Add to ORKGThis paper studies the role of market-based solutions in the enforcement of sovereign debt contracts. Our theoretical analysis implies that there is scope for bondholders ’ committees to improve the governance of the market, as measured by the frequency and outcome of defaults. We test this hypothesis with an original dataset of sovereign defaults, 1870-1913. This first period of financial globalization is an ideal test ground as it was immune to interventions by multilaterals, which can aggravate moral hazard problems during arrears. The empirical results confirm the potential relevance of bondholder’s self-help organizations for ordered workouts of defaults
The wave of sovereign defaults in the 1890s was one of the worst ever remembered in the history of f...
In reaction to defaults on sovereign debt contracts, issuers and creditors have strengthened the ter...
International audienceThe postwar era holds a special and important place in the long history of sov...
The half-century before World War I has been characterized as the first age of financial glob-alizat...
The half-century before World War I has been characterized as the first age of financial glob-alizat...
The half-century before World War I has been characterized as the ¯rst age of ¯nancial glob- alizati...
The half-century before World War I has been characterized as the first age of global capital export...
Over the last ten years, institutions such as the IMF have launched several initiatives to change ma...
Over the last ten years, institutions such as the IMF have launched several initiatives to change ma...
Over the last ten years, organisations such as the IMF have launched several initiatives to change m...
This paper revisits the long studied question on why Governments repay their debts, and focus on tra...
This paper provides a relatively non-technical survey of theoretical research on the e¤ect of sovere...
Using an augmented gravity model of trade and a new database of nearly 9,000 bilateral trade pairs, ...
How does sovereign debt emerge and become sustainable? This paper provides a new answer to this uns...
How does sovereign debt emerge? In the early nineteenth century, intermediaries' market power and pr...
The wave of sovereign defaults in the 1890s was one of the worst ever remembered in the history of f...
In reaction to defaults on sovereign debt contracts, issuers and creditors have strengthened the ter...
International audienceThe postwar era holds a special and important place in the long history of sov...
The half-century before World War I has been characterized as the first age of financial glob-alizat...
The half-century before World War I has been characterized as the first age of financial glob-alizat...
The half-century before World War I has been characterized as the ¯rst age of ¯nancial glob- alizati...
The half-century before World War I has been characterized as the first age of global capital export...
Over the last ten years, institutions such as the IMF have launched several initiatives to change ma...
Over the last ten years, institutions such as the IMF have launched several initiatives to change ma...
Over the last ten years, organisations such as the IMF have launched several initiatives to change m...
This paper revisits the long studied question on why Governments repay their debts, and focus on tra...
This paper provides a relatively non-technical survey of theoretical research on the e¤ect of sovere...
Using an augmented gravity model of trade and a new database of nearly 9,000 bilateral trade pairs, ...
How does sovereign debt emerge and become sustainable? This paper provides a new answer to this uns...
How does sovereign debt emerge? In the early nineteenth century, intermediaries' market power and pr...
The wave of sovereign defaults in the 1890s was one of the worst ever remembered in the history of f...
In reaction to defaults on sovereign debt contracts, issuers and creditors have strengthened the ter...
International audienceThe postwar era holds a special and important place in the long history of sov...