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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

State dissolution, sovereign debt and default: lessons from the UK and Ireland

Foley-Fisher, Nathan; McLaughlin, Eoin - 2014 - This draft: August 2014; First draft: March 2014

uncertainty about fiscal responsibility in the aftermath of the sovereign breakup. We document that Irelandś default on …

Persistent link: https://www.econbiz.de/10010390083

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

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

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

How important is liquidity risk for sovereign bond risk premia? : evidence from the London Stock Exchange

Alquist, Ron (contributor) - 2008

Persistent link: https://www.econbiz.de/10003790566

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

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

That's Where the Money Was : Foreign Bias and English Investment Abroad, 1866-1907

Chabot, Benjamin Remy - 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/10013159054

That's where the money was : foreign bias and English investment abroad, 1866-1907

Chabot, Benjamin; Kurz, Christopher J. - 2009

Persistent link: https://www.econbiz.de/10003844507