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Free accessOther version: http://www.journals.cambridge.org/abstract_S0022050709001089
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Scientific Article
unige:41819 
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Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830 |
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| Published in | The Journal of Economic History. 2009, vol. 69, no. 3, p. 646-684 | |
| Abstract | 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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Article (Author postprint) (478 Kb) - Free access Other version: http://www.journals.cambridge.org/abstract_S0022050709001089 |
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| Structures | ||
| Citation (ISO format) | FLANDREAU, Marc, FLORES ZENDEJAS, Juan. Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830. In: The Journal of Economic History, 2009, vol. 69, n° 3, p. 646-684. https://archive-ouverte.unige.ch/unige:41819 |
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