Showing 1 - 10 of 172
This paper covers the long-term evolution of the primary market for foreign government debt. We discuss the role of financial intermediaries as underwriters and distributors of securities, providers of information, and lending of last resort services since the early 19th century, and the...
Persistent link: https://www.econbiz.de/10010316801
We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging and signaling. We find that the market set up experienced a radical...
Persistent link: https://www.econbiz.de/10010316809
Persistent link: https://www.econbiz.de/10003861044
We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging and signaling. We find that the market set up experienced a radical...
Persistent link: https://www.econbiz.de/10003891901
This paper covers the long-term evolution of the primary market for foreign government debt. We discuss the role of financial intermediaries as underwriters and distributors of securities, providers of information, and lending of last resort services since the early 19th century, and the...
Persistent link: https://www.econbiz.de/10009388168
We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging, and signaling. We find that the market setup experienced a radical...
Persistent link: https://www.econbiz.de/10012463522
We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging, and signaling. We find that the market setup experienced a radical...
Persistent link: https://www.econbiz.de/10008544661
We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging, and signaling. We find that the market setup experienced a radical...
Persistent link: https://www.econbiz.de/10013152230
This paper offers a theory of conditionality lending in 19th century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support...
Persistent link: https://www.econbiz.de/10010316769
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...
Persistent link: https://www.econbiz.de/10005190125