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

Marc Flandreau, Juan Flores Zendejas, Norbert Gaillard and Sebastián Nieto-Parra ()

No 15-2011, IHEID Working Papers from Economics Section, The Graduate Institute of International Studies

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.

Keywords: Sovereign debt; primary bond market; reputation; underwriting; certification; information asymmetries; investment banking; credit rating agencies; IMF (search for similar items in EconPapers)
JEL-codes: G15 G24 N20 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2011-12-05
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Forthcoming, Encyclopedia of Financial Globalization, Gerard Caprio and Charles Calomiris editors.

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Persistent link: https://EconPapers.repec.org/RePEc:gii:giihei:heidwp15-2011

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