| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6426 |
| DP6426 International Energy R&D Spillovers and the Economics of Greenhouse Gas Atmospheric Stabilization | |
| Carlo Carraro; Valentina Bosetti; Emanuele Massetti; Massimo Tavoni | |
| 发表日期 | 2007-08-17 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | 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 insights from corporate finance, we argue that capitalists turned to intermediaries' reputations to guide their investment strategies. The outcome was a two-tier global bond market, which was sustained by hierarchical relations among intermediaries. This novel theoretical perspective is backed by new archival evidence and empirical data that have never been gathered so far. |
| 主题 | International Macroeconomics |
| 关键词 | Contagion Intermediaries Ipo |
| URL | https://cepr.org/publications/dp6426 |
| 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/535264 |
| 推荐引用方式 GB/T 7714 | Carlo Carraro,Valentina Bosetti,Emanuele Massetti,et al. DP6426 International Energy R&D Spillovers and the Economics of Greenhouse Gas Atmospheric Stabilization. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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