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Public Interest: The Institutional Framework Of Markets For Public Debt

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Chapter Summary

This chapter discusses how public bodies created institutional frameworks to give them access to capital markets. They did this by introducing institutions that improved their position in the market without using extra-economic force, such as the information network they developed to sell and service renten and the apparatus responsible for managing public debt. Another institution was relevant to the distinct type of renten public bodies sold. Unlike private persons and institutions, which primarily depended on special mortgages -public bodies rarely used specified assets to secure renten. At the same time the sheer political importance of access to capital markets and the economic consequences of defaults persuaded public bodies to use extra-economic force to improve their own position. The main institutions they developed in this respect were restrictions on resale and alienation of renten and ex post measures to limit the options renteniers had to seek compensation for defaults.

Keywords: capital markets; extra-economic force; funded debt; mortgages; public debt; renten



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