Interwar Romanian sovereign bonds: the impact of diplomacy, politics and the economy1

Kim Oosterlinck and Loredana Ureche-Rangau

Financial History Review, 2012, vol. 19, issue 2, 219-244

Abstract: Sovereign debts differ from other financial instruments because repayment ultimately depends on the issuers' willingness to pay. In turn, willingness to pay may be influenced by political, diplomatic or economic considerations. Based on an original database of Romanian bonds traded in Paris, this article shows that international diplomacy played an important role in the Romanian debt valuation.

Date: 2012
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