| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7915 |
| DP7915 Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913 | |
| Marc Flandreau; Juan Flores | |
| 发表日期 | 2010-07-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support countries facing liquidity crises in a manner similar to modern descriptions of ?relationship? lending to corporate clients by ?parent? banks. Prestigious bankers? ability to implement conditionality loans and monitor countries? financial policies also enabled them to deal with solvency. We find that, compared with prestigious bankers, bondholders? committees had neither the tools nor the prestige required for effectively dealing with defaulters. Hence such committees were far less important than previous research has claimed. |
| 主题 | International Macroeconomics |
| 关键词 | Bondholder committees Conditionality Debt crises Prestige Relationship banking |
| URL | https://cepr.org/publications/dp7915 |
| 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/536752 |
| 推荐引用方式 GB/T 7714 | Marc Flandreau,Juan Flores. DP7915 Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913. 2010. |
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