UNIGE document Scientific Article
previous document  unige:41819  next document
add to browser collection

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

Flandreau, Marc
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.
Full text
(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. doi: 10.1017/S0022050709001089 https://archive-ouverte.unige.ch/unige:41819

691 hits



Deposited on : 2014-11-14

Export document
Format :
Citation style :