Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/247146 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
EHES Working Paper No. 216
Verlag: 
European Historical Economics Society (EHES), s.l.
Zusammenfassung: 
Do emerging markets need to sacrifice economic sovereignty in order to borrow more cheaply on the international capital markets? To explore this, we exploit a natural experiment following the Treaty of Berlin in 1878 when four Balkan states - Bulgaria, Greece, Romania, and Serbia - received full or de facto independence. Using a novel dataset of monthly bond prices from the Berlin and London stock exchanges, we find that a sacrifice of national sovereignty or 'supersanctions' was one way for these emerging markets to receive more favourable borrowing conditions. Romania never submitted to such measures, however, but was usually able to borrow more cheaply than her neighbours.
Schlagwörter: 
Bulgaria
creditworthiness
emerging markets
Greece
Romania
Serbia
sovereign debt
JEL: 
E4
E5
G1
N2
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
804.18 kB





Publikationen in EconStor sind urheberrechtlich geschützt.