We find among government and quasi-government bonds, municipal corporate bonds (MCB) act as regional benchmarks and improve the quality of the nascent but fast-growing corporate bond market in China by facilitating price discovery and expanding investment opportunity sets. The benchmark effects...

This paper builds a new dataset with detailed information on the universe of foreign government bonds issued in New York in the 1920s and uses these data to describe the behavior of the financial intermediaries which operated in the New York market during the period leading to the interwar debt...

For multiple decades, activists have sought to institute an international legal regime that limits the ability of despotic governments to borrow money and then shift those obligations onto more democratic successor governments. Our goal in this article is to raise the possibility of an alternate...