Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans …

What sustained borrowing without third-party enforcement, in the early days of sovereign lending? Philip II of Spain …

underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from … position of issuing houses and forced them to shoulder an increasing share of the underwriting risk. Issuing houses had to find … methods to deal with this risk, but they were initially hamstrung by public perception of underwriting as detrimental to the …

sovereign debt integration, the paper highlights a substantial increase in the risk premium for low-yield bonds. Using break …

crisis, regarding to: short term borrowing enhanced the risk of a debt crisis; insolvency problems arose when the governments …

history. Philip II of Spain entered into hundreds of contracts whose value and due date depended on verifiable, exogenous … events such as the arrival of silver fleets. We show that this allowed for effective risk-sharing between the king and his …

history. Philip II of Spain entered into hundreds of contracts whose value and due date depended on verifiable, exogenous … events such as the arrival of silver fleets. We show that this allowed for effective risk-sharing between the king and his …

history. Philip II of Spain entered into hundreds of contracts whose value and due date depended on verifiable, exogenous … events such as the arrival of silver fleets. We show that this allowed for effective risk sharing between the king and his …

Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans …

depends upon satisfactory instruments to permit low risk, low cost international remittances. The solution to both problems …