Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use...

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use...

Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are some debt crises resolved quickly, in a matter of months, while others take many years to settle? This paper studies the duration of sovereign debt crises based on...

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-á-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use...

Sovereign defaults are bad news for investors and debtor countries, in particular if a default becomes messy and protracted. Why are some debt crises resolved quickly, in a matter of months, while others take many years to settle? This paper studies the duration of sovereign debt crises based on...

Nach einem aktuellen deutsch-französischen Vorschlag soll in 10 EU-Ländern, inklusive Deutschlands, eine Finanzmarkttransaktionssteuer (FTS) mit einem Steuersatz von 0,2% beim Kauf von Wertpapieren eingeführt werden und auf Aktien großer Unternehmen beschränkt sein. Die Autoren vergleichen...

Im Zuge der Corona Krise werden europäische Gemeinschaftsanleihen zur Unterstützung von besonders betroffenen Mitgliedsländern intensiv diskutiert. Die Autoren zeigen, dass Gemeinschaftsanleihen europäischer Staaten keine Neuigkeit wären. Seit den 1970er Jahren hat die Europäische...

The history of joint European bond issuance has been largely forgotten. The authors show that bonds issued and guaranteed jointly by European states are not a novel instrument, but have repeatedly been issued since the 1970s. The issuance of one-off "Coronabonds", as currently proposed, would...