G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11679
DP11679 “High & Dry”: The Liquidity and Credit of Colonial and Foreign Government Debt and the London Stock Exchange (1880-1910)
Marc Flandreau; Matthieu Chavaz
发表日期2016-12-03
出版年2016
语种英语
摘要We gather a new database to conduct the first historically informed study of the importance of liquidity and credit for government bonds between 1880 and 1910. We argue that colonial and sovereign debt markets were segmented owing to differences in underlying information asymmetries. The result was heterogeneous pricing of colonial and sovereign debt, and different market microstructures and clienteles, themselves influenced by political, institutional and financial arrangements. We find that sovereign spreads mainly reflected credit risks, while colonial spreads mainly reflected liquidity risks. Liquidity premia were economically large and significant, contributing between 10% and 39% of colonial spreads. These findings help understanding why the seemingly dry subject of colonial illiquidity inspired passionate disputes and ground-breaking reforms of financial imperial institutions.
主题Economic History ; International Macroeconomics and Finance
关键词Government bonds British empire Liquidity Credit risk Colonial finance
URLhttps://cepr.org/publications/dp11679
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/540493
推荐引用方式
GB/T 7714
Marc Flandreau,Matthieu Chavaz. DP11679 “High & Dry”: The Liquidity and Credit of Colonial and Foreign Government Debt and the London Stock Exchange (1880-1910). 2016.
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