When Nations Can't Default: A History of War Reparations and Sovereign Debt

 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.  When Nations Can't Default 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.