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The political economy of strategic default: Sweden and the international capital markets, 1810-1830
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Arts, Department of History.
2016 (English)In: European Review of Economic History, ISSN 1361-4916, E-ISSN 1474-0044, Vol. 20, no 4, 410-428 p., Article 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
2016. Vol. 20, no 4, 410-428 p., 
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Research subject
URN: urn:nbn:se:uu:diva-307471DOI: 10.1093/ereh/hew009OAI: oai:DiVA.org:uu-307471DiVA: diva2:1047040
Riksbankens Jubileumsfond, P2010:60:1
Available from: 2016-11-16 Created: 2016-11-16 Last updated: 2016-11-16

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