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Title: Fiscal autonomy, monetary regime and sovereign risk
Author: Tuncer, Ali Coskun
Awarding Body: London School of Economics and Political Science (University of London)
Current Institution: London School of Economics and Political Science (University of London)
Date of Award: 2011
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Abstract:
This project compares the financial and monetary histories of Egypt, Greece and the Ottoman Empire in transition to the gold standard c.1900. During this period, all these countries experimented with a variety of monetary regimes- combinations of silver, gold and fiduciary currencies - to bring existing monetary systems in line with the international monetary order, and opened their financial markets to foreign capital flows in the form of sovereign debt. Following defaults, creditors established ad hoc multilateral enforcement mechanisms, namely international financial control organisations (IFCs), which resulted in a partial loss of fiscal sovereignty in each country. Foreign supervision also implied institutional change, as IFCs were partly transplanted fiscal institutions. In Egypt the establishment of an IFC (in 1876) led to a direct takeover of the state finances; in Greece (1898) its role was restricted to particular measures concerning fiscal and monetary discipline; in the Ottoman Empire (1881) to administrative and tax reforms, which facilitated fiscal centralisation. By identifying differences and similarities amongst the countries, the project analyses the effect of IFCs on monetary systems and sovereign risk. The thesis relates partial loss of fiscal autonomy with monetary sovereignty, and challenges conventional interpretation of monetary regimes of the three countries. It discusses differences between "core" and "peripheral" characteristics of the gold standard, and casts light on distinctive features of monetary systems by focusing on fiduciary, gold and silver currency, exchange rates, currency zones and monetary authorities, i.e. issue banks and mints. The research combines a wide variety of archival evidence with econometric techniques such as structural break tests and volatility modelling of historical bond spreads, and concludes that IFCs had a crucial role in reinstating sovereign credibility and the financial integration of peripheral economies into international capital markets.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID: uk.bl.ethos.551021  DOI: Not available
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