| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11653 |
| DP11653 Pricing the Odious in Odious Debts | |
| Kim Oosterlinck; Stéphanie Collet | |
| 发表日期 | 2016-11-23 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper exploits a unique historical episode to quantify the impact of ethics on sovereign bond prices. In 1906 the Russian government floated a bond in Paris to cover the costs of its war against Japan but also to raise money to crush the political movements wishing to reform Russia’s political system. Issued without parliamentary consent, this loan met with fierce opposition. Press campaigns in Great Britain, France and Germany denounced its odious character. Using an original database this paper shows that market participants required a substantial premium to hold the “unethical” odious bond. This premium was especially high when the bond was issued, and protests and campaigns were waged against it. The premium diminished once the press campaigns stopped. It remained nonetheless significant, suggesting that ethics have a lasting effect on investors’ willingness to buy odious bonds. |
| 主题 | Economic History |
| 关键词 | Ethics Odious debt Repudiation Financial history Sovereign debt Russia |
| URL | https://cepr.org/publications/dp11653 |
| 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/540467 |
| 推荐引用方式 GB/T 7714 | Kim Oosterlinck,Stéphanie Collet. DP11653 Pricing the Odious in Odious Debts. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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