Democracy, Autocracy and Sovereign Debt


18 December 2023

This project was supported by the British Academy Newton Fund (2016-20). It was jointly run by Prof Coşkun Tunçer (University College London) and Dr Leonardo Weller (Fundação Getúlio Vargas). The main research question of this project is how political systems influenced the way peripheral governments managed their debt in the first financial globalization, from c. 1870 to 1914. The project approached this by studying a number of case studies that mix different political regimes and debt records. The main research output of the project was a co-authored article that formally tested the democratic advantage thesis in the context of the first financial globalization.

As part of the project, two international workshops were organised in London and São Paulo. The working papers presented in these workshops can be downloaded here.


São Paulo: 21-22 August 2017

London: 6-7 June 2018

Boston: 29 July - 3 August 2018

Working Papers