaramillo & Cemile Sancak, 2009. "Why Has the Grass Been Greener on One Side of Hispaniola? A Comparative Growth Analysis of the Dominican Republic and Haiti," IMF Staff Papers, Palgrave Macmillan, vol. 56(2), pages 323-349, June.
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    7. Ugo Panizza & Andrea F. Presbitero, 2013. "Public Debt and Economic Growth in Advanced Economies: A Survey," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 149(II), pages 175-204, June.
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    10. Joseph Blocher & Mitu Gulati & Kim Oosterlinck, 2020. "King Leopold's Bonds and the Odious Debts Mystery," ULB Institutional Repository 2013/281135, ULB -- Universite Libre de Bruxelles.
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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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