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Foreign Lending in the Interwar Years: The Bondholders' Perspective

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  • Eichengreen, Barry
  • Portes, Richard

Abstract

This paper revises and extends our previous (1986) analysis of rates of return on sterling and dollar foreign loans of the 1920s. It analyzes a larger sample of 250 dollar bonds and 125 sterling issues, covering the years 1920-9. Internal rates of return are adjusted for repurchases of discounted foreign bonds. The larger sample confirms the main conclusions of our original study and enables us to paint a richer picture of interwar experience with foreign loans. We also analyze determinants of ex ante spreads on foreign loans relative to risk-free returns, and assess the sophistication of investors.

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Bibliographic Info

Paper provided by Department of Economics, Institute for Business and Economic Research, UC Berkeley in its series Department of Economics, Working Paper Series with number qt71k3n6qg.

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Date of creation: 10 Jul 1988
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Handle: RePEc:cdl:econwp:qt71k3n6qg

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Related research

Keywords: foreign lending; default; Social and Behavioral Sciences;

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Cited by:
  1. Broner, Fernando A & Lorenzoni, Guido & Schmukler, Sergio, 2007. "Why Do Emerging Economies Borrow Short Term?," CEPR Discussion Papers 6249, C.E.P.R. Discussion Papers.
  2. Marc Flandreau, 2013. "Collective Action Clauses before they had Airplanes: Bondholder Committees and the London Stock Exchange in the 19th Century (1827-1868)," IHEID Working Papers 01-2013, Economics Section, The Graduate Institute of International Studies.

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