The internal cost of default, an important driver of sovereign debt repayment, increases with domestic portfolios' home …-off between commitment to repay and diversification. But why does a borrowing country not eschew the internal cost of default … hedging devices? Answering these two questions is key to fathom the nature of internal costs of default. This paper …

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the “rules of the game …”? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …

the global leverage cycle. Using granular data on banks located in France, the paper shows that the pre …

). Our analysis focused on the case of France. We start by describing the recent evolution of the four main items … the latter is the most reactive to QE measures. Finally, we establish counterfactual scenarios to quantify what France …

accompanied by large scale debt accumulation and inflation: After Napoleon's final defeat at Waterloo in 1815, the debt to GDP … institutional settings allowed excluding the possibility of strategic default, I will show that expectations of how debt would be …