A difference is made between open and hidden or veiled government bankruptcies. The latter are happening if budget deficits are covered by substantial money creation leading to inflation. In this case non-indexed government debt loses its value and is inflated away. This path is not open, if the...

Organizational law empowers firms to hold assets and enter contracts as entities that are legally distinct from their owners and managers. Legal scholars and economists have commented extensively on one form of this partitioning between firms and owners: namely, the rule of limited liability...

Organizational law empowers firms to hold assets and enter contracts as entities that are legally distinct from their owners and managers. Legal scholars and economists have commented extensively on one form of this partitioning between firms and owners: namely, the rule of limited liability...

This paper undertakes a comparative study of the effects of three wars upon the French stock market. Periods of war are highly turbulent financial times and trigger multiple factors to act upon stock prices. The paper presents evidence suggesting that stock price behaviour is influenced by the...

El best-seller de Ken Follett, Una fortuna peligrosa, además de los ingredientes habituales del género, contiene abundante información económica, al relatar la historia de un banco ficticio, pero cuyas operaciones y problemas son idénticos a los de los bancos reales, en una sucesión de...

Using the records of several leading 19th century issuing houses, this paper analyses the transformation of underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from being a liability, which market intermediaries sought to...

Following Waterloo, managing French public finances represented a daunting task. Defeated France had lost a substantial part of its population and territory. The country was partially occupied and France was to pay huge amounts as reparations to the victors. Furthermore, France's reputation had...

We add a historical and regional dimension to the debate on the Greek debt crisis. Analysing the 1841-1939 exchange-rate experience of Greece, Bulgaria, Romania and Serbia/Yugoslavia, we find surprising parallels to the present: repeated cycles of entry to and exit from gold, government debt...

In June 2017, in the negotiations between Greece, the European Union and its Member States, the European Central Bank, and the International Monetary Fund, it was decided that the highly-indebted country in Europe's southern periphery should receive an additional disbursement of 8.5 billion...

Using the records of several leading 19th century issuing houses, this paper analyses the transformation of underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from being a liability, which market intermediaries sought to...