Chapter

The London Market for Sovereign Debt, 1870–1913 versus Today's Markets

Paolo Mauro, Nathan Sussman and Yishay Yafeh

in Emerging Markets and Financial Globalization

Published in print March 2006 | ISBN: 9780199272693
Published online May 2006 | e-ISBN: 9780191603488 | DOI: http://dx.doi.org/10.1093/0199272697.003.0002
 The London Market for Sovereign Debt, 1870–1913 versus Today's Markets

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This chapter describes the pre-World War I London market for sovereign bonds issued by emerging countries, and compares it with the corresponding market today. It shows that the London market was large, active, and liquid, far larger than the corresponding market of today. Moreover, investors were able to rely on timely and comprehensive information regarding borrowing countries. The chapter then discusses the construction of the data sets used in the book, and analyzes the behavior of bond spreads in the historical and modern samples.

Keywords: market capitalization; emerging market; bond yields; bond spreads; London Stock Exchange; Investor's Monthly Manual; Economist; London Times; Financial Times; news

Chapter.  9405 words.  Illustrated.

Subjects: Financial Markets

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