Did gold-standard adherence reduce sovereign capital costs?
成果类型：
Article
署名作者：
Alquist, Ron; Chabot, Benjamin
署名单位：
Bank of Canada; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.03.006
发表日期：
2011
页码：
262-272
关键词：
摘要：
A commonly cited benefit of the classical gold standard is that it reduced borrowing costs by signaling a country's commitment to financial probity. Using a new dataset, this paper tests whether gold-standard adherence was negatively correlated with the cost of capital. Conditional on UK risk factors, there is no evidence that the bonds issued by countries off gold earned systematically higher excess returns than the bonds issued by countries on gold. This conclusion is robust to allowing betas to differ across exchange-rate regimes; to including other determinants of the country risk premium; and to controlling for the British Empire effect. (C) 2011 Elsevier B.V. All rights reserved.
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