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The Changing Role of Global Financial Brands in the Underwriting of Foreign Government Debt (1815-2010)

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Abstract

This 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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  • Marc Flandreau & Juan Flores & Norbert Gaillard & Sebastian 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.
    • Handle: RePEc:gii:giihei:heidwp15-2011
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    Cited by:

    1. Mikkelsen, Anders L., 2014. "Dealing with risk: Underwriting sovereign bond issues in London 1870-1914," eabh Papers 14-06, The European Association for Banking and Financial History (EABH).

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    More about this item

    Keywords

    Sovereign debt; primary bond market; reputation; underwriting; certification; information asymmetries; investment banking; credit rating agencies; IMF;
    All these keywords.

    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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