Wednesday, 31 July 2013

Some Spanish lessons

Summer is upon us; Barcelona is swarming with tourists. Doubtlessly, many are here to brush up their Spanish a bit, too. Mauricio Drelichman and I have been writing about some other Spanish lessons - those from Habsburg Spain for modern-day debt markets. The Financial Times carries a brief op-ed piece of ours in tomorrow's edition, explaining the importance of state-contingent debts for avoiding pro-cyclical fiscal policy.... it is remarkable that risk sharing in sovereign debt markets worked much better in the 16th century than it does today!

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