"This ambitious monograph provides a powerful and well-structured narrative about the fascinating question of sovereign debt and default in historical perspective. It relies on impressive archival and bibliographical quantitative data, recent historiography, modern economic theory, and methodology."--Benoit Marechaux, "CritCom""
"A thoroughly enjoyable economic history book with great relevance for the present debate on sovereign borrowing."--Diane Coyle, "Enlightened Economist"
""Lending to the Borrower from Hell" is a wonderful example of what becomes possible when one takes economic theory on a trip to the archive and actually reads the small print of each contract. It provides for the first time an economically sound explanation for Spain's ability to borrow in the sixteenth century that actually fits the facts. That is an outstanding achievement."--Regina Grafe, "EH.Net"
"[T]his innovative monograph substantially enriches our understanding of Castile's government borrowing, as well as the nature of sovereign default in early modern Europe. And it will most certainly conquer a central place in the literature and future debates on public debt and finance from a historical perspective."--Benoit Marechaux, "CritCom""
"Intensely researched."--Elvira Vilches, "Renaissance Quarterly"
"Sovereign debt is a paradox: why lend to a ruler who can summarily change the terms and conditions under which he repays? This is a deep question on which only history, ultimately, can shed light. Drelichman and Voth do the history right in this detailed, rigorous study of the notorious serial defaulter Philip II."--Barry Eichengreen, University of California, Berkeley
"Drelichman and Voth delve into old Spanish archives to bring out a compelling story of power and profit in imperial finance. Using modern economic analysis, they offer a deeper understanding of the problems of sovereign debt and default, from the sixteenth-century world of King Philip II to our own world today."--Roger Myerson, University of Chicago and Nobel Laureate in Economics
"Combining a massive reconstruction of Philip II's dealings with his creditors with elegant lessons from economics, this important book gives readers a new understanding of a key moment in European history. Demonstrating that neither the king nor his creditors were irrational, Drelichman and Voth show how extremely sophisticated contracts provided Philip with expensive but dearly needed funds, while offering bankers a panoply of mechanisms for fund recovery."--Jean-Laurent Rosenthal, California Institute of Technology
"Drelichman and Voth masterfully tell the story of state-contingent sovereign debt during the reign of Philip II of Spain. Their narrative is elegant, the analysis is compelling, and the data they've collected are simply amazing."--Kenneth A. Shepsle, Harvard University
"The fruit of long, intense original research, this convincing book revises the standard histories of public credit and imperial Spain."--Larry D. Neal, professor emeritus of economics, University of Illinois at Urbana-Champaign
"Assembling a truly remarkable database of the national accounts of sixteenth-century Castile, "Lending to the Borrower from Hell" takes a hard quantitative look at the fiscal position of Philip II of Spain, the world's first serial defaulter. This accessible and engaging book uses clever and comprehensive methods to make novel findings and turn conventional wisdom on its head. It will have a significant impact on economic history and far beyond."--Mark Dincecco, University of Michigan