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The political economy of strategic default: Sweden and the international capital markets, 1810-1830
Department of History, Uppsala University, Uppsala, Sweden.ORCID iD: 0000-0001-9050-164x
2016 (English)In: European Review of Economic History, ISSN 1361-4916, E-ISSN 1474-0044, Vol. 20, no 4, p. 410-428Article in journal (Refereed) Published
Abstract [en]

This article examines the commitment mechanisms which guided sovereign borrowing during the Napoleonic Wars by analyzing Sweden’s default on its external debt in 1812. The default was driven by internal political bargaining concerning the division of resources, and the availability of subsidies provided by the major European powers. Thus, the Swedish government and the Diet made strategic choices when deciding which debts to pay. The reputational mechanisms and the creditors’ attempts to force the Swedish state to honor its commitments did not work when the government had access to foreign subsidies.

Place, publisher, year, edition, pages
Oxford University Press, 2016. Vol. 20, no 4, p. 410-428
National Category
History Economic History
Research subject
History
Identifiers
URN: urn:nbn:se:oru:diva-81858DOI: 10.1093/ereh/hew009ISI: 000393065600002Scopus ID: 2-s2.0-85015629728OAI: oai:DiVA.org:oru-81858DiVA, id: diva2:1430436
Funder
Riksbankens Jubileumsfond, P2010:60:1Available from: 2016-11-16 Created: 2020-05-15 Last updated: 2020-05-15Bibliographically approved

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Winton, Patrik

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