Sovereign debt guarantees and default: Lessons from the UK and Ireland, 1920-1938

Nathan Foley-Fisher and Eoin McLaughlin

No 2015-11, Discussion Papers in Environment and Development Economics from University of St. Andrews, School of Geography and Sustainable Development

Abstract: We study the daily yields on Irish land bonds listed on the Dublin Stock Exchange during the years 1920-1938. We exploit structural differences in bonds guaranteed by the UK and Irish governments to find Irish events that had long term effects on the credibility of government guarantees. We document two major events: The Anglo-Irish Treaty of 1921 and Ireland’s default on intergovernmental payments in 1932. We discuss the political and economic forces behind the Irish and UK governments’ decisions. Our finding has implications for modern-day proposals to issue jointly-guaranteed sovereign debt.

Keywords: Ireland; Irish land bonds; Dublin Stock Exchange; sovereign default; debt mutualization. (search for similar items in EconPapers)
JEL-codes: G15 N23 N25 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2015-05
New Economics Papers: this item is included in nep-his and nep-pol
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Journal Article: Sovereign debt guarantees and default: Lessons from the UK and Ireland, 1920–1938 (2016)
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