Bonds and Brands: Foundations of Sovereign Debt Markets, 1820-1830

被引：84
|
作者：
Flandreau, Marc [1 ]
Flores, Juan H. [2 ]
机构：
[1] Grad Inst, CH-1211 Geneva 21, Switzerland
[2] Univ Geneva, Dept Econ Hist, CH-1211 Geneva 4, Switzerland
来源：
JOURNAL OF ECONOMIC HISTORY | 2009年 / 69卷 / 03期
关键词：
INITIAL PUBLIC OFFERINGS; INVESTMENT BANKING; REPUTATION; INSTITUTIONS; RETURNS; POWER; MODEL;
D O I：
10.1017/S0022050709001089
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
How does sovereign debt emerge? In the early nineteenth century, intermediaries' market power and prestige served to overcome information asymmetries. Relying on insights from finance theory, we argue that capitalists turned to intermediaries' reputations to guide their investment strategies. Intermediaries could in turn commit or else they would lose market share. This sustained the development of sovereign debt. This new perspective is backed by archival evidence and empirical data, and it suggests why strong but undemocratic states could borrow.
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页码：646 / 684
页数：39
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