| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3732 |
| DP3732 Strategy Dynamics through a Demand-Based Lens: The Evolution of Market Boundaries, Resource Rents and Competitive Positions | |
| Peter Zemsky; Ron Adner | |
| 发表日期 | 2003-02-01 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | What determines sovereign risk? We study the London bond market from the 1870s to the 1930s. Our findings support conventional wisdom concerning the limited credibility of the interwar gold standard. Before 1914, gold standard adherence effectively signalled credibility and shaved 40 to 60 basis points from country borrowing spreads. In the 1920s, however, simply resuming prewar gold parities was insufficient to secure such benefits. Countries that devalued before resumption were treated favourably, and markets scrutinized other signals. Public debt and British Empire membership were important determinants of spreads after World War One, but not before. |
| 主题 | International Macroeconomics |
| 关键词 | Gold standard Sovereign risk Credibility Monetary regimes Exchange rates |
| URL | https://cepr.org/publications/dp3732 |
| 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/532735 |
| 推荐引用方式 GB/T 7714 | Peter Zemsky,Ron Adner. DP3732 Strategy Dynamics through a Demand-Based Lens: The Evolution of Market Boundaries, Resource Rents and Competitive Positions. 2003. |
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