Bonds and Brands : intermediaries and reputation in sovereign debt markets 1820-1830

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dc.contributor.author Flandreau, Marc
dc.contributor.author Flores, Juan-Huitzi
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Historia Económica e Instituciones
dc.contributor.editor Universidad Carlos III de Madrid. Instituto Figuerola de Historia Económica
dc.date.accessioned 2007-09-14T11:52:41Z
dc.date.available 2007-09-14T11:52:41Z
dc.date.issued 2007-07
dc.identifier.uri http://hdl.handle.net/10016/944
dc.description.abstract How does sovereign debt emerge and become sustainable? This paper provides a new answer to this unsolved puzzle. Focusing on the early 19th century, we argue that intermediaries’ market power served to overcome information asymmetries and sustained the development of sovereign debt. Relying on insights from corporate finance, we argue that capitalists turned to intermediaries’ reputations to guide their investment strategies. The outcome was a two-tier global bond market, which was sustained by hierarchical relations among intermediaries. This novel theoretical perspective is backed by new archival evidence and empirical data that have never been gathered so far.
dc.format.extent 920190 bytes
dc.format.mimetype application/pdf
dc.language.iso eng
dc.language.iso eng
dc.relation.ispartofseries Working papers in Economic History
dc.relation.ispartofseries WP 07-12
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Financial history
dc.subject.other Information asymmetries
dc.subject.other Financial intermediation
dc.subject.other Financial crises
dc.subject.other Sovereign debt
dc.title Bonds and Brands : intermediaries and reputation in sovereign debt markets 1820-1830
dc.type workingPaper
dc.subject.jel F37
dc.subject.jel G15
dc.subject.jel G24
dc.subject.jel N20
dc.subject.jel N23
dc.subject.jel D24
dc.subject.eciencia Economía
dc.subject.eciencia Historia
dc.rights.accessRights openAccess
dc.identifier.repec wp07-12
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