The Changing Role of Global Financial Brands in the Underwriting of Foreign Government Debt (1815-2010)
AbstractThis paper covers the long-term evolution of the primary market for foreign government debt. We discuss the role of financial intermediaries as underwriters and distributors of securities, providers of information, and lending of last resort services since the early 19th century, and the evolution of this role. We underscore the role of the prestige of global financial brands in sustaining early foreign debt markets and its weakening in the modern era.
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Bibliographic InfoPaper provided by Economics Section, The Graduate Institute of International Studies in its series IHEID Working Papers with number 15-2011.
Length: 37 pages
Date of creation: 05 Dec 2011
Date of revision: 05 Dec 2011
Publication status: Forthcoming, Encyclopedia of Financial Globalization, Gerard Caprio and Charles Calomiris editors.
Sovereign debt; primary bond market; reputation; underwriting; certification; information asymmetries; investment banking; credit rating agencies; IMF;
Find related papers by JEL classification:
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
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