The Changing Role of Global Financial Brands in the Underwriting of Foreign Government Debt (1815-2010)

This paper covers the long-term evolution of the primary market for foreign government debt. We discuss the role of financial intermediaries as underwriters and distributors of securities, providers of information, and lending of last resort services since the early 19th century, and the evolution of this role. We underscore the role of the prestige of global financial brands in sustaining early foreign debt markets and its weakening in the modern era.

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Year of publication:	2011-12-05
Authors:	Marc Flandreau, Juan Flores, Norbert Gaillard, Sebasti‡n Nieto-Parra
Institutions:	International Economics Section, The Graduate Institute of International and Development Studies
Subject:	Sovereign debt \| primary bond market \| reputation \| underwriting \| certification \| information asymmetries \| investment banking \| credit rating agencies \| IMF

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Extent:	application/pdf
Series:	IHEID Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Forthcoming, Encyclopedia of Financial Globalization, Gerard Caprio and Charles Calomiris editors. Number 15-2011 37 pages
Classification:	G15 - International Financial Markets ; G24 - Investment Banking; Venture Capital; Brokerage ; N20 - Financial Markets and Institutions. General, International, or Comparative
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009371858