DISCUSSION PAPER SERIES ABCD www.cepr.org Available online at: www.cepr.org/pubs/dps/DP4248.asp www.ssrn.com/xxx/xxx/xxx No. 4248 OLD SINS: EXCHANGE RATE CLAUSES AND EUROPEAN FOREIGN LENDING IN THE 19TH CENTURY Marc Flandreau and Nathan Sussman INTERNATIONAL MACROECONOMICS