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Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today

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Author Info

  • Mauro, Paolo

    (International Monetary Fund)

  • Sussman, Nathan

    (The Hebrew University, and (CEPR))

  • Yafeh, Yishay

    (The Hebrew University, and (CEPR))

Abstract

The frequency and virulence of recent financial crises have led to calls for reform of the current international financial architecture. In an effort to learn more about today's international financial environment, the authors turn to an earlier era of financial globalization between 1870 and 1913. By examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in the present day, the authors are able to identify the characteristics of successful borrowers in the two periods. They are then able to show that global crises or contagion are a feature of the 1990s which was hardly known in the previous era of globalization. Finally, the authors draw lessons for today from archival data on mechanisms used by British investors in the 19th century to address sovereign defaults. Using new qualitative and quantitative data, the authors skillfully apply a variety of approaches in order to better understand how problems of volatility and debt crises are dealt with in international financial markets. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance//toc.html

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Bibliographic Info

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This book is provided by Oxford University Press in its series OUP Catalogue with number 9780199226139 and published in 2007.

ISBN: 9780199226139
Order: http://ukcatalogue.oup.com/product/9780199226139.do
Handle: RePEc:oxp:obooks:9780199226139

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Cited by:
  1. Gerardo della Paolera & Alan M. Taylor, 2012. "Sovereign Debt in Latin America, 1820–1913," NBER Working Papers 18363, National Bureau of Economic Research, Inc.
  2. Flandreau, Marc & Flores Zendejas, Juan Huitzilihuitl & Gaillard, Norbert & Nieto-Parra, Sebastián, 2009. "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007," CEPR Discussion Papers 7347, C.E.P.R. Discussion Papers.
  3. Marc Flandreau & Juan H. Flores & Norbert Gaillard & Sebasti�n Nieto‐Parra, 2010. "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815–2007," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 6(1), pages 53 - 92.
  4. Marc Flandreau & Juan Flores, 2011. "Bondholders vs. bond-sellers? Investment banks and conditionality lending in the London market for foreign government debt, 1815-1913," Working Papers 0002, European Historical Economics Society (EHES).
  5. Marc Flandreau, Juan Flores, Norbert Gaillard, Sebasti‡n Nieto-Parra, 2011. "The Changing Role of Global Financial Brands in the Underwriting of Foreign Government Debt (1815-2010)," IHEID Working Papers 15-2011, Economics Section, The Graduate Institute of International Studies, revised 05 Dec 2011.
  6. Olga Christodoulaki & Haeran Cho & Piotr Fryzlewicz, 2011. "A Reflection of History: Fluctuations in Greek Sovereign Risk between 1914 and 1929," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 50, Hellenic Observatory, LSE.
  7. Bordo, Michael D. & Meissner, Christopher M. & Stuckler, David, 2009. "Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View," Working Papers 09-21, University of California at Davis, Department of Economics.
  8. Magdalena Polan & Udaibir S. Das & Michael G. Papaioannou, 2008. "Strategic Considerations for First-Time Sovereign Bond Issuers," IMF Working Papers 08/261, International Monetary Fund.
  9. Flandreau, Marc & Flores Zendejas, Juan Huitzilihuitl, 2010. "Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913," CEPR Discussion Papers 7915, C.E.P.R. Discussion Papers.
  10. Mauro, Paolo & Sussman, Nathan & Yafeh, Yishay, 2006. "Bloodshed or Reforms? The Determinants of Sovereign Bond Spreads in 1870-1913 and Today," CEPR Discussion Papers 5528, C.E.P.R. Discussion Papers.
  11. Williamson, Jeffrey G, 2011. "Industrial Catching Up in the Poor Periphery 1870-1975," CEPR Discussion Papers 8335, C.E.P.R. Discussion Papers.
  12. Fabio Comelli, 2012. "Emerging Market Sovereign Bond Spreads: Estimation and Back-testing," IMF Working Papers 12/212, International Monetary Fund.

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