The Mutualization of Sovereign Debt: Comparing the American Past and the European Present
比较1791年美国与当今欧洲两次债务承担事件，发现支持与反对债务互助化的各方都基于公平与道德论据，对私人债权人使用严厉修辞，且谈判是债务承担过程的核心，常伴随条件限制。
Abstract This study identifies commonalities between two historical incidents of debt assumption – in the United States in 1791 and in present‐day Europe. By comparing the interests and behaviour of key players in these two incidents, we find three major parallels: first, in their strategic interactions, parties both for and against debt mutualization raise arguments based on notions of fairness and morality; second, in both historical episodes we find harsh rhetoric levelled against private creditors, who are derided as greedy speculators; third, bargaining is an essential element of the debt assumption process. Bargaining is directed toward limiting or expanding the scope of debt assumption. Further, bargaining typically leads to some form of conditionality imposed in order to increase the chances of the debts being repaid or to ensure benefits accrue to the parties assuming the debt.