| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13020 |
| DP13020 Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs? | |
| Marcos Chamon; Julian Schumacher; Christoph Trebesch | |
| 发表日期 | 2018-06-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use the euro area 2006-2013 as a unique testing ground, controlling for currency risk, liquidity risk, and term structure. Foreign-law bonds indeed carry significantly lower yields in distress periods, and this effect rises as the risk of a sovereign default increases. These results indicate that, in times of crisis, governments can borrow at lower rates under foreign law. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Law and finance Sovereign debt Creditor rights Seniority |
| URL | https://cepr.org/publications/dp13020 |
| 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/541827 |
| 推荐引用方式 GB/T 7714 | Marcos Chamon,Julian Schumacher,Christoph Trebesch. DP13020 Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs?. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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