Abstract

In this paper, we discuss the apportionment of national debt when Ireland exited the UK in 1922. We estimate that the claim on Ireland amounted to 80 percent of Irish Gross National Product (G.N.P.) and describe how it was ultimately waived at the expense of an unchanged land border with Northern Ireland. While this represents the largest debt relief episode in the twentieth century, the political cost of the agreement exceeded the financial gain in the long run. We find that domestic markets reacted more to political uncertainty than the pending liability, despite the financial stability which resulted from the debt write-down.

中文翻译：

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“债务让我们分担”：1922年至1926年爱尔兰自由邦与英国离婚的财务影响

摘要

在本文中，我们讨论了爱尔兰于1922年退出英国时的国债分配。我们估计，对爱尔兰的债权占爱尔兰国民生产总值（GNP）的80％，并描述了如何最终免除以爱尔兰为代价的债务与北爱尔兰的陆地边界保持不变。虽然这是20世纪最大的债务减免事件，但从长远来看，该协议的政治成本超过了经济收益。我们发现，尽管债务减记导致财务稳定，但国内市场对政治不确定性的反应比对未决债务的反应更大。