ID - 125637644 TI - When nations can't default PY - 2024 SN - 9781009343978 9781009343923 9781009343961 1009343971 9781009343930 1009343939 PB - Cambridge, United Kingdom ; New York, NY Cambridge University Press DB - UniCat KW - Public debt KW - Polemology KW - War reparations. KW - War damage compensation KW - Debts, External KW - Debts, Public KW - Law and legislation. UR - https://www.unicat.be/uniCat?func=search&query=sysid:125637644 AB - "War reparations have been large and small, repaid and defaulted on, but the consequences have almost always been significant. Ever since Keynes made his case against German reparations in The Economic Consequences of the Peace, the effects of transfer payments have been hotly debated. This book tells the history of war reparations and their consequences by combining history, political economy, and open economy macroeconomics. It visits often forgotten episodes and tells the story of how reparations were mostly repaid, and when they were not. Analysing fifteen episodes of war reparations, this book argues that reparations are unlike other sovereign debt because repayment is enforced by military and political force, making it a senior liability of the state"-- ER -