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Emerging Markets and Financial GlobalizationSovereign Bond Spreads in 1870-1913 and Today$
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Paolo Mauro, Nathan Sussman, and Yishay Yafeh

Print publication date: 2006

Print ISBN-13: 9780199272693

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0199272697.001.0001

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

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

Chapter:
(p.10) 2 The London Market for Sovereign Debt, 1870–1913 versus Today's Markets
Source:
Emerging Markets and Financial Globalization
Author(s):

Paolo Mauro (Contributor Webpage)

Nathan Sussman

Yishay Yafeh (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199272697.003.0002

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

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