“Modern, industrialized warfare is extraordinarily expensive—so expensive that its prosecution requires a state to take on tremendous public debt. The question facing a state, whether it wins or loses the war, is how it can survive politically under the constraint of the debt. The carefully researched essays in this fascinating book not only show how the belligerents in World War I experimented with a combination of strategies—tax increases, financial repression, inflation, debt rescheduling, selective default, and inter-governmental guarantees—to address this political optimization problem, they also show the long-run economic costs of those strategies. The analyses not only teach us about history but have implications for the present day.”
At the request of the Central Bank of Uruguay (BCU), and with the support of the International Monetary Fund’s (IMF’s) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) technical assistance (TA) mission from the IMF’s Statistics Department (STA) visited Montevideo during February 3-14, 2020. The main objectives of the mission were to: (i) review available source data for other financial corporations (OFC); in particular, insurance corporations (IC), pension funds (PF), and credit administration companies (CAC); and (ii) compile standardized monetary statistics for OFC (report form SRF 4SR) in line with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The officials met during the mission are listed in Appendix I.