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Reputational recovery under political instability: Public debt in Portugal, 1641–83

2023Artigo científico Acesso aberto
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dc.contributor.authorCosta, Leonor Freire
dc.contributor.authorMiranda, Susana Münch
dc.date.accessioned2024-01-29T09:05:30Z
dc.date.available2024-01-29T09:05:30Z
dc.date.issued2023
dc.description.abstractThis article examines the reputation recovery of Portugal’s public debt during the war of liberation against the former Habsburg ruler. Using novel datasets on long- and short-term debt and nominal interest rates, this study provides evidence that the sovereign borrower used debt credibility to build a pact of regime in a revolutionary context with implications for financing the war. The Portuguese kings followed an implicit budget balance rule as a reputational scheme, which made Portugal an exceptional case of military success with a low debt-to-GDP ratio and low interest rates. These conclusions contribute to the literature in various attributes of war finance, debt management, and state-making by showing that default avoidance could be as important to military success as fiscal capacity.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationCosta, Leonor Freire and Susana Münch Miranda .(2023). “Reputational recovery under political instability: Public debt in Portugal, 1641–83”. The Economic History Review, Vol. 76, Issue 3: pp. 871–891. (Search PDF in 2024)pt_PT
dc.identifier.doiDOI: 10.1111/ehr.13217pt_PT
dc.identifier.eissn1468-0289
dc.identifier.urihttp://hdl.handle.net/10400.5/29980
dc.language.isoengpt_PT
dc.publisherJohn Wiley and Sons Ltd.pt_PT
dc.subjectAbsolutist Regimept_PT
dc.subjectCredible Commitmentpt_PT
dc.subjectDebt Sustainabilitypt_PT
dc.subjectInterest Ratespt_PT
dc.subjectPerpetuitiespt_PT
dc.subjectSelf-Enforced Constraintspt_PT
dc.titleReputational recovery under political instability: Public debt in Portugal, 1641–83pt_PT
dc.typejournal article
dspace.entity.typePublication
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT

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