Sovereign Risk in the Classical Gold Standard Era

Prasanna Gai, Gavin Cameron and Kang Yong Tan ()

The Economic Record, 2009, vol. 85, issue 271, 401-416

Abstract: This paper reassesses the determinants of sovereign bond yields during the classical gold standard period (1872–1913) using the pooled mean group methodology. We find that, rather than lowering risk premia directly, membership of the gold standard hastened the convergence of sovereign bond spreads to their long‐run equilibrium levels. Our results also suggest that investors looked beyond the gold standard to country‐specific fundamental factors when pricing and differentiating sovereign risk.

Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/j.1475-4932.2009.00569.x

Related works:
Working Paper: SOVEREIGN RISK IN THE CLASSICAL GOLD STANDARD ERA (2006)
Working Paper: Sovereign Risk in the Classical Gold Standard Era (2006)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ecorec:v:85:y:2009:i:271:p:401-416

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0013-0249

Access Statistics for this article

The Economic Record is currently edited by Paul Miller, Glenn Otto and Martin Richardson

More articles in The Economic Record from The Economic Society of Australia Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().