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Bonds and Brands: Lessons from the 1820s

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Author Info
Flandreau, Marc
Flores Zendejas, Juan Huitzilihuitl

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Abstract

How does sovereign debt emerge and become sustainable? This paper provides a new answer to this unsolved puzzle. Focusing on the early 19th century, we argue that intermediaries' market power served to overcome information asymmetries and sustained the development of sovereign debt. Relying on insights from corporate finance, we argue that capitalists turned to intermediaries' reputations to guide their investment strategies. The outcome was a two-tier global bond market, which was sustained by hierarchical relations among intermediaries. This novel theoretical perspective is backed by new archival evidence and empirical data that have never been gathered so far.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6420.

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Date of creation: Aug 2007
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Handle: RePEc:cpr:ceprdp:6420

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Related research
Keywords: contagion; intermediaries; IPO;

Find related papers by JEL classification:
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions
N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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This page was last updated on 2009-11-25.

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