| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP273 |
| DP273 Foreign Lending in the Interwar Years: The Bondholders' Perspective | |
| Richard Portes | |
| 发表日期 | 1988-09-01 |
| 出版年 | 1988 |
| 语种 | 英语 |
| 摘要 | This paper revises and extends our previous (1986) analysis of rates of return on sterling and dollar foreign loans of the 1920s. It analyzes a larger sample of 250 dollar bonds and 125 sterling issues, covering the years 1920-9. Internal rates of return are adjusted for repurchases of discounted foreign bonds. The larger sample confirms the main conclusions of our original study and enables us to paint a richer picture of interwar experience with foreign loans. We also analyze determinants of ex ante spreads on foreign loans relative to risk-free returns, and assess the sophistication of investors. |
| 主题 | International Macroeconomics |
| 关键词 | Foreign bonds International debt Sovereign borrowing |
| URL | https://cepr.org/publications/dp273 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529429 |
| 推荐引用方式 GB/T 7714 | Richard Portes. DP273 Foreign Lending in the Interwar Years: The Bondholders' Perspective. 1988. |
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