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Financial Vergangenheitsbewältigung: The 1953 London Debt Agreement

Guinnane, Timothy W. - 2004

The 1953 London Debt Agreement settled Germany's debts from the period between the two world wars, and allowed the country to re-establish its role in international capital markets. The Agreement wrote-down the overall debt by about 50 percent and gave the debtors a much longer period to repay....

Persistent link: https://www.econbiz.de/10010369208

Debt diplomacy in the 1920s: The case of the French and Hellenic war debts

Carretta, Vincent - 2022

In the aftermath of World War I, a financial war was fought on the battlegrounds of international organizations and … spheres of influence. The case of the French-Hellenic war debts illustrates those issues: in the 1920s, the Greeks were barred … block its emission if the Greeks did not repay their war debts. The debt-diplomacy of the French government is an example of …

Persistent link: https://www.econbiz.de/10013412956

Selective Default Expectations

Accominotti, Olivier; Albers, Thilo N. H.; Oosterlinck, Kim - 2023

This paper explores how selective default expectations affect the pricing of sovereign bonds in a historical laboratory: the German default of the 1930s. We analyze yield differentials between identical government bonds traded across various creditor countries before and after bond market...

Persistent link: https://www.econbiz.de/10014467879

Why Does Sovereign Risk Differ for Domestic and Foreign Investors? Evidence from Scandinavia, 19381948

Waldenström, Daniel - 2006

Recent theoretical models suggest that the costs governments face when defaulting on their domestic and external debt may differ considerably. This paper examines if this proposed cost difference is reflected in sovereign risk spreads across domestic and foreign markets. Specifically, I analyze...

Persistent link: https://www.econbiz.de/10010320163

Monetary and Financial Thinking in Europe: Evidence from Four Decades of SUERF

Abraham, Jean-Paul - 2003

2003 marks the 40th anniversary of the founding of SUERF. To mark this milestone, some time ago the Council of Management commissioned Professor Jean-Paul Abraham to write a commemorative report. His mandate was not to write a history of SUERF itself (that would be too self-indulgent) but to...

Persistent link: https://www.econbiz.de/10011689909

European Monetary and Financial Integration: Evolution and Prospects

Abraham, Jean-Paul; Lamfalussy, Alexandre; Trichet, … - 2004

On October 24, 2003, SUERF celebrated its 40th anniversary in the Galerie Dorée of the Banque de France with an especially high level and rich seminar. The memorable occasion was further elevated by Jean Claude Trichet giving the tenth SUERF Annual Lecture in his last public speech as Governor...

Persistent link: https://www.econbiz.de/10011689913

Bis repetita non placent: Griechische Finanzkontrolle im 19. Jahrhundert und in der Gegenwart

Schönhärl, Korinna - 2017

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...

Persistent link: https://www.econbiz.de/10011784373

Any lessons for today? Exchange-rate stabilisation in Greece and South-East Europe between economic and political objectives and fiscal reality, 1841-1939

Morys, Matthias - 2015

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...

Persistent link: https://www.econbiz.de/10012669434

How government bond prices reflect wartime events: The case of the Stockholm market

Waldenström, Daniel; Frey, Bruno S. - 2002

. Unlike in countries involved in WWII, this market was unregulated. The outbreak of World War II heavily depressed prices of … substantially. The battle of Stalingrad turns out indeed to be a turning-point of the war. This approach represents a complementary …

Persistent link: https://www.econbiz.de/10010281153

Does sovereign risk differ for domestic and foreign investors? Historical evidence from Scandinavian bond markets

Waldenström, Daniel - 2005

traded at markets that abruptly went from integration to segmentation by capital controls and World War II. The results …

Persistent link: https://www.econbiz.de/10010281261