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Sovereign bonds since Waterloo
Meyer, Josefin; Reinhart, Carmen M.; Trebesch, Christoph - 2019
foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering 91 … to compensate for risk. Real ex-post returns averaged 7% annually across two centuries, including default episodes, major … and with the degree of credit risk in this market, as measured by historical default and recovery rates. Based on our …
Persistent link: https://www.econbiz.de/10012159952
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Sovereign Debt Guarantees and Default : Lessons from the UK and Ireland, 1920-1938
Foley-Fisher, Nathan - 2020
׳ credibility in a UK sovereign guarantee. Using Ireland׳s default on intergovernmental payments in 1932, we find a premium of about … forces behind the Irish and UK governments׳ decisions pertaining to the default. Our finding has implications for modern …
Persistent link: https://www.econbiz.de/10012841005
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How important is liquidity risk for sovereign bond risk premia? : evidence from the London Stock Exchange
Alquist, Ron (contributor) - 2008
This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the proposition that liquidity risk affects the price of sovereign...
Persistent link: https://www.econbiz.de/10003790566
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How Important is Liquidity Risk for Sovereign Bond Risk Premia? Evidence from the London Stock Exchange
Alquist, Ron - 2010
This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the proposition that liquidity risk affects the price of sovereign...
Persistent link: https://www.econbiz.de/10013135204
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Targeted Subordination of Official Sector Debt
Buchheit, Lee C. - 2015
If Greece's debt is unsustainable, and most observers (including the IMF) seem to think it is, the country's only source of funding will continue to be official sector bailout loans. Languishing for a decade or more as a ward of the official sector is undesirable from all perspectives. The...
Persistent link: https://www.econbiz.de/10013019311
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Is regulation essential to stock market development? Going public in London and Berlin, 1900-1913
Burhop, Carsten; Chambers, David; Cheffins, Brian - 2011
This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received law and finance wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...
Persistent link: https://www.econbiz.de/10010286711
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Alexander Allan Shand and Parr's Bank : roles as a director from 1909 to 1918
Hotori, Eiji - 2023
In this article, I use documents obtained from the NatWest Group archives to examine the work of Alexander Shand as a director of Parr's Bank during the period 1909-1918. A Scottish banker, Alexander Shand was recruited by the Japanese government early in his career to instruct Japanese...
Persistent link: https://www.econbiz.de/10014433711
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Crowding in during the Seven Years' War
Palma, Nuno; Sissoko, Carolyn - In: Journal of government and economics : JGE 14 (2024), pp. 1-11
We present a financial history of the Seven Years' War (1756-1763) using a new dataset derived from the Bank of England minutes. We argue that the war and the associated actions of the Bank of England led to a transformation of the financial system. Additionally, while there was short-term...
Persistent link: https://www.econbiz.de/10015052034
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That's where the money was: Foreign bias and English investment abroad, 1866-1907
Chabot, Benjamin; Kurz, Christopher - 2009
Why did Victorian Britain invest so much capital abroad? We collect over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international...
Persistent link: https://www.econbiz.de/10010282738
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That's where the money was : foreign bias and English investment abroad, 1866-1907
Chabot, Benjamin; Kurz, Christopher J. - 2009
Why did Victorian Britain invest so much capital abroad? We collect over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international...
Persistent link: https://www.econbiz.de/10003844507