after its repudiation by the Soviets. A structural vector autoregression is used to identify shocks to this bond that are … from repudiation specific shocks hitting the Russian bond. Consistent with expectations no major Russian shocks appears …

price remained relatively high, and even increased. This is the so- called Soviet Repudiation Puzzle. We argue that the …, the Soviet Repudiation Puzzle appears as a multidimensional peso problem. … repudiation by the Soviets. For the two years following the repudiation two striking features of a representative Tsarist bond …

conditions (a war, in this instance) segment the markets. Such events are very rare but insightful as they allow for isolating …

-specific prices of repudiated bonds are observable only when extreme conditions (a war, in this instance) segment the markets. Such …

after its repudiation by the Soviets. A structural vector autoregression is used to identify shocks to this bond that are … from repudiation specific shocks hitting the Russian bond. Consistent with expectations no major Russian shocks appears …

repudiated by the Soviets on February 8, 1918. After its repudiation, the bond exhibits an important geographic price … differential. This phenomenon is attributed to the conjunction of war conditions excluding arbitrage and specific investors …' expectations regarding bailouts by the French and British governments. Furthermore, data from the pre-repudiation period show that …

, namely the existence of multiple potential payers. Then, through a historical precedent, the 1918 Russian repudiation, the …

, namely the existence of multiple potential payers. Then, through a historical precedent, the 1918 Russian repudiation, the …

. Unlike in countries involved in WWII, this market was unregulated. The outbreak of World War II heavily depressed prices of … substantially. The battle of Stalingrad turns out indeed to be a turning-point of the war. This approach represents a complementary …