By Murat Birdal
In the midst of political decline and burgeoning monetary difficulties within the overdue 19th century, the Ottoman Empire turned embroiled in a borrowing frenzy, which finally led to the monetary cave in of the empire. less than political strain and with the transforming into desire for exterior cash, the Ottoman courtroom compromised its financial sovereignty by way of ceding the main liquid profit assets to a monetary management managed by way of ecu collectors. during this e-book, Murat Birdal sheds mild at the dealing with of the exterior debt challenge, the most debatable classes of Ottoman fiscal heritage. in line with broad archival study international records, he explores the pivotal function of the Ottoman Public Debt management (OPDA) within the peripheralization of the Ottoman economic system. This publication may be valuable to students of Ottoman, center East and monetary history.
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Extra resources for The Political Economy of Ottoman Public Debt: Insolvency and European Financial Control in the late Nineteenth Century
These bonds could be issued in larger amounts since there was no need to pledge special revenues. However, they also carried significantly higher effective interest rates. Since the Empire had already exhausted its attractive collaterals the only alternative way to raise another loan was to improve the general credit of the treasury by creating new commitment mechanisms through new institutional arrangements. Institutional arrangements to improve the credit of the Empire in the pre-OPDA era There are two conditions for a state to be able to borrow from the domestic market at reasonable terms.
Ambassadors sometimes reported back to their governments about the economic condition of the country. However, the information they could obtain was very limited and the reliability of the figures was often questionable. Moreover, this information hardly reached the small investors, and when it did it was usually through a couple of lines in the newspapers along with some other inaccurate information rarely substantiated with numbers. On the other hand, with each loan the markets became more doubtful about the state of the Ottoman finances.
The Régie Company was not only the largest foreign investment in the country, but also the largest corporation. The capital of the company made up around 23 percent of total foreign direct investment in the Ottoman Empire in 1881–1914. It held the tobacco monopoly for 42 years, from 1883 until the contract was terminated in 1925, two years after the foundation of the Turkish Republic. One immediate effect of the Régie on tobacco economy was a considerable fall in the number of tobacco cultivators.
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