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Reputation and International Cooperation:
Sovereign Debt across Three Centuries
Michael Tomz

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"In Reputation and International Cooperation, Michael Tomz uses the experience of international lending over four centuries to assess the sources of international conflict and cooperation. Tomz argues that debtors collaborate with creditors because they are concerned about their reputations, refuting a host of widely accepted explanations for why sovereign debtors pay their debts. He marshals a wealth of evidence, ranging over time from eighteenth-century Amsterdam to the present, and using everything from bond yields through data on military disputes to current interviews. The result is a remarkably thorough, concise, and convincing analysis of the political economy of international debt with profound implications for the study of international politics more generally."--Jeffry Frieden, Harvard University

"Based on meticulous research from a wide variety of sources, Tomz's book clearly establishes the importance of a state's previous behavior and its resulting reputation for the rate of interest it must pay when it next enters the international financial market. Carefully conceived and ingeniously executed, this study is a real model."--Robert Jervis, author of System Effects and Perception and Misperception in International Politics

"This book is a gem. I cannot think of a better book on political economy and economic history. In all important categories, the book makes major contributions. Tomz's argument is original and logically compelling, and it produces unique, testable implications. His data represent years of painstaking research and stand as an almost impossible achievement."--J. Lawrence Broz, University of California, San Diego

"No other work in international relations is more impressive in its systematic use of so many kinds of evidence--archival, available quantitative data, case studies--to test such a clear set of alternative hypotheses. Michael Tomz has produced a pathbreaking study."--Robert Keohane, Princeton University

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File created: 4/17/2014

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