This paper studies the role of market-based solutions in the enforcement of sovereign debt contracts. A simple theoretical framework implies that there is scope for bondholders' committees to improve the governance of the market, as measured by the frequency and outcome of defaults. We test this...

This article addresses the question whether the substantial financial flows received by emigration countries contributed to domestic financial development in peripheral Europe before 1914. We quantify a sizable and significant relation between remittances and measures of financial development...